Greetings, As you all can imagine, I have been through some thought times. I had a student credit card with Bank of America. I could not even pay the minimum payment due to my school work. This week I received a letter from Bank of America stating I only have until end of this month before it is reported as bad debt. They mentioned in the letter if it is reported as bad debt, it will stay on my credit report for 7 years. They offered me a 60% reduction of balance but mentioned it will be reported as Settled and Closed. I do have the money to pay the full balance instead of what they offered but was wondering does is even make a difference if I pay the full balance or what they offered? Does it still stay on my CR for 7 years if I pay the full balance? Thank you very munch in advance.
Try a goodwill letter saying because you were young and uniformed you couldn't handle credit now that your older you wish to pay in full if they don't report or if they will drop the neg.It might work,Boa is hardcore
Thank you for your reply, my account is 120 days past due and tell are giving me until end of this month before reporting as bad debt. My question was if I have the money for full balance now should I pay it or pay what they offered me which is 60% less? Is paying in full or settled look the same in my CR?
