I have 2 cards 5 mos past due going to PRE CHARGE OFF (whatever that is)I think the acct goes up another management level. I have a verbal settlement offer from a credit manager, but he told me I need to make a payment before the 19th (today) to hold the accts from going to PRE CHARGE OFF should I hold out & let them go to PRE CHARGE OFF or make a payment to hold them out another 30 days...I'm ready to settle, this seems to be a waiting game. I am willing to let it charge off if I don't get a favorable rating( paid, never late)....any advise ?
a paid settlement is bad news to your score. Also, verbal settlement means nothing. I was just reading an article this morning how OCs and CAs love doing oral settlements and since you have no proof they just chargeoff the rest and collect again. No written proof means you are screwed. My cc settlement of 4-5 years ago is keeping me from getting any kind of personal loan or decent cc. IT flags the account and the creditor told me no matter what my score the flag keeps you from getting the loan. It is called a p/l flag(profit loss).
