Ko the heres the problem: 1) got a colelction notice from RMA, letter said they pulled my info from equifax. I checked equifax online and also called equifax, but the account doesnot appear on my credit report. Equifax 660. I should dispute right?..my concern is that rma can "update" my credit report that they are failing to report right now. any suggestions? 2) has anyone recieved a seciured card from household bank, do you know if they increase your limit after a certain time period. i had FCNB, they went bankrupt..now i have no credit card..((((( 3) i spoke to my credit union regarding an auto loan. banker adivsed me to payoff my otustanding debts/collections and he will approve me. he says he doesnot use credit scroing perse for auto loan approval..any thoughts on this. He also advised me to setttle instead of paying off entire collection balances. HELP..and Thank you!!
You need to send a validation letter to RMA ASAP. That is "supposed" to stop them from placing it on your credit reports until they validate. I don't have personal experience with credit unions, but it is true that some loan companies look at your overall picture vs. a credit score. That can be a good thing. If you settle with companies, you need to negotiate for deletion, in writing, before you send them a dime. Although just settling might keep the credit union happy, a paid collection is just as bad as an unpaid collection.
Apparently, the loan banker wants collections settled before he will approve you, regardless if its for the full balance or not. Probably so that these will not come back to haunt you and force you to decide between paying an old collection or your car payment. Most of *us* would try to settle for deletion and removal of negative info with our collection settlements. But if you are time-barred on getting a new vehicle, by all means settle the collections and get some wheels.
Nothing, i see nothing from RMA. ALos i was loking at the sample validation letters in the posts. Anyone seen them yet..do youthink they are too harshly worded..or is tat the right approach tomtake to begin with? I will Send RMA a validation letter immediately. Has anyone had any experience with settling of collections?...any advice on "convincing" them to delete...OR settle for less than what they are asking for? thanks
Re: Re: what should i do? Pretty much all of us use those letters, except maybe BBauer (LOL thats a joke). You need to search on this site and study up on settlements. Some collection agencies say they will mark it as paid as agreed. Thats not a good thing (although they will make it seem so). Search on the word "settlement" and read up. If you jump into this unknowingly you could shoot yourself in the foot for FICO purposes.
Re: Re: what should i do? As far as the credit union goes, many of them don't go by the score, or not the score by itself. I just went through this last year. The credit union asked for copies of pay stubs, proof that some things had been paid, then they approved it. Many credit unions will work with you to get the loan done. My loan from the credit union is at 5.5%, the dealer gave me a "good deal" (according to him) at 8%. So it pays to work with them, you'll come out ahead in the end. Also ask the credit union what CRA they use and concentrate on that report first. My credit union only uses Equifax, but they also only report to Equifax. So ask about that if you don't have many tradelines and need something that reports to all three. All of these things vary from one credit union to another, there is no one rule for all.
Re: Re: what should i do? Ok so what i am reading is that for RMA i shoiuld 1) Send the validation letter first 2) if it comes back validated, then send a settlement offer with deletion.
