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  1. I heard AMEX doesn't settle? I offered Wells Fargo 30% on a Business CC that had a balance of $55K. They offered a 40% settlement. I was surprised considering the gal on the phone new I had a lot of equity in my home. I have to negotiate with Chase and Bank of America next. I want to keep one or two cards to use to help rebuild my credit. I'm selling my house and should have enough money to pay a couple of them off but not all of them. The ones I will choose will be the ones with the lowest balance and that are the most resistant to settle with decent terms. I'm just curious how these other banks compare to Wells Fargo on negotiating settlement so I can be prepared for what's ahead.
  2. Is it viable, advantagous, to try to settle prior to 90 days late and then account has yet to be closed? I read you have to wait until 90 days late? But what about waiting for the account to be closed? It's seems advantagous to moth me and the creditor to work something out sooner than later as then they avoid the cost/hassle of collections/litigation. But is basically pointless to negotiate prior to 90 days late AND/OR account closed?
  3. I'm negotiating settlements with several card companies. As a result, by credit will be taking a big hit. I found an account that I forgot about on my credit report that is reported as a charge off and "date of major deliquency first reported" is 10/2012. I received phone calls and letter for several months in mid-late 2012, but nothing since. Considering I'm going to be ruining my credit by settling multiple accounts, should I even bother trying to settle on this one or just wait to only settle if I am contacted in the future?
  4. You didn't answer the question. I'm trying to avoid filing for Chapter 7 Bankruptcy. Don't assume I can "catch up on my payments."
  5. Called AMEX today to attempt to negotiate a settlement. Account is 74 days past due so it hasn't go to the cancellation department. The Service Rep said Amex has not been offering settlements for 2-3 years. Said it will go to cancellation then to litigation. Is this a bunch of BS?
  6. I've got a half dozen credit accounts in 90-120 days past due. I've begun negotiating settlement. I found a much older account that went deliquent over a year ago. On my credit report it is in charge off status. From what I understand on these other accounts getting the bank to remove the tradeline or report as "paid in full" instead of "paid as agreed" is hard if not impossible to do because none of these accounts are in charge off status. They will negotiate a lump sum payment though. My question is, if one or more of these credit card accounts are going to end up being reported as "paid as agreed", is it worth it to try to contact the old account that went into chargeoff status a year+ ago? It would seem to me, since it's been over a year and there as no collection or legal action, any improvement on my credit that I would receive by negotiating a settlement this far down the road would have little benefit considering I'm probably going to have multiple "paid as agreed" reports on the other accounts? Of course, maybe being this old, they would take 20% and agree to remove the tradeline? 20% would be about $3K. Should I just let it be and only negotiate a settlement if for some reason down the road they come after me? There's been no phone calls, letters, nothing for over a year.
  7. The few discussions I read here seem to indicate you could use the tradeline remove as a negotiating tactic. Like offer to pay 25% with no tradeline removal (they then decline), and then offer to pay 40% with tradeline removal? So what you are saying is there's virtually no chance to get the tradeline removed until it is in chargeoff? But once it is in chargeoff, isn't the debt sold to a collections agency. The collections agency is only in control of their tradeline. The debt would have to go back to the original creditor. My gut is now telling me all this hardball talk here about tradeline removal or getting a "paid in full" instead of "paid as agreed" report is the exception, not the norm. I do have one account I forgot about in charge off. It's like a year delinquent. I've got no content from a collections agency. Maybe because the account was sold several years back when the bank that issued the card went out of business so maybe the bank that bought them got a deal on it so they don't bother?
  8. None are in charge of status. From my research, charge off doesn't happen until closer to 6 months delinquent or later.
  9. Credit Counseling simply negotiates a lower interest rate with typically a 5-yr horizon to have all accounts paid in full. Even with lower interest rates, this still results in close to the same total amount in payments. I also understand hardship programs, etc. My total credit card payments would be around $4,000 a month. I can't afford to pay half of that. My divorce is about to be finalized and part of the agreement is that upon sale of our home any outstanding debts will be paid from the proceeds. However there's not enough equity to pay all the accounts. To me the decision is Chapter 7 or Settlement. I think settlement is the preferred way to go. There's about 7 card accounts, some of them associated with my business but I've heard that the accounts are not always just reported on the business tax ID but can also be reported on my personal credit (social security number). I already verified this with Chase. I have accounts with Wells Fargo, Bank of America, and American Express. Wells Fargo has already agreed to settle for 40%. However I told them how this settlement is reported is important to me. I've seen many discussions of tradeline removal, reporting as "paid in full" and "paid as agreed" Chase won't agree to not report it as a settlement. I have not contacted the others yet. If I've got several accounts that are all past 90 days due, is it best for me to ask for the tradeline to be removed or for the account to be reported as "paid in full". It seems to me, "paid as agreed" is reporting a settlement which is not good. I plan on paying off 1 or 2 cards in full with a bridge loan from a relative until my house sells. I would do this so that I can use them to demonstrate I've been paying them to help rebound my credit score quicker. So the question essentially remains... If you have multiple accounts between 90 and 120 days past due. When reaching settlement, is it better to have the tradelines removed for these accounts (keeping in mind I will still keep one or two accounts open in addition to my auto loan), or is it better to have them marked as closed and "paid in full" ? If I recall looking at my credit reports from getting a mortgage, any payments more than 30 days late stay on your credit report despite how it gets paid off. This would lead me to believe that it would be best to negotiate that they remove the tradeline from my personal credit? I'm not worried about the business credit as I'm closing the business and starting a new one. Thanks in advance for any suggestions/advice.
  10. I have several accounts credit card accounts that are about 120 days past due. These are cards I've had for many years and didn't miss payment before going through divorce recently. I don't have the income to continue paying these accounts. Is it better for my credit to ask them to remove the tradeline or to report as paid as agreed or paid in full? In otherwords, if they report as paid as agreed, does the fact I let them go 120 days past due still stay on my credit so it's better to have them remove the tradeline?

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