Any credit pros on here ?

[rvd]

I really appreciate these type threads because I'm always alerted to some new people NOT to do business with.

Truth

[roughneck266]

A one time private transaction vs a business ? If anyone must know I lost the job and took awhile to get caught back up. Only asking for sound advise not people who need fresh material to polish their halo.

I doubt that was in reference to you. You obviously have the intention of making things right.

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[castlegaphunter]

That halo comment is always funny, because it's almost always aimed at someone taking a moral stance that somebody else isn't willing to take. I don't have a halo, but I do have a reputation as an honest man....I try to keep that polished up pretty good. However, and I'm sorry for not clarifying, but I wasn't referring to you at all, but to the folks telling you not to pay the debt. I've been there, bud and there is absolutely no substitute for paying what you owe....even if it hurts to. These people telling you the hit to your credit somehow makes the responsibility to pay go away aren't the kind of people I'd do business with. If you don't feel like you owe the money, like if services rendered weren't to your satisfaction or they didn't hold up their end of the agreement, then tell them to pound sand. If you owe it pay it and do your best to get it cleared off of your credit. Good luck.

Makes sense. I respect that

[MBV77]

That halo comment is always funny, because it's almost always aimed at someone taking a moral stance that somebody else isn't willing to take. I don't have a halo, but I do have a reputation as an honest man....I try to keep that polished up pretty good. However, and I'm sorry for not clarifying, but I wasn't referring to you at all, but to the folks telling you not to pay the debt. I've been there, bud and there is absolutely no substitute for paying what you owe....even if it hurts to. These people telling you the hit to your credit somehow makes the responsibility to pay go away aren't the kind of people I'd do business with. If you don't feel like you owe the money, like if services rendered weren't to your satisfaction or they didn't hold up their end of the agreement, then tell them to pound sand. If you owe it pay it and do your best to get it cleared off of your credit. Good luck.

Well if it’s in collections telling them to pound sand won’t do any good if he’s trying to improve his credit score. Just call them and make a deal to pay as much as you can. I had a couple of medical things that I had to clear up once and it turned out the collection agency was pretty easy to work with. They buy those debts for pennies on the dollar and they’ll take what they can get. Sh*tty things happen to honest people sometimes.


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[hogslayer78]

Makes sense. I respect that

Curtintex is good as gold brother and you can take that to the bank! I have walked in your shoes! Been laid off from a great job and was on unemployment for a few months. These things happen and they happen to good people sometimes. I agree 100% with Curt, if we acquire the debt its our obligation to repay it. Just try and work with them and come up with an agreement that if you pay they will remove all negative marks on your credit report.

[Traildust]

Only deal strictly with the original lender. Most of the time they will work with you on a payment plan or 1 time pay-off. Get it in writing first. If they have wrote it off and sold the debt to the collectors....negotiate a 1 time pay-off and get it in writing before any payment. Have them send you a bill and pay it with a cashiers check. Don't use a personal check or credit card....ever. Save everything for 10 years.

I love it when the moral police show up on these threads! I always wonder how many of the mpo's have drove drunk, did illegal drugs, grabbed an extra bag of ice, had a vehicle repo'd, got a divorce or filed bankruptcy.....

[Yelladog]

Pm sent


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[Daniel75]

Thanks guys. The majority of y’all are saying that it will show negatively regardless. If I can get a pay for delete I might try that.

I had a loan default in 2012 for $1000 after I was out of work for ankle surgery. Long story short, I went to get a new truck in 2018 and they almost didn’t give me the loan, even though that was the only bad mark on my credit! Told me I should go down and pay it off. An actual person looks at your credit and makes a determination whether or not you get the loan. His reasoning with me was “we have to look at it like, you owed a debt and someone took a chance and gave you money and you failed to repay it, even if it was 6 years ago and you’ve paid all your credit cards on time and no other collections.” SMH

[Charles]

I’ve got some questions on debt and it’s effect on Credit. I’ve got a few old debts that have gone to collections that reflect negatively on my credit report. I’m trying to increase my credit score so I was going to pay them off or slag least settle. I talked to a lender recently and he told me I might as well not pay them because it’s not going to matter either way it will still hit negatively. But I know if I do nothing it will continue to say unpaid. So I’m not sure here. Any advise is appreciated.

Send me your email in a private message and I'll send you a pdf of an article I came across a few years ago explaining how to repair your credit yourself.

The article explains how to negotiate & pay the debt and how to use the rules and regulations to your advantage.

[Graysonhogs]

As mentioned, pay for delete is the way to go.

[castlegaphunter]

Thank you guys.

[Throwin Darts]

It does to me. Why should I feel obligated to pay with my cash when I am already paying with bad credit? I should now feel obligated to pay double? You get one or the other, not both.

So you stiff one lender and have to pay higher interest to the next lender, because you've proven to be a poor credit risk, and because you're paying more to the second the first should just take the loss while you used their money?

Not surprised you have a crossbow for your avatar pic.

[Landrover]

I have only read your post on this. I am sure someone has said, "you made it, pay it." I am also of that ilk. DaveRamsey.com has lots of innovative ways to get those OLD debts settled. Also, don't live by the credit score it is more important to have cash & assets. The score will come when the debts are settled and others are paid on a timely schedule.

[offthemap]

This doesn't necessarily help answer your original question but I found a breakdown prepared by Wells Fargo several years ago of the "FICO Score Ingredients". I've attached it as a PDF for anyone interested.

[offthemap]

Here's the JPG of it, too