TwoBit

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About TwoBit

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    San Jose, CA
  1. So American Expresses Collection company Nation Wide Credit, INC. just sent me a settlement letter today for 60% of my total debt of nearly 12k. They're will to settle for a little over $7k. At this point since I'm about to close on my house in two months, I'd like to get this settled. Should I call the number given by Nation Wide Credit and try to negotiate an even lower amount? Or should I write a letter to them for a lower amount?
  2. Anyways today I finally got a chance to settle with American Express in regards to the collection account of $291. They were easy to deal with and I got a "Paid As Agreed" settlement. That's one down and the bigger one of $10k to go. So I asked them I'd like to negotiate and see if I can settle my 10K debt with them too since I have them on the phone. The Customer Service Rep said it's with NCI and I would have to call them to work things out. So I hung up and thought nothing of it. In checking today's mail, I got a letter from ....you guessed it, American Express. It was one of their "Opportunity to Regain Card Membership" letter. Is this the Oasis program I've been reading about? Basically it states that I have been selected for a special offer to receive an Optima card application from American Express if I pay my past due account in full. My application for the new Optima Card "Will" be approved unless I have filed for bankruptcy, do not make the payment required, or have an existing open American Express Credit or Charge Card relationship. This offer is supposedly limited and my account is currently collected by them by Nation Wide Credit, Inc and that I would have to call them to arrange for payment and to have the pre-qualified Optima Card sent to me. Now my question is, since I'm just trying to settle all my collection accounts with them since I'm closing on a house this June, should I pay in full and take advantage of this programs, or should I try to settle for a lesser amount? 10K is a lot of money to sign over. Thoughts?
  3. Thanks guys! The little one I'll pay off and see if I can get the to "Paid as Agreed" on my report. If not, then hopefully "Settled". As for the bigger one, I'm hoping they will settle for 50%. 10k is just too much for me deal with right now. Anyways since they are the original creditors, it's ok to work with them directly over the phone and negotiate?
  4. Thanks astiman! All the mortgage lender is requiring is that I resolve both collections debts. Whether it's a negotiated settlement, or payment in full.
  5. This is a debt of mine that was charged off in 12/07 and I just received a letter directly from American Express today saying they would like to settle with me. It's not for much $291. Basically they said that I was recently contacted by an Outside Collections Agency regarding this debt and that it has gone unanswered by me. However they said they are willing to work directly with me to resolve this debt. They said if I paid in full today, it will improve my credit standing with American Express, potentially improving my overall credit bureau rating and I may be able to regain American Express Card Membership. From reading things in this forum, isn't the only way it's going to improve my credit is if they change my status from "Charged Off" to "Paid Satisfactory"? Should I send them a letter offering to pay if they mark it positively? Also do you think they are serious about regaining Card Membership? Should I just pay this off and be done with it, or is there something else I could do to improve my situation? I have another charge off with them with another card which is significantly more (10K) in which I'd like to settle also. Hopefully for a lot less. I'd love to hear from everyone. I'm closing on a new condo I just purchased and one of the caveats of the loan is that I settle with both these debts before closing once my unit is completed in the summer. Thanks, Sean
  6. I'm also trying to dispute a charge off with FNBM/Credit One Bank currently listed with a zero balance and sold off. I did so through all three credit bureaus and they came back as verified, so I DV'd them and a supposed CA that is not displayed on my CR. It's been almost a month since I sent out the letters and none have responded back to me yet but I already received the green cards back. Should I request another investigation of the 3 credit bureaus?
  7. I'm thinking about getting a motorcycle for about 24k out the door putting about 4k as a down payment. Does anyone have an idea of what my chances are? My TU: 682, EX: 676, and EQ: 658. The only negative thing on my report is a charge off for about $400 in May of 2002 which I'm currently in the debt validation process. The length of my credit history is about 7.5 years and I make over 75k. I'm currently shopping around for the best apr between the credit unions, but am reluctant to do the loan unless I'm sure I can get approved for a decent loan. Any thoughts or suggestions?
  8. I have been doing my research online and reading up on all the information I can on how to handle credit charge offs and collection agencies. I just discovered this site today and found it to be most useful spending hours already reading a lot of the current threads. Anyways, before stumbling upon this site, I had disputed a few items on my credit report and was able to have one charge off deleted from my CR today. However on another account, it came back as updated in which I assume it means verified. I would like to settle this debt considering it's only about $400 and I can easily pay it off, but would like to get some feedback from the knowledgeable people on this forum before doing so. My question is, on my credit report....the OC is FNBM and in the status section it says "charge-off" on Experian, and "Bad debt & placed for collection & skip" on Equifax, who do I contact to settle this debt? FYI the day this account was charged off is on May 2002. I've looked up my entire CR and it only lists the OC (FNBM) and not the collections agency. I've read CIC for both "how to settle with original debtor" and also with "Collections agencies", but was unsure since I only see the OC on my CR. It was mentioned that the original creditors won't even talk to you after they have marked you off as a charge off. Is this true? So if the collection agency is not on the credit report how do I go abouts finding this information to contact them? Should I just ask the OC who they sold off their debt to and go from there? I am not only looking to settle this debt to get it paid, but also to negotiate them either removing the "Charge off" and having it changed to either "paid as agreed" or "paid". Any feedback would be greatly appreciated before I begin this process. Thanks