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i got good news but need some advice quickly!!


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Posted: 29 Jul 2003 14:25 Post subject: I've got good news, but need advice Quickly!!


I posted earlier about I problem that I was having. Quick recap. I have three credit cards two with citibank and one with chase. I was using a debt settlement service to help me settle. Since January that have not done anything really to help me. Last week I got a letter from one of the citibank accounts and it said that they were getting ready to send my account to a CA and put it as a charge off. MY husband and myself are trying to buy a home and trying to get credit alot better by NOV.

THE GOOD NEWS is that I called the Debt service company and told them that I want to get out of the program and I thought there would be a penalty --but there isn't YEAH, so now this is where I need your help or anybody who can give me advice. I read all the topics posted in these section I was not able to view the old topics from the other website so I still need some help.

So I have $8000 that I can work with right now, all three accounts are still with the OC ( i think) I have not paid on any of these accounts since Jan. of 2003. When I enrolled in the in JAN, my account balances where citibank 8900 and the other citi 5500, and chase 8500, now since then they have increase due to late fees and interest accured.

So how should I approach this HUGH and SCARY situation by myself. SInce I am dealing with the orignal creditors, do I call them or do I fax them a settlement, if so how much should I offer and will the waive all late fee and interest or just the late fees since Jan. What will my credit report say, can I request that they list it as paid in full or paid or settled, because I know how they report it on the credit report will affect my credit so I don't know what to say. I read a couple of the messages and people were talking about deletion and some other terms that I can't remeber. SO I need help there as well. I think i read somewhere to make sure that I get everything in writing by the OC as well. I was also thinking, would citibank let me settle my two accounts together or will I have to do them separatley? I am just not sure how to go about this at all. IF you had the the $8000 how would you handle this situation so that your credit will improve the quickest.

MY husband has a credit score of 617 what can he do it improve his score he does not owe anyone any money, but he does have a charge off that was paid and late fees that were paid. What can he do?

My goal is to improve my credit score by NOV for a mortgage so please someone give some great advice.


PS what is this that I hear about debt validation.

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Muybueno I am in a similar situation. I haven't gone through a debt settlement service, but rather that I also have 3 charge off credit cards (ironically enough...citibank and chase are 2 of them...) for rather large balances like yours as well. I think it may do you service to post this question in the "CREDIT REPAIR" forum as there is a number of knowledgeable and helpful individuals over there with much experience that can answer this better for you.

Best of luck in your conquest. There is also a link at the top of the screen for credit repair. Print it off and start following the steps. I disputed some items on my report to the cra's 2 1/2 wks ago and have had 2 already revised. The system works.

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I would suggest that you contact the creditors by phone first, offer them an amount of money to pay them off now, ie start at 50% and you know how much money you have, so that should be your limit shared between the 3.

If you are not paying them in full, you can not expect them to report it that way. You can state in your offer that you will need a letter from them, stating that the item will be reported as "paid collection account", don't agree to "settled" acccount. It looks very bad to the lender and it will be on there a long time.


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