Look at how the media gives bad info

[divemedic]

http://biz.yahoo.com/brn/050128/14925_1.html

I would try to settle (if did at all) for deletion. Anything but a settled or paid CO.

[miracle]

I think in most cases, people (esp the CC companies) don't want to acknowledge that you can negotiate for a settle for deletion. Then everyone would be doing it. But settle for deletion (all in writing) is the best way to go.

[DocDon]

I love the analogy of a business lending money to you lending money to a friend and only getting half in return.... nice try.

Another idiot financial advisor that thinks he's knows something about credit.

"As to your question about the mechanics of FICO scoring, many variables are considered in your FICO score, but generally speaking, if the account listing from your original creditor shows an unpaid balance for the charge-off, your score will improve if you pay the debt in full."

Yeh, right.

[divemedic]

How about the part where your friend charges you $35 for the first late payment. Then, this shoves you over your limit with him, so he charges you another $35 for being over and raises your interest rate from the reasonable 18% to 30%. When you can no longer afford the payment because of all of the fees and interest, your friend sends his brother to collect for him. The brother calls you at work 6 times a day. Then, he threatens to have you thrown in jail if you dont pay. He then sends an email to all of your other friends, telling them not to loan you any more money. Of course, he gets all of the facts wrong in the email. 1 year later, to get him off your back, you pay him the $3000 he wants now, due to fees and interest and he and your friend still tell everyone that you are the untrustworthy one.

[DocDon]

Shame on you for saying bad things about your friend who was nice enough to lend you money.