furr2ball Posted February 5, 2005 Report Share Posted February 5, 2005 I have 3 cc accounts that are closed, and that I have been paying on their so-called Hardship minimum payment plan. Well I have determined that the Hardship is what you really have at the end of thier program.These accounts have grown like the Blob, ( mid sixties Sci Fi creature ), 29+ %. Nasty!!!I am current with these accounts, and have been for 18 months, they never went to collection, nor were they reportedly charged off.I recieved an inheritance out of the blue from an uncle.My question is, should I request a settlement with these card companys, say 40% of balance with deletion of all negitive credit. I believe I will have to give them some kind of reason like I could BK or whatever to get their attention. I would prefer not to let them get to the multiple phone call stage, harrassing collectors who can't settle.or Should I offer to pay 50% against the current balances contingent upon their reinstateing the account and deleting the negitive.Thanks in advance Link to comment Share on other sites More sharing options...
divemedic Posted February 7, 2005 Report Share Posted February 7, 2005 What is your FICO? If high enough, you could try to bluff into a transfer to a lower interest rate card or loan. Perhaps you could call them and negotiate a lower rate. Without more details on your situation, it is hard to tell.If you have no negs, I would do what it takes to keep negs from showing up on your CR. Link to comment Share on other sites More sharing options...
furr2ball Posted February 7, 2005 Author Report Share Posted February 7, 2005 FICO 600 Link to comment Share on other sites More sharing options...
firstsource Posted February 7, 2005 Report Share Posted February 7, 2005 It seems to me that if you can get them to delete, you are better off, UNLESSYou dont have enough trade lines. What you want is ones that are over 24 months old, and that are current. 3 of them is fine, 4 is wonderful. Then a car note that starts at over 5K, and payments are 150+ per month. Thanks for sending me to this spot. I think that Ms Morrow is probably able to give you better general advise, as all I know is mortgage related stuff. Charles Link to comment Share on other sites More sharing options...
furr2ball Posted February 7, 2005 Author Report Share Posted February 7, 2005 I have several trade lines:4 Mortgage 3 current 1 paid as agreed.10 Revolving 5 open 3 R1 2 are a problem( MBNA & Bank One).5 Installment all paid as agreed, 2 of which were autos High 29K no lates.My Credit history goes back to 1981.I have a Discover Card that is close to the limit I intend to pay it down to 35% of Limit. Current Limit 5300.High Credit on a Revolving line is 30K.I really need to deal with MBNA & Bank One!!!!!!_________________________________________Education is reading the fine print, Experiance is when you don't. Link to comment Share on other sites More sharing options...
Silver1 Posted February 11, 2005 Report Share Posted February 11, 2005 I am dealing with MBNA right now. I tried the settlement route last summer with MBNA, and what a disaster it was. But I didn't go about it the right way and now I'm trying again. How did MBNA screw you over? Link to comment Share on other sites More sharing options...
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