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settlement question


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I made a settlement agreement with MBNA I had a balance of 31K, they settled for 4500. After payments are finished, they say they will report as settled on credit report. Is this good, can I do better by writing a letter?

Also, Chase doesn't want to settle. Anyone I can contact?

I also have another card with AT&T which has a balance of 26K, I am paying 277 per month with 5% interest. Should I settle or continue paying? Thanks.

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Excellent job on MBNA!!! 8-) I have no idea why people are saying they have a hard time with MBNA high balances settle for 15% with a little effort. You actually did better than me on my last one for the same amount 31k settled for 5k. It was like taking candy from a baby! Unfortunately though, you're screwed on the credit issue. The late pays and the settled will reflect poorly however, I heard on this website that Debt to Income has nothing to do with FICO and if I'm reading wrong please forgive me but DTI makes up 30% of your overall score which is why after people file b/k they start getting offers for credit cards in the mail. Having debt hurts. Eliminating it obviously benefits...by settling its not the best way obviously but if it must be done it must. Hell, you saved 28k on that one card alone...I think the its worth the sacrifice...continueing to pay at the same rate would take for ever to get out of it.

Chase will settle for as low as 35% but it must be between 150-180 past due.

At&t I would not mess with. If you look on this forum there are posts everywhere about horror stories people are having with Citi.

I would continue making payements and since you took care of MBNA and Chase you should be able to apply more monthly to pay down the Citi faster but be careful because once Citi sees you were behind on other cards and you settled say hello to 27% and goodbye 5%. if it hasn't happened already.

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I heard on this website that Debt to Income has nothing to do with FICO and if I'm reading wrong please forgive me but DTI makes up 30% of your overall score which is why after people file b/k they start getting offers for credit cards in the mail.

In order for DTI to be factored into your FICO score, your income would need to be reported - which it isn't.

What is factored is your credit utilization - more specifically, your balance to credit limit ratios.

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Ah, now it makes sense. I'm sorry I doubted you before... I was definitely on the defensive side but after I looked into who the doc was, I figured you knew what you were talking abou and I should keep my mouth shut. I was on the right track though at least..

I know alot about getting accounts settled and how creditors operate..hell, I know just about every one of their numbers by heart but as far as the legalities involved surrounding credit and credit law I have a long way to go and after being on this site for only 2 weeks or so I've learned a tremendous amount so I'm glad you didn't give me the ax back then.

I hope I'm beginning to gain a little trust.

By the way...what the hell is a Allostatic surface plasmons systems?

:D

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