PNC Bank Settlement Offer - Accept or Reject/Counter

[Yawo64]

Hello,

 

Holiday Greetings to everyone.  I have posted here before about my struggles with a charged-off PNC Bank CC account. Account was charged-off in 2010 with a balance of about $300.  PNC Bank is still reporting, hence no CA involved at this point. 

 

-- I have disputed more than 3x and it came back verified (though - a few things things such as Date Opened got corrected, hence the "Date Reported" keep changing). 

-- I sent a PFD to many executives and they ignored it

-- Lastly, I sent a 623 about a month ago, and PNC Bank just sent me a huge parcel concerning the complete account history including my original, hand-filled and signed application.  Obviously, they have their ducks in order. 

 

Since I want to apply for mortgage sometime next year, I decided I should pay the account.  I called them and they are willing to settle the account for 100.00  and in return, they will report the account as: "Settled or Paid for Less than Full Balance"

 

I believe this is as damaging as the original TL.  What should be my counter offer - given that they are not willing to PFD?

 

Thanks - Yy

[admin]

Settled is damaging but not as damaging as an open charged off balance.  It's also really hard to get a bank to do a pay for delete, this is mostly a technique used for collection agencies.  I think you're doing rather well.  

[Yawo64]

Thanks very much, Admin:  I want to counter offer with PIF and demand a more favorable rating - such as just "Paid"  (without all the other derogatory associations such as Paid Charge-Off).

 

I can send them this offer  or would a lawyer  (through my employer's legal aid) get more leverage with this?

 

Thanks - Yy
 

[BV80]

It won't hurt for you to talk to them.  If you offer the full amount, ask that the account reflect "paid in full".  You could also speak to the attorney.  You never know what ideas he might have.  Hopefully, it wouldn't cost you anything if he sent a letter for you.

 

However, take note that a "paid in full" collection account will still be a negative account.  It won't necessarily improve your credit score.  The only difference it might make is if a future lender reads the entry and notices that the account was paid in full vs. "settled for less than full amount".