credit card company , pay for delete

[bigcreditmess]

What is the name of your state?MD

I just closed my credit card account. I was past due either 90 or 120 days at one point. I made a 150.00 payment last month and then this month i closed the account . I want to pay the balace off in full , nothing has went to collection or anything because I just closed it. I want to pay it off and do a pay for delete to get the late payments off of my credit report.

I called the company and they said no because I had been 120 days late at one point so they cant do it. Can they still do it ? should I wait and just keep calling and asking or should I just pay it anyway and then try to get the negative payments off latter.

If I dont do a pay for delete how can I go about getting the negative info off ? or am I just crap outta luck ?

any advice is very welcomed !!!!!

 

[Fat Tony]

They can physically do it, yes. Can you talk them in to doing it is a different matter. They can delete or alter your file in any way they want, as can the credit reporting agencies. The best thing to do in this situation though is let it go to collections, then negotiate with the collection agency for a pay for delete. You'll probably find its a lot easier to get it from them. This is all said with the assumption that your credit is not all that and great to begin with, and another collection wont really affect you one way or the other. If thats not the case, then correct me.

 

[bigcreditmess]

There are no other collections on my credit report , thats why I thought mabey I could take care of it before it went to collections. This is the only negative thing on my credit report. I only used the card twice , and I really simply just thought my spouse was paying the bill , and it just got kinda swept aside , and then when we realized it , we paid half of it and then decided it was best to just close it and pay the rest off ( this was our only credit card , which is why we basically forgot about it ) . I know I was late in paying it , I just dont want that to affect my credit because I worked hard at keeping the rest great, never a late payment on any other account.

If I let it go to collections can collections take it off on a pay as delete or should I just pay it off and then mabey challenge it with the CRAgencies to try and have it removed ? I mean I know the credit card comp. will have some form of proof seeing its a fairly new account , but mabey they wont bother if its paid in full ?

any thoughts ?

 

[Tayla]

In reviewing some of the card agreements, said cardholder cannot have the account *closed* if a balance remains. The account can be *locked* and incurr interest and all fees associated with it , til such time as a zero balance transpires. When such occurs, cardholder is then welcome to send a written statement to request closure.

I would HIGHLY suggest that you get in writing proof that the account is indeed closed as you so say. I've yet to see a tradeline close an account that retains a balance without FIRST getting as much interest accrued along with late fees and overages.

Next, since your wanting to pay it. Do so, once paid, get a written statement showing account closed.Its best to deal with the Original creditor and not let it go to a third party collector. After that, you can do a good will letter or simply dispute with the CRA (if its reporting inaccurately). The fact of the matter is, the tradeline furnisher is primarily reporting correctly based on your own admission. Not sure if your looking for an easy credit fix here....but my sugggestion is basically accept your responsibility in your past financial mishap. Gain healthier credit by paying on time. You always have the opportunity to improve your overall credit.

 

[bellevue]

Pay to Delete

Georgia:


Credit Card debt:
Please explain "pay to delete"
What does that mean and what are the procedures to "pay to delete"

 

[JETX]

In reviewing some of the card agreements, said cardholder cannot have the account *closed* if a balance remains. The account can be *locked* and incurr interest and all fees associated with it , til such time as a zero balance transpires. When such occurs, cardholder is then welcome to send a written statement to request closure.

Tayla, you are 100% correct (and FatHead Tony is wrong again... in supporting a non-existent 'pay to delete' plan).

 

[JETX]

Please explain "pay to delete"

The writer is thinking that if he offers to pay his legally valid debt, the creditor will somehow 'reward' him by deleting a negative from his account.

 

[maltese212]

does pay for delete work?

Just wondering -- does anyone know if pay for delete can be negotiated? I cant see why not as the creditor does have the right to delete the record with the CRA's. There is nothing illegal about. They are not required by law to faithfully report everything. If you have an R9 outstanding debt -- why would you pay it if it cant be delted?

 

[Tayla]

Just wondering -- does anyone know if pay for delete can be negotiated? I cant see why not as the creditor does have the right to delete the record with the CRA's. There is nothing illegal about. They are not required by law to faithfully report everything. If you have an R9 outstanding debt -- why would you pay it if it cant be delted?

You seem to know the answer to your own question.

Sometimes PAYING a debt that is legitimate can enhance future credit worthiness.

 

[maltese212]

I dont think that is necessarily true -- paying off a debt does not automatically improve credit rating.

I dont know this for sure but I think if you have an R9 you can only get it up to R7. I doublt that means anything in terms of the actual FICO score.

So my question was -- does anyone have any first hand experience with a pay for delete deal?

 

[bigcreditmess]

OK so even though they say it is closed they can leave it open till the balance is zero . I didn't know that. I am not adverse to paying the debt , like I said , I know its mine. I will pay it in full.

I am just new to this and have been trying to learn all the terms and this seemed like a good thing to atleast try. No harm no foul

So if I pay it in full do I have to send them notice in writting that im closing the account or can I just ask that they fax me something saying my account is closed ?

Thank YOu

 

[bigcreditmess]

Oh I forgot to ask. What is a goodwill letter ? Is that just asking them to remove it ?

Thanks

 

[Tayla]

Oh I forgot to ask. What is a goodwill letter ? Is that just asking them to remove it ?

Thanks

your zest for learning is remarkable, knowledge is power.
Try this site for learning what some terms mean and usage of letters in reference to credit .
www.creditboards.com

To answer your earlier question: Get acknowledgement of the account being closed in writing. Correspond by letter for documentation purposes.

 

[bigcreditmess]

Thak you again , I have looked at the different letters and went to the sites recommended . I guess it will just take a bit to get the hang of all this , its a bit overwhelming right now , being a newbie at this . But hey , no worries mate