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Hello,

I am one of the ex-Sifxpert victims now trying to handle my accounts on my own. I have some general questions and am hoping someone can help me:

1. I have heard that it is better to wait till the end of the month to settle because the cc companies are more "desperate". Is this really true? Have I broken some golden rule by attempting to settle these accounts in the first two weeks of the month?

2. Has anyone ever settled an account and had a creditor remove derogatory remarks from the trade line? I realize that settling in itself will leave "settled" on my report, but am not sure how much worse that will be perceived as opposed to "paid in full". Should I have held out for some sort of agreement that addressed the credit report issues?


Thanks in advance for your help!




Quote:
I have heard that it is better to wait till the end of the month to settle because the cc companies are more "desperate". Is this really true?
Yes , Usually they have quotas they have to meet and are more willing to settle near the end of the month.
Quote:


Has anyone ever settled an account and had a creditor remove derogatory remarks from the trade line?
Yes , some creditors will remove negative info and some won`t. It depends on the creditor.

Quote:
Have I broken some golden rule by attempting to settle these accounts in the first two weeks of the month?
Not at all , Let them consider your offer. If they won`t budge now they will likely later this month.

Sub: #1 posted on Wed, 08/13/2008 - 01:57

mobile0311 mobile0311
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(Posts: 1817 | Credits: 104.57)

Thanks, mobile.

After doing some research, it looks like the average settlement is 40-50%. Does this fluctuate with the market?

My accounts are with BofA, Chase, Discover, and Citi. Does anyone have any insight as to where to start when negotiating? Do certain banks have tendencies? Do balances have any bearing on the percentage the banks are willing to accept?

Thanks again!

Sub: #2 posted on Wed, 08/13/2008 - 02:50

Unregistered


Quote:
My accounts are with BofA, Chase, Discover, and Citi. Does anyone have any insight as to where to start when negotiating?

Its hard to say who to start with first . depends on the balances also. I will say that typically Bank of America and Discover can be aggressive. Citi and Chase should be easier to settle with.
Quote:
Do certain banks have tendencies?
Some are harder to negotiate with than others. Expect Discover to likely be the hardest.
Quote:
Do balances have any bearing on the percentage the banks are willing to accept?
yes , usually larger balances can settle at lower percentages.

Sub: #3 posted on Wed, 08/13/2008 - 03:30

mobile0311 mobile0311
Moderators
(Posts: 1817 | Credits: 104.57)

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