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Merrick Bank payoff

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quincy

Senior Member
It is, of course, always easier to say than to do. :)

We all like the instant gratification that can come from buying what we see and want with just the swipe of a card.

The loss of a job or a decline in income can be an unpleasant awakening but you appear to be doing what is best now. I wish you good luck.
 


The OP seems to be concerned with his credit score. Not having credit can hurt that score. In fact, the now-closed Merrick account will hurt his credit score more than just the charge off. But I agree he doesn't need to buy things he can't afford.
I have 2 discover cards totalying something like $3700 line plus gas and dept store cards which may not even be active
 

quincy

Senior Member
I have 2 discover cards totalying something like $3700 line plus gas and dept store cards which may not even be active
Keeping positive accounts and high credit credit cards with no or low balances can improve your credit score - as long as your combined lines of credit is not too high.
 

quincy

Senior Member
Would it be beneficial for me to settle my debt for less than amount owed?
That is a decision you will need to make on your own.

Personally I think it could be better from a credit score perspective to keep the positive payment account instead of settling with the creditor for less than what is owed. And then I would just pay off the balance owing on the account by paying substantially more than the minimum due each month until the account is paid in full.

One plus to this is that you are not depleting your available cash to pay off a debt that is not causing you harm (other than increasing the interest you owe).

But this would be a good question for the credit counselors you call.
 
That is a decision you will need to make on your own.

Personally I think it could be better from a credit score perspective to keep the positive payment account instead of settling with the creditor for less than what is owed. And then I would just pay off the balance owing on the account by paying substantially more than the minimum due each month until the account is paid in full.

One plus to this is that you are not depleting your available cash to pay off a debt that is not causing you harm (other than increasing the interest you owe).

But this would be a good question for the credit counselors you call.
Interest isnt accuring, it was a set amount of about 2K when I had the judgment 2 yrs ago, but I will seek counsel on that
 
So I got email from Experian, and my score was lower there then at xxxxx.com which I understand all may not be the same but the website said I had a "soft" file, meaning not enough CC's at which time they offered my a host of CC's that match my parameters. The one I checked out actually had interest accruing from the date of purchase which I had never heard of but doesnt shock me
 

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