Merrick Bank payoff

[The Grinder]

Under a field called "payment history" on a credit reporting service, I have 100% on time, the only black mark is a field called Negative marks, mine says 1 in 4 years. I hope this settlement w merrick wont comprimise that

 

[The Grinder]

I would try to negotiate with the creditor to have a “paid as agreed” notation rather than their proposed notation on the debt. And I think it could be better for you to maintain the account as it is but pay more than the minimum per month, reducing the balance to zero over a few months rather than trying to pay less than what is owed to settle the debt.

You could speak to a credit counselor in your area for advice, though.

The notation referred to saved me $428, but I can try calling them.

 

[quincy]

The notation referred to saved me $428, but I can try calling them.

The $428 is a nice savings, if you are not unhappy with what they have offered and how they will report the debt.

I can see pros and cons for both settling for a lesser amount and for paying the debt off in full over a few months time. Either way, the debt will remain as part of your credit history for 7 years from the date of first default.

Good luck with whatever it is you decide to do.

 

[PayrollHRGuy]

Under a field called "payment history" on a credit reporting service, I have 100% on time, the only black mark is a field called Negative marks, mine says 1 in 4 years. I hope this settlement w merrick wont comprimise that

It will compromise that.

 

[The Grinder]

It will compromise that.

I am paying a law firm every month on an old CC bill, was court ordered, wonder if I pay them off, about $700 if that one will come off? then the only one I have would be this current one

 

[PayrollHRGuy]

I am paying a law firm every month on an old CC bill, was court ordered, wonder if I pay them off, about $700 if that one will come off? then the only one I have would be this current one

After about 7 - 10 years.

 

[The Grinder]

I am paying a law firm every month on an old CC bill, was court ordered, wonder if I pay them off, about $700 if that one will come off? then the only one I have would be this current one

But really 787 isnt too bad, in my younger yrs it was much higher but its a start

 

[quincy]

I am paying a law firm every month on an old CC bill, was court ordered, wonder if I pay them off, about $700 if that one will come off? then the only one I have would be this current one

The debt that led to the judgment will be removed from your credit reports after 7 years. The judgment itself will not (or should not) appear on these reports.

Again, as said previously, paying off all negative accounts is a positive thing to do. Paying on time all positive accounts is also a positive thing to do. The faster you can remove negative accounts from your credit reports, the higher your credit score should be.

I suggest again that you speak to a credit counselor. Your state website can be a good source of reputable credit counselors in your area.

 

[The Grinder]

The debt that led to the judgment will be removed from your credit reports after 7 years. The judgment itself will not (or should not) appear on these reports.

Again, as said previously, paying off all negative accounts is a positive thing to do. Paying on time all positive accounts is also a positive thing to do. The faster you can remove negative accounts from your credit reports, the higher your credit score should be.

I suggest again that you speak to a credit counselor. Your state website can be a good source of reputable credit counselors in your area.

Is there a fee for this?

 

[quincy]

Is there a fee for this?

There can be a fee. It depends on the counseling service. Some counseling services can be provided free of cost to qualifying individuals and some counseling services operating in conjunction with universities can be free. Others are for-profit businesses.

 

[The Grinder]

Thanks to everyone for yr help, its been a LONG road back to being almost debt free. Now I just need to find a visa or MC with no annual fee as my merrick one has been canceled. Other than a few gas cards and department stores, I only have 2 Discover and at times beleive it or not, not all vendors take Discover, anyone have suggestions for this?

 

[quincy]

Thanks to everyone for yr help, its been a LONG road back to being almost debt free. Now I just need to find a visa or MC with no annual fee as my merrick one has been canceled. Other than a few gas cards and department stores, I only have 2 Discover and at times beleive it or not, not all vendors take Discover, anyone have suggestions for this?

I recommend you get a debit card that withdraws money directly from your bank account and that you no longer rely on credit cards.

If you can’t afford something, delay its purchase until you can. The more credit cards you have, the easier it will be for you to find yourself in the same position, ruining what you have taken good time to repair.

 

[PayrollHRGuy]

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.

 

[The Grinder]

I recommend you get a debit card that withdraws money directly from your bank account and that you no longer rely on credit cards.

If you can’t afford something, delay its purchase until you can. The more credit cards you have, the easier it will be for you to find yourself in the same position, ruining what you have taken good time to repair.

How true, I do have a debit card at a Credit Union I'm self employed and sometimes I can use the float time that a CC affords me but yr advice is spot on

 

[The Grinder]

How true, I do have a debit card at a Credit Union I'm self employed and sometimes I can use the float time that a CC affords me but yr advice is spot on

I remember when I had a Chase MC w a huge line, I would wait until the billing cycle cut for the month, make my big purchase, then have the 30 days plus another 15 until the bill came due. It was sweet then biz took a dive and been struggling ever since