Question

Has anyone done a pay for deletion for a credit card in collections? I have a bank credit card that was closed in 2013 the balance is $450. I’m wanting to get rid of it because I want to improve my credit score. How do I go about doing this with the collection agency?  

Answer 1

Most companies sell the debt to debt collection companies. Which means they are willing to accept less than the full amount (depending on the type I suppose). I would try and call the actual company (the bank you had the card with) and see if you can pay $0. 50 on the dollar for what you owe. (Or some other amount under a dollar).  

Comments

All from my understanding and only doing this once with a non-bank company.  

Answer 2

Honestly, if it was closed in 2013, I’d just wait and let it fall off next year unless you are raising your score for a major purchase. Otherwise, you could call the collection company and ask how much to settle & pay for deletion.  

Answer 3

I forgot to mention that I’m trying to raise my credit score to purchase a home. Also, does anyone know why it’s takes soo long for a post to get approved? I posted this over a week ago.