Should i settle my account or pay in full?

Question

I need HELP!! i have a few accounts in collections. the collection agencies have been sending me offers to settle my debt but i just throw away the letters. is it before for my credit score to settle the accounts or pay them off in full?? i hear its before to pay in full just checking my options!!

Answer 1

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Answer 2

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Answer 3

If you pay it off in full then it will show on a credit report that you have no balance with the company.  If you accept the payoff offer (which is normally less than what you owe) it will show on the credit report that its paid but will show that it was settled.  To make the credit report look better, it's better to pay it off in full and not close the account if you dont have too

Answer 4

by before you mean better? it depends on how much you owe. if you can afford to pay in full its better for your score. but if you can't afford to pay in full its better for your credit to settle if it will get them off your report. the longer they are on your report the worse it is for your credit so if you can't afford to pay in full right away but you can afford to settle, then settle now.

Answer 5

This is the best way to handle it, if you are looking to pay them in full contact the companies. Tell them you are willing to pay the accounts in full but that you want them removed from your credit, not just updated to a 0 balance. If they agree to this make sure that you get a letter from them and also ask one from the original creditor...If they say no wait a couple weeks then call them for a settlement....Do not go by what is on the letter, negotiate a little...tell them that you a x amount of dollars and want to settle the account. You should be able to get it a little lower then what is on the letter...

The damage has been done, so whether you settle them or pay them in full neither one will have a better affect on your creidit...If these accounts are old do not even worry about paying them off, because by paying them off it could have an adverse affect on your score.