Does waiting around for a settlement offer hurt your credit?

[Klyk21]

Or is it the same as paying the full debt owed when you first receive it?! I have a 560.00 bill from school and they sent out a settlement offer last year but now they transferred my debt over to another company and it's back at the original amount I'm just going to go ahead and make small payments so it shows on my credit report.

 

[Majestic Pape]

fukk credit, fukk debt, fukk paying bills on time.

 

[blockburna420]

Throw the credit score in the bushes

 

[Klyk21]

fukk credit, fukk debt, fukk paying bills on time.

Throw the credit score in the bushes

Why do y'all feel like this?

 

[blockburna420]

Why do y'all feel like this?

 

[DrunkenNovice]

To my understanding a settled debt still is a negative hit to your credit just not as bad as ignoring it completely. If you make the small payments and pay it off it'll show as paid, but the negative affect its had so far will remain.

560 is a pretty small debt to let it haunt you like that building interest on it, but I guess if thats what you gotta do thats what you gotta do.

 

[malbaker86]

It'll be a small hit BUT the key is to have the people who you're settling with report it as "paid as AGREED" and you shouldn't be hurt too much on your credit score.

Thing is though....as long as you have $$, credit score doesn't matter too much cause the buyer will always have the most power

 

[Two Stacks]

you need to get it reported paid as agreed ASAP. then paid in full when it's actually paid off. the impact this is having on your score isn't really gonna change and get better until the item falls off your report.

 

[Majestic Pape]

Why do y'all feel like this?

Cash is king.

And my credit fukked up.