I have a credit card and the company told me I can settle for less.What wil it show on my credit rep

Will this hurt me on my upcomming refi with my mortgage.. And will I be better off paying the whole amount. 100% instead of 80%..I have a 120 day late on my report from it already..

I have a credit card and the company told me I can settle for less.What wil it show on my credit report?

Your credit report will show %26quot; settled%26quot; which can have a negative effect . Don%26#039;t believe the collection agency is they tell you different. You can try asking them to pledge to you in writing that they will mark it as paid, but they don%26#039;t have to comply.

I have a credit card and the company told me I can settle for less.What wil it show on my credit report?

If you have the money and are trying to refi your house you%26#039;re MUCH better off paying the whole amount. I thought it was listed as a %26quot;charge off%26quot; but I could be wrong about that, much better for it to be paid in full. Plus if you get debt forgiven, which is what a settlement is, you%26#039;ll have to pay taxes on the amount that is forgiven - you%26#039;ll get 1099ed at the end of the year.

I have a credit card and the company told me I can settle for less.What wil it show on my credit report?

If you already have the 120 day late being reported, and the account is not in collections, then I would suggest paying off the full amount. That way it will show that the account is paid in full.

If the account is with a collection agency, then I would recommend doing a settlement with a Pay for Delete agreement. This is where the collection company agrees to delete any negative information once they receive an agreed upon amount. Make sure you get this agreement in writing before you send any money. If they agree at least the collections account will no longer be on the credit report.

I have a credit card and the company told me I can settle for less.What wil it show on my credit report?

It will appear exactly as stated in the WRITTEN settlement agreement you WILL obtain BEFORE you pay them. If you don%26#039;t have such an agreement in hand before you pay, they will accept your payment and have absolutely no idea why you believe they agreed to settle. That said, it SHOULD show as %26#039;settled for less than original amount%26#039;. This is not good, but it is better than %26#039;charged off%26#039; or %26#039;delinquent%26#039;.