i have only one credit card account in collection and i made a payment of 2000?

Question

and my balance is 3000 they offered to settlement will that effect my credit in a big way than rather pay the whole thing

Answer 1

It will show as satisfied, but remain on your report for 7 years after the last transaction, ie the date you paid

Answer 2

Make the settlement and get the agreement in writing before you pay. Be sure the agreement includes them annotating your account paid -- you could ask them to remove the negative but don't count on that.

Better to get to resolved now and let time heal the ding in your credit rather than drag it out.

Answer 3

if you haven't made a payment since 2000, I'm assuming
the Original Creditor charged it off, Write a letter to the debt collector asking for validation www.creditinfocenter.com
It is past the statue of limitations (check your state on the
website) revolving credit. It is probably a junk debt buyer
who is trying to collect. Also send a Method of Validation
to the Credit Bureaus.

Answer 4

It will look better on your credit than having an outstanding account. But it won't be as good as having paid it in full. However, at least the account is resolved. Once you start building some other credit it should be mostly a non-issue.

Answer 5

If they settled for $2000 instead of $3000 they will report it as "paid as agreed" on your credit history. However, because it was in collections it will also show how many times you were delinquent.

Answer 6

Your credit has already been hit in a big way. Take the deal, it'll be better than keeping the collection on your report.

Answer 7

I would have called and settled for $2500.00, I am positive they would have taken the offer. But no it does not matter how much of the balance you pay, only that it states that it is paid.

Answer 8

yes its on your history
itll take about 6 months for any good paymnets from now on to improve your credit score
also you could have made FIVE payments of 400 instead.