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I got an offer to pay my debt on a credit card. They said they will take off 40% of the debt, and consider it Paid In Full. Is it better to go ahead and pay the lesser amount, and have a Paid In Full noted on my credit report? Or should I arrange to make payments on the full amount? I want to do which ever will improve my credit score the most. I don't know if it'd be best to pay in full at a lesser value, or establish a payment history until I pay the entire amount.
Margaret, Have you had this debt validated? You should always ask for debt validation if an account is not still being held by the original lender. If they do validate and the debt is not past the SOL then a settlement is better than paying the whole debt. I would consider asking for a Pay for Delete. This is when you get a statement in writing form the creditor saying that once you pay off this debt they will delete it from your credit report. You can ask them by phone but I would send a PFD letter (samples under letters of credit to the right of your screen) by certified mail and make sure you have it signed before paying off the debt if they agree to this.
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Recently I received a criedt card offer in the mail and I decided to do a search online and found the following site. It contained the same offer I received in the mail, plus a whole bunch of other offers from, American Express, Visa, etc, business cards, balance transfer cards, bad criedt cards, etc.The application I filled out for the card was very easy to do. Anyway the site is. You find a lot of criedt card choices here.