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    northgatenet's Avatar
    northgatenet Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 12, 2007, 09:31 AM
    Car Collection Charge-off
    Hi,

    I have a 7000 balance in Charge-Off/Collection with LTD Financial Co. and want to settle. Is it better to settle, or pay in full from credit rating perspective?

    Thank you
    CaptainRich's Avatar
    CaptainRich Posts: 4,492, Reputation: 537
    Cars & Trucks Expert
    		  
    #2

    May 13, 2007, 06:09 AM
    Yes. Pay them. You may be able to arrange installments. But, yes, pay them or they will "sell" your debt to someone else and just hound you.
    AW805's Avatar
    AW805 Posts: 283, Reputation: 43
    Full Member
    		  
    #3

    May 13, 2007, 04:41 PM
    Both a settlement and a paid off collection will appear on your credit. Will a potential lender or creditor look at paying off a collection balance in full as a positive? Possibly.

    If you agree to pay the entire balance off make sure you get the creditor to agree to delete the collection off your credit report.
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