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11-10-2009, 04:26 PM
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Credit Card Settlement Question
Hello Everyone,
I have bad credit (mostly due to late payments) that I would like to repair. I currently have an outstanding balance for a Citi Card of about $2,350 and was offered a settlement of $1,013 to be paid over the next three months. I thought it would be a good option so called to accept. The representative told me it would be reported to the credit agencies as "settled." After doing some research online, I found that this may have been a bad mood and would not help my credit score? What are your thoughts on this? I called back and they said I could cancel the settlement if I wanted to. At this point, I would be willing to pay about $589 every month to have it paid off in about 4 months. Would this be a better option for me? Please advise. Thanks! Eric 
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11-11-2009, 01:33 PM
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Eric
You are comparing pros and cons of the settlement. I think it will be more beneficial to compare two options: If you don't take the settlement, what is your plan to pay back? What is your other option? Also, if you list all your debt, we can help you better.
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