Anonymous
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01-30-201308:30 AM
01-30-201308:30 AM
Navy Federal Settlement. What should I do?
Hi all. I have had success in removing 7 bad accounts including collections, charge offs, and lates from my credit report. Doing this has boosted my FICO from 487 to 609 in the past 7 months.
The LAST 2 bad accounts I have are with Navy Federal. Once charged off credit card that I have paid in full a few months ago and one auto loan chargeoff with a balance of $6,500. A judgement was placed on my credit file because of this debt. I am in the position now to pay it in full but would like some sort of benefit from doing so. I have been talking to the collections person and the law office. They will settle for $4,700 but refuse to vacate the judgement. Navy Federal also refused to delete the account from my credit reports.
What should I do? I would gladly pay in full for a deletion from my credit file but hesitate to pay it since I stand nothing to gain.
Please advise.
Kevin
Message 1 of 12
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11 REPLIES 11
HindSight_20_20
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01-30-201311:36 AM
01-30-201311:36 AM
Re: Navy Federal Settlement. What should I do?
Are you wanting to do business with NFCU in the future? (or do you still have a savings with them)? If you are wanting any kind of product with them in the future you'll need to pay in full and 'not' settle.
If you are no longer wanting to do business with them again, then a settlement would be okay to do. (not advised truthfully) but okay to do.
Manual reviews (by future creditors) of your credit file with a 'paid' Charge Off would carry more weight than a 'settlement'. In the end it depends on what you're looking at doing in the future when it comes to NFCU.
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Message 2 of 12
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01-31-201303:28 PM
01-31-201303:28 PM
Re: Navy Federal Settlement. What should I do?
I once received a settlement offer from NFCU when I was going through rough times, but I found a way to pay in full and it was solely because I desired to do business with them later if they would give me a chance. I will say that I've never allowed anything to charge off with them even though I came close a couple of times. It's something about the word "settlement" that spells disaster to me. It makes me feel like it could hurt so much more than "PAID Collection" or "PAID charge off" would.
NFCU is a great CU/lender. They are relentless when you do them dirty, but if you make right your wrongs with them, they are forgiving. This I know.
Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
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Message 3 of 12
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guiness56
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01-31-201303:33 PM
01-31-201303:33 PM
Re: Navy Federal Settlement. What should I do?
How old are the debts in question?
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Anonymous
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01-31-201303:38 PM
01-31-201303:38 PM
Re: Navy Federal Settlement. What should I do?
Both are from 2009. The collections guy on the phone acted like he knew nothing about a PFD but did say he would check on it for me and get back to me. These are the last 2 accounts on my credit report that are derogatory.
Thanks for you advice.
Message 5 of 12
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guiness56
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01-31-201303:41 PM
01-31-201303:41 PM
Re: Navy Federal Settlement. What should I do?
I guess I should have asked before, what is the SOL in your state?
Credit Scoring 101
Guide to Common Abbreviations
Other Frequently Requested Threads
Closing Credit Cards
Direct Dispute
Message 6 of 12
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electra
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01-31-201303:53 PM
01-31-201303:53 PM
Re: Navy Federal Settlement. What should I do?
Navy Federal is SO awesome. If I were in your shoes I'd PIF just to stay in their good graces and hope to work with them in the future. After you PIF, try a GW.
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Anonymous
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01-31-201303:56 PM
01-31-201303:56 PM
Re: Navy Federal Settlement. What should I do?
I believe it is 3 years. North Carolina
Message 8 of 12
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js0319
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01-31-201304:22 PM
01-31-201304:22 PM
Re: Navy Federal Settlement. What should I do?
I'd PIF. Those of us that don't have a way in with NFCU would do whatever it takes to stay on their good side.
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Message 9 of 12
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MWCarson12
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02-06-201407:58 PM
02-06-201407:58 PM
Re: Navy Federal Settlement. What should I do?
Kevin,
I'm in the same situation, I have a Credit Card with Navy Federal Credit Union that's now two months behind.
I plan on Chapter 7, however want to know how long once you were behind did they wait to file a judgment?
Thanks for the info,
Michael
Message 10 of 12
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