Unless уου саn gеt thеm tο agree іn writing tο report nothing οthеr thаn thе fact іt іѕ paid іn full іt normally wіll еnd up οn уουr credit report wіth something lіkе "paid – settled fοr amount less thаn owed." аnd R-9 coded tο tеll οthеr lenders thеrе wаѕ аn amount уου owed bυt thеу settled wіth уου аnd hаd tο charge οff thе rest.
Thе upside іѕ уου now owe thеm nothing. downside іѕ don't expect уουr future lending needs tο bе well recieved fοr a whіlе. іf уου аrе young аnd need tο bе borrowing money іn thе years tο come уου mіght thіnk twice аbουt settleing unless уου аrе getting a substantial reduction іn thе amount owed.
if you are late…thats negative
but paying off…NEVER a negative…
ive paid off one card using another card…that had lower rates…it was GREAT all around…YES the creditors liked it…shows BRAINS
References :
Any and all paid debt looks good on your credit. The creditors shouldn't even know where you got the money from, not that they care.
References :
Unless you can get them to agree in writing to report nothing other than the fact it is paid in full it normally will end up on your credit report with something like "paid – settled for amount less than owed." and R-9 coded to tell other lenders there was an amount you owed but they settled with you and had to charge off the rest.
The upside is you now owe them nothing. downside is don't expect your future lending needs to be well recieved for a while. if you are young and need to be borrowing money in the years to come you might think twice about settleing unless you are getting a substantial reduction in the amount owed.
References :
http://www.Auriton.org
http://www.MSN.com look for Liz Pullman Weston's information. her book Know Your Credit Score is easy to understand and very accurate / up to date.
Is the question you're asking about a debt where you have settled with the lender and will pay less than the full amount? Or is it that you have received a lump sum of money and want to use that to pay off a credit card?
In the first case, yes, it will reflect negatively on your credit report because you didn't pay what was owed in full.
In the second case, no. As was already mentioned, the CC company doesn't know (or care) where the money comes from.
References :
Yes, but not as negatively as not paying anything at all.
References :