HI,Hoping you could advise me. I am wondering what
HI,Hoping you could advise me. I am wondering what looks worse on a credit report and how will it appear in the future if I settle a credit card or loan. Amex and Bank of America are two I'm struggling to pay and it will soon go to collection.If I wait and attempt to negotiate one lump sum amount or a 3 installment type plan with a collection agency how will this appear on my credit and how adversly will it affect me in the future.When the negotiated amount is paid off will it say settled plus include strikes for being 30,60,90 days late. Will it say charge off? What is the difference and what is worse? How long will this stay on my credit report? i'm thinking if my credit is already ruined with all these late strikes against me and I can't pay if I negotiate a settlement will it be as bad as if I declared bankruptcy for my future credit? What is the best option and how badly is it looked upon?