Is it wise to call my credit card companies and ask if they will take a lower pay off, if they do, will it hurt my credit, if they write a letter and tell me that is okay, do I send the letter to the Credit Bureau.
What you are suggesting is known as a settlement in the credit card industry. As far as I know, credit card companies only settle with accounts that have had a problem with their payment history and/or are currently behind on their monthly payments. It is rare for a credit card company to offer a settlement on an account that is current with the monthly payments.
On some occasions, such as when you are going through a financial hardship, they might offer an interim plan to freeze the interest rates or offer you a payment arrangement for a limited time (usually about 1 year). These kinds of arrangements will not hurt your score. If a credit card company has agreed to such an arrangement, you do not need to send anything to the credit bureaus, as it is an arrangement between you and the credit card company.
To read more about credit and credit scores, please visit the credit section of our website at http://www.bills.com/credit/.
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