re: How f***ed am I?

quote:

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Why not just go take out a small loan through your bank and pay it off all at once and just pay the loan through your bank/lender so you can begin to improve your credit while at the same time build it with a reliably paid trade-line?

I wouldn't pay that thing monthly through the collection agency at all. In fact I'd be willing to pay a bit of an elevated interest rate in order to pay the collection off immediately as long as it was replaced by a brick-and-mortar bank (NOT a finance company; STAY AWAY FROM THEM).

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I think this is a viable solution and one that definitely appeals to me.

My question is this - do I call the collection company first and try and figure out an amount they'll settle - or contact the bank first and see what they can do? I have a good relationship with my personal banker if that matters at all.