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AKnigh
Joined: 28 Oct 2008
AKnigh's page
Posts: 3
150 Magic Points
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creditpro
Joined: 16 Oct 2008
creditpro's page
Posts: 21
Location: San Diego, CA
1243 Magic Points
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Wed Oct 29, 2008 7:04 am
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It is possible to delete these charge offs but you must find leverage on these accounts to be able to dispute and get them deleted. It is a rather long conversation, if you need to really learn about this I reccomend this self help program called "www.AttractiveCreditSecrets.com"
Let us know how it goes. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 686
17396 Magic Points
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Wed Oct 29, 2008 10:55 am
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With 600 credit score I don't think you will find a home loan at good interest rate. For getting home at low rates you need to have a credit score of 700 and above. Now if any account has been listed as charged off in your credit score and you have not paid them off yet, you need to repay those accounts. But before repaying those accounts, you need to negotiate with the CA to change the status of the listing to "paid as agreed" instead of "paid charge off" in your credit report. This "paid as agreed" listing will help you to improve your credit score.
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Where there's a will, there's a way !! |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 446
10878 Magic Points
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Wed Oct 29, 2008 11:10 am
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Charge off listing can be removed from your credit report only if the debt is still with the original creditor or the OC has only transferred the collection rights to the CA. But if the debt is sold off to the collection agency, the charge off listing cannot be removed and it will stay there for seven years. If the debt is with OC, you can negotiate with the creditor for PFD so that as soon as you pay off the debt, the charge off listing gets removed from your report.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 516
13571 Magic Points
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Wed Oct 29, 2008 11:29 am
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Hi AKnigh
You should not close any credit cards that have a good credit history, since by closing these cards you will lose the credit history which constitutes about 35% in your credit score. Moreover, the length of the credit history which is about 15% in your credit score will also be lost and your credit score may move down below 600, making it more difficult for you to get a home loan. However, if you want to close some of the credit cards, it is always good to close the new ones rather than closing the older ones.
Charge off accounts should always be paid off because if your account is charged off, it does not mean that you are not required to pay back the debt. In fact, the creditor can sue you to the court and bring judgment against you to recover the debt. Since judgment will again lower your score, it is always advisable to payoff a charged off account.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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AKnigh
Joined: 28 Oct 2008
AKnigh's page
Posts: 3
150 Magic Points
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Wed Oct 29, 2008 2:22 pm
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Thanks for the replies. These are charge off that have been paid. They are not still in collection.
I'm trying to understand if it is at all possible to have them removed even if they are already paid.
Also my husband's score is above 700. Will they take both into account for a home lone or go with the lowest score? |
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Maria
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Subject: Credit score
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Sun Nov 09, 2008 4:06 pm
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| I believe that you can qualify for a good rate under FHA loan. They require median score of at least 560 or 580 depending on what mortgage company you are working with. Regarding your latest question, they usually go for the lowest score even when you do it together. Also, check your state's statute of limitation, dont let anybody intimidate you about getting sued. They cant legally sue you if the loan is past statute of limitation although you still owe the money. So check and see that dates of your first deliquency in each account. Credit Reporting agencies are required to remove them off your report after seven years. |
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Sun Nov 09, 2008 4:54 pm
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| Thank you for the reply but just to clarify all of my Charge Offs are PAID. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1240
28942 Magic Points
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Mon Nov 10, 2008 5:02 am
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Hi AKnigh
If you apply for the home loan jointly, then both of your credit scores will be taken into account for determining the interest on your home loan. Now if you take the home loan only on your husband's name, then you can get an attractive interest rate on your home loans. However, as Maria said, you can go for FHA home loan where you need to pay only 3% as down payment and you can get it even with a low credit score.
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All the Best 
Justin |
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Nicole
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Subject: Charge off for a repossessed car
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Wed Oct 21, 2009 8:25 pm
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I have a charge off for a care that was repossessed. It is the only negative listing that is hurting me on my credit report. I want to buy a house but feel that this will get in the way. My score is not bad at all, and I was able to obtain new lines of credit.
The OC won't take the negotiated payoff. They are using a collection agency to obtain the remainder of funds. According to the CA, the OC will use three differenct CA's before selling the debt. I am on CA #2 and should be nearing #3 soon. Even then, the third CA will have to go through their retrieval process with me which may take at least three months.
The remaining balance is to high for me to pay off at once and I am definitely, past the statue of limiations.
What should I do? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Thu Oct 22, 2009 12:47 am
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| If the statue of limitation is up you need to send a letter letting them know it is up. Do not pay anything on it because if you do the SOL will start all over again. |
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susie jones
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Subject: My electric bill was charged off
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Tue Feb 23, 2010 11:26 pm
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| I wanted to pay a pass electric bill but they told me the account was paid off and sent to a collection agency in Texas. I called that company and they told me that I would have to pay them until the debt was satisfied. Once it is satisfied, they will let the electric company know and my credit with them will be reestablish. Is this correct? |
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ericks798
Joined: 23 Feb 2010
ericks798's page
Posts: 22
543 Magic Points
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Subject: Collection Account Charged Off
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Wed Feb 24, 2010 5:43 am
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Hey everyone.
I have a similar questions. I have a CA account that has been closed at the request of the OC. The letter from the CA stated that no future collection action will be taking on this account?
Info from credit report from this CA that may be helpful
Date opened 10/2008, Reported Since 12/2008, Last Reported 12/2008 Status Details. This account is scheduled to continue on record until Nov, 2013 (Alabama SOL)
What steps should be taken if the CA states account is closed at OC request? I know the debt needs to pay to someone. Let me know what you guys think.
Thanks in advance for your assistance
PS. I'm a Site Newbie
I"m a little confused on what to do
_________________
Quote" Your biggest Fear should not be failing, it should be NOT TRYING"-unknown |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Florence
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Subject: dWTLgJDoKwMqHDIycPs
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Tue Jul 05, 2011 5:18 pm
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| Got it! Thanks a lot again for heilpng me out! |
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