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Help with Credit card Charge off

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batterup40



Joined: 15 May 2008
batterup40's page
Posts: 1



33 Magic Points
Subject: Help with Credit card Charge off
 
 Posted on Thu May 15, 2008 2:20 am  
Hi, I have a charged off credit card with providian, and have been making monthly minimum monthly payments, but they refuse to change my negative report status on my Cr, Do I have to continue to pay them?
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 149



4739 Magic Points
 
 Posted on Thu May 15, 2008 5:14 am  
Hi batterup40

I think they will agree to change your negative report status only when you have paid back the debt in full. Moreover, paying back a debt is always a better option as charge off does not necessarily mean that you are no longer liable for the debt. In fact you are still liable for payment and the creditor might sue you to the court ( until the SOL of your state runs out). However if you are not willing to pay unless they change the negative report status, tell them that you will pay the rest of the debt only when they agree that they will remove the negative status after your debt repayment in installments is complete. If they agree to your proposal, then get it in writing.
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Justin
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 271



1751 Magic Points
 
 Posted on Tue May 20, 2008 4:34 am  
batterup40

I think that you would be wise to listen to Justin. I think that he is correct about why you are still getting negative reports. I have a feeling that once your account is where it should have been had you never defaulted, you will see changes on your CR.

keep us posted!
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scott

scott

Joined: 28 Jun 2006
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Posts: 163



4471 Magic Points
 
 Posted on Mon May 26, 2008 12:50 pm  
I too think that Justin is correct. You should continue repaying back your debt as you are paying and I think on your full repayment you may see improvement in your credit report
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SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 1744



5498 Magic Points
 
 Posted on Mon May 26, 2008 6:35 pm  
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.

Make sure that you get a letter from them that they will either remove the negative reporting, it is called a pay for delete, or have them report a positive payment activity on your report.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 598



10846 Magic Points
 
 Posted on Tue May 27, 2008 4:38 am  
Code:
Only if they report it as being current and most collection agencies don't report crap except for the negatives. I paid off three and they show under the negative reporting, they show paid off but they have not increased my score at all.


How can a collection agency report anything as positive? FICO determines what is positive and negative. A collection agency is a blemish on your report because people with past money problems are more likely to have future money problems...it is a statistical risk. If paid collections decreased your statistical risk, then your score would have risen.
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I don't dream since I quit sleeping
 
carol

carol

Joined: 27 Jun 2006
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Posts: 252



7421 Magic Points
 
 Posted on Tue May 27, 2008 10:38 am  
Hi Goodnatured

Actually the Collection agency reports dues outstanding against the borrower, if any to the CRAs who in turn add this negative element in the credit report. This negative element in your report decreases your credit score. If you come out with a PFD agreement with your CA with a repayment plan, then after your full repayment of dues, the negative element goes off from your credit report which in turn increases your credit score.
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Keep in touch
Carol
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 163



4471 Magic Points
 
 Posted on Tue May 27, 2008 10:52 am  
I think that carol is correct. However to remove the negative element from the credit report after paying off your old debts, you should always go for the PFD agreement with your CA in writing.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
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