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dave
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Subject: My credit card went charged-off
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Mon Jul 10, 2006 11:08 am
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I defaulted over one of my three credit cards. Now the company has reported it as charged-off and it is showing in my credit file. Will it be harmful for my score? How can I make it better?
TIA |
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Polly
Joined: 06 Jul 2006
Polly's page
Posts: 62
3035 Magic Points
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Wed Jul 12, 2006 12:37 pm
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Hi dave,
Welcome to the forum.
A debt amount that is uncollectible is reported as charge off or write off by the creditor. In your case once you defaulted for more than 180 days or 6 months, the creditor assumed it as uncollectible and hence reported as charge off. A charge off account is pretty harmful as per acquiring new credit is concerned and it is the #1 reason for credit denials.
You may proceed in this way:
1. Try to determine if your account information is accessible. Also figure out if any collection agency is collecting the debt. If your account info is unavailable, submit a statement of 100 words to the credit bureaus explaining that you contacted the creditor in an attempt to pay off but the account information is not available and hence could not be repaid.
2. Calculate the balance and let the creditor or CA know that you are willing to repay the debt amount. Suggest a sum you will be able to repay each month.
3. Request the creditor to remove the charge off completely once you pay off in full. You may also request to show it as "paid as agreed". Ensure you a get it written. In any case make sure that all your reports are updated to "paid charge-off".
Let us know if you need any further info.
Polly |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Thu Jul 13, 2006 5:37 am
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Yes dave. The charge-off is likely to show up in your credit report for seven years plus 180 days starting from the date of the first nonpayment as per the FCRA. It will be better for you to try pay off the debts. The creditor might be willing to settle them for a smaller amount .. you never know.
See you soon. |
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bobalink72
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Subject: self filing bankrupcy forms
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Sat Mar 17, 2007 9:08 pm
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| can i find forms to file bankrupcy with out a llawyer? |
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1999cg
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Subject: ex husbands car
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Thu Jan 15, 2009 4:34 am
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| my ex husband left his car in my yard over 8 mos ago it is not in working order , i asked his family if they know if its paid for they think he lost his job , apt & has not worked in 2 yrs , i want to either fix the car if its legal, dont know the deal with the car , if its not been paid off by my ex wht do i need to do to make it street legal in my daughters name she needs a better car & he has no contact with us ... a year ago i recieved a letter from a car company asking if i knw of the cars location at the time i did not , but he dropped it off when we were away ..it has old tags from sc but no information is known.... please assist... 199cg ps i live in nc |
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Doc
Joined: 02 Dec 2008
Doc's page
Posts: 203
Location: McKinney, TX
954 Magic Points
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Thu Jan 15, 2009 12:07 pm
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Use the VIN number to ascertain the owner, and if their exist any liens against the car. Odds are, if their are no liens, there'll be a way for you to apply for a title.
My guess, though, is that the car was supposed to repo'd, and if so, the car belongs to the lender who originally financed it...
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site... I don't wanna sell you anything, I just wanna increase my traffic, and push my site up in the search engine rankings...
http://www.omegacreditrepair.com |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Thu Jan 15, 2009 1:16 pm
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| SInce the car is in default and they were going to repo it maybe this would be an opportunity to ask what they would want for the car in order for you to own it. When they auction off cars usually not a lot of money is gotten from the sale. Sometimes its way below the actual value. You may be able to pick it up for a fraction of its costs. If you do then any money left owed on the car after the sale will be the responsibilty of your ex and not you. |
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