Wow I'm so glad I found this place - it's a goldmine of information!
Before my question I would like to introduce myself. I'm from New England and am a mom to a 3 year old and would like to buy a home soon. Being a first time mom I got myself into debt buying way too much for her - it is ridiculous really.
I paid it all off but most of it had been charged off before then. I have 12 negs on my account but my score (I've only looked up one) is still pretty good a little over 600. Everything has been paid. I have some outstanding current cards that are being paid and should be paid off soon.
My question. I want to buy a home. I have these charge offs that will be on my report for at least another 5 years. I read on some other threads that you can call and ask to have the status changed to Paid instead of Charged Off. How likely is that to happen? Is there something I can do to have it be more likely that they'll do it? Some are with the original creditors and some with CA's. But like I said they are all paid off and have been for a while. If I had known about this site beforehand I would have had them agree to changing the status when I paid (I assume that's the best time to make an agreement).
Secondly I have several outstanding open credit cards. When they are paid off I want to close some to hopefully have a positive effect on my report. Is there a best way to decide which ones to close?
Lastly - sorry newbie overload :) - is there any agency you can pay to get charge offs erased or are anyones that say they can a scam?
Thanks so much! I am working on one report at a time and I think I'll be visiting this site a lot! :D
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.
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.
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.
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.
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?
Credit score
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.
Thank you for the reply but just to clarify all of my Charge Offs are PAID.
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.
Charge off for a repossessed car
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?
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.
My electric bill was charged off
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?
Collection Account Charged Off
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
reply
Hi,
Your query has been replied to at http://www.creditmagic.org/repair/chargeoff-closedaccout.html#42068 .
charge off
had a charge off on a house 2008 bank reported to credit b that the house was foreclosed on and now the county where the house is they want me to maintain the house and yard how do I get the house out of my name
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