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Established Member
bmartinta
Posts: 16
Registered: ‎09-15-2012

Re: 630 FICO w/$10k downpayment

After thinking about this and reading some more I agree that these charge offs need to be paid. I have the cash on hand to pay them and I just want to get this over with. How should I go about negotiating the pay offs? Obviously I want to "settle" but have them report that I have paid the account in full. Can the CA that Cap 1 has contracted remove the "charge off" status from my report? Keep in mind that this CA does NOT report on my account, ONLY Cap 1 reports. Moreover, with regard to my chase account. The CA that debt was sold to does report, but does not report monthly. Can they remove all trade lines from their reporting if I pay in full?

Community Leader
Senior Contributor
StartingOver10
Posts: 3,833
Registered: ‎03-06-2010

Re: 630 FICO w/$10k downpayment

Go to the rebuilding section of the forum and read all about PFD's (Pay for deletes). That will be your best bet.

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: 630 FICO w/$10k downpayment

[ Edited ]

ok so here you are

1 credit card

2 CO, no CA

is it right?

if yes.

you want to raise your score, all you need to do is:

open another 2 credit card( secured is fine. 3 credit cards and up to max your score.)

keep balance around 5-9%( 1 card report balace only )

like you said 1 more month for SOL expired

then when SOL has beed expired

Send Crap1 offer 80% and up to PFD( in writting) you search for PFD letter

Chase send them a GW and call to find out who holding a debt

wait for another 2 credit card reported to 3 CRA, you will see your score go up.With your credit report is much better than my credit report. But after 5 months i worked on my credit report. i got financed with BMW 8.4 % 0 down. i start with low 600s 11 CO+CA on each CRA

 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Member
bmartinta
Posts: 16
Registered: ‎09-15-2012

Re: 630 FICO w/$10k downpayment

Thanks for the reply Trish.

 

A little update. I applied at Western Federal CU and was denied. They claimed the unpaid charge offs as the reason. Here is what is reporting on my CR.

 

CO 1 - Capital One. Cap 1 holds the debt and reports a new balance every month. They increase it by $18 each month. 

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Sep, 2012
May, 2008
Oct, 2009
$1,084
Revolving
Individual
All Banks

 

CO 2 - Chase. Balance is reported as 0. 

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Mar, 2011
Jul, 2007
Mar, 2010
$1,055
Revolving
Individual

National Credit Card Cos.

 

CA - Portfolio Recovery. This is who Chase has sold the debt to. They still call me daily, but do not increase the balance.

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Aug, 2012
Mar, 2011
Mar, 2010
$1,055
Open Account
Individual
Factoring Companies

 

Now if my understanding is correct the SOL starts from the Date of Last activity correct? If so then CAP 1 has reached the SOL and I have a few months left before the Chase balance reaches SOL.

 

All that being said, I just want to pay this off. When I call Portfolio I will ask them to remove the trade line and offer 50% of the balance. Should I offer more or less? 

 

As for CAP 1, I doubt they will deal with me directly and will sent me to the CA they have contracted. Does a contracted CA have the authority to remove CAP 1 trade line? I doubt they do, but you never know. I figure I will offer the same 50%, but not for the current balance and rather the "highest reported balance". 

 

I want to get this done quickly as I am now out of a vehicle. Worst comes to worst I can just pick up a cheap beater car to get me around until I can get this credit stuff sorted out. 

 

Thank you all for the responses. 

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: 630 FICO w/$10k downpayment

1 : SOL count From DOFD

2 : dont deal with CA or CO on the phone. you have to send them in writting and copy that contract. when you received letter from them. if they accecpted it, copy that letter and send them western union money oder( copy money oder) and send by certified mail and return received. keep in safe.

here sample PFD letter to CA

Dear Sir or Madam:
This letter is an offer to amicably settle the above account. It is not to be construed as an acknowledgment of my liability for this debt in any form.
I will pay your company the amount of $XXXX as full settlement of this account.
If you accept this agreement, I will send you a money order or certified cashiers check for the settlement amount of $XXXX in exchange for a full deletion of all references regarding this account from my credit profile andfull satisfaction of the debt. This agreement is binding and will be void should you not hold up to your end of the agreement. Furthermore the debt will be deleted from my credit profile at all three credit bureaus, or the bureaus your company regularly reports to in the course of doing business.
If you agree to the above,Agree to never discus this account with any party and never report nor cause to be reported this account to any reporting agency including but not limited to: Experian, Equifax and Trans Union please acknowledge with your signature and return a copy to me. Upon receipt of this signed acknowledgment, I will  send you a money order or cashiers check in the amount stated above.
Notice: This agreement is restricted. This is not a renewed promise to pay, but rather a restricted settlement offer only. By not signing below, you agree that the debt has not been renewed nor have any concrete written agreements been exchanged.
Thank You. I look forward to resolving this matter in the best interest for both of our parties.

Creditor’s Authorized Signature: _____________________
Date:_________________
Name: ______________________
Title : _______________________

 

If you want do it fast. then give them 15 days on the contract for them to delete the account. If is me. i'll send Crap1 a PFD letter too. because crap 1 still hold the debt.

again COPY All letter and payment . PFD letter just send regular mail. if you want to deal with them faster, then is up to up send over night is fine.But payment have to send by CF mail and return received.

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013

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