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Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?


Crashem wrote:

I think there is some bad information here from some of the previous posters.

 

The original poster is correct that a collection account paid or unpaid will affect his FICO score the same.  Going for a PFD is an admirable goal.

 



No one was disputing the collection account statement. Frugal was just saying that the collection accounts hurt more than the maxed out accounts from a FICO scoring perspective.

 

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

FIRST BK OF DE/CONTINE

Potentially Negative Closed


305-456-1930
1000 ROCK RUN PARKWAY
WILMINGTON, DE 19801
 Experian®Equifax®TransUnion®
 
Account NameFIRST BK OF DE/CONTINEFIRST BANK OF DELAWAFIRSTBKDE/CF
Account #520605000085XXXX520605000085XXXX52060500XXXX
Account TypeCredit CardRevolving or OptionRevolving account
Balance $0.00$0.00
Date Opened7/1/20077/1/20077/5/2007
    
Account StatusClosedClosedClosed
Mo. Payment $35.00 
Past Due  $0.00
Payment StatusAccount transferred to another officeBad debt & placed for collection & skipCharged off as bad debt
High Balance $652.00$652.00
Limit$300.00 $300.00
TermsRevolving  
CommentsTransferred to another lender or claim purchasedACCOUNT TRANSFERRED OR SOLD
CHARGED OFF ACCOUNT
Purchased by another lender
24 MONTH PAYMENT HISTORY
  
2007       2008           2009   
MayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDecJanFebMarApr
  OKOKOKOKOKOKOK306090KDKDKDKDKDKDKDKDKDKDKDKD
  OKOKOKOKOKOKOK3060OKOKOKOKOKOKOKOKOKOKOKOKOK
                        
Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

P G AND E

Potentially Negative Closed


 
 Experian®Equifax®TransUnion®
 
Account NameNo Data Returned
For This Bureau
P G AND ENo Data Returned
For This Bureau
Account #190441XXXX
Account TypeOpen Account
Balance$908.00
Date Opened1/1/2005
    
Account Status Closed 
Mo. Payment 
Past Due$908.00
Payment StatusAt least 120 days or more than four payments past due
High Balance$908.00
Limit 
Terms 
CommentsCOLLECTION ACCOUNT
UTILITY
24 MONTH PAYMENT HISTORY
  
2009     2010           2011     
JulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJun
                        
OK120OKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
                       
Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

sorry about the way i posted it, but for some reason it wont let me post in one response, hope this helps you guys get a picture on whats going on with me..

Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

[ Edited ]

Hey Nelly,

 

Here is a link to the new FHA rule about collection accounts. Edited to say that your collection limit is a cumulative of $1000, not individual accounts. Looks like you would need to get those accounts paid. However, I would still work hard at PFDs for those collection accounts. Having as many of them deleted as possible will bring up your credit score a LOT.

 

http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-amp-Collections-new-official-policy-effective-7-1...

 

 

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

^ Thanks! yea i want to pay them off, its just that paying them off and not getting them PDF sucks as its like im throwing away money to still have the same FICO, but just checking my report, is there any that seems to be falling off soon?

Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Established Contributor
aussiesareforever
Posts: 741
Registered: ‎10-04-2010
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?


Nelly510 wrote:

Thanks guys! but yes i am going for a FHA loan and i will be paying off both credit cards today, but i was wondering i know you guys said i have to pay off collections no matter what, but i had a question what are the accounts that are called "Potentially Negative Closed"? do those balances needs to be paid off? or are those falling off my report? i dont really know what all the titles mean, as there are 3 other accounts listed "Potentially Negative" which im thinking are the newer accounts that went into collections that im trying to PDF right now.


The potentially negative closed accounts will not fall off your credit report until 7-7.5 years after the date of first deliquency i.e the date you stopped making regular payments on the accounts. I can't really tell what your DOFD is from your reports but all negative reports will stay on for about seven years after the original default.

 

The only way you can get them off is to write PFDs for the unpaid accounts. And GW letters for the paid accounts. Many people report having to write many, many, many, many, many, many letters before finally getting a positive response. Keep writing. Search on these boards for phone numbers, email addresses or advice specific to your individual creditors.

 

Good luck.

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

You didn't indicate the SOL for your state and how old these debts are.

 

The clock should start from the date of the first negative (ie when you first didn't pay them and never paid them again.  in other words when you were first late and never caught up).  Also, are some of these the same debts that have been moved around to different creditors.  The funny thing about collection accounts are that whether you have one or many, you really get dinged.

 

So instead of listing what is showing up on credit report, can you tell me what the original debts were and and when.  Finally, please note that most mortgage lenders will not allow you to have accounts in dispute on your credit report when seeking approval for mortgage.

               LIMITS IN CARD DESCRIPTIONS
Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

^ thanks! will keep sending letters, i got one response back saying they wont/cant GW a late payment, but i will keep trying!

Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400
Valued Member
Nelly510
Posts: 32
Registered: ‎03-20-2012
0

Re: HELP! First Premier and Orchard Bank Credit card paying off?

Credit AccountCredit Account

P G And E

Status as of Date opened [?] Date of last activity [?] Largest past balance [?] Account Type [?] Account holder [?] Industry
Jul, 2011
Jan, 2005
Feb, 2006
$908
Open Account
Joint

Electrical Light & Power

 
Does this mean it will be falling off August 2013? i dont know how to tell DOFD, in the timeline it shows a 120+ late August 2009
Credit Cards :1st Premier - $0/$250,Orchard Bank - $90/$300, Capital One - $400/$500

Store Cards : Amazon - $0/$600, WalMart - $0/$600, Victoria Secret - $0/$350, Bloomindales - $0/$800, Kays Jewelery - $0/$2800, PayPal Smart Connect - $0/$400

Gas Cards : Chevron - $0/$400

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