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New Visitor
Posts: 6
Registered: ‎09-20-2008
0

Removing Charge Offs

I have two credit cards that have been charged off. One is a BoA CC with CL of 600 and the other one is a capital one with the CL of $2000. I have been paying these debts on time now for about 12months  and trying to get the UTL down to 10% and below to raise my credit score but my question is, Since both of these cards have already been charged off does it even matter that my UTL is less than 10% would it be better if I just PIF. Can I remove a charge off? Can I PFD? If it is possible to remove a charge off, Does anyone have a sample letter of a removal of a charge off?
 
Thanks your help is greatly appreciated!
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Removing Charge Offs

I would call them and ask that the upgrade the status of the accounts. 
New Visitor
Posts: 6
Registered: ‎09-20-2008
0

Re: Removing Charge Offs

Oh Okay, So are you pretty much saying that The creditors would be willing to remove the charge off since my payments have been in good standing?
Regular Contributor
Posts: 113
Registered: ‎10-21-2007
0

Re: Removing Charge Offs

Won't happen.  I just tried this. 
 
Wrote to the CEO's office and was forwarded to the consumer advocate.  They wrote back that it is against the law to change the status of an account per FCRA, however it "is not illegal to request an exception to update credit reporting" (?).  I take that to mean I might be able to request that I can ask them to delete this trade line and stop it from reporting altogether.
 
Just received the answer late last week.  I'll make the request this week and keep you posted. 
 
 
New Visitor
Posts: 6
Registered: ‎09-20-2008
0

Re: Removing Charge Offs

Thank you so much I would really appreciate if you kept me posted!
Established Contributor
Posts: 996
Registered: ‎04-01-2008
0

Re: Removing Charge Offs

It will help your score by paying them because any balance  amount is included in your utilization!


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Regular Contributor
Posts: 113
Registered: ‎10-21-2007
0

Re: Removing Charge Offs

Forgot to tell you.  My chargeoff was paid a few years back.  I would pay off before requesting any goodwill. 
 
Keep you posted.
Regular Contributor
Posts: 113
Registered: ‎10-21-2007
0

Re: Removing Charge Offs

No Luck.  Received a call from one of the consumer advocates today.  I sent an e-mail earlier asking if the the tradeline could be delete and not reported. 
 
He stated he checked before calling me, and that the BofA guidelines were very strict in the current economic environment.  He apologized profusely, but said he could not delete the line. 
 
Sill, I would pay it off in full or make a payment arrangement ot begin paying it off.  It would look better on your report.
 
Good luck and hang in there.  Remember time and no late payments heals everythingSmiley Happy
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Valued Contributor
Posts: 1,185
Registered: ‎03-04-2008
0

Re: Removing Charge Offs

You must request PFD before you pay these CO's. They may, but do not have to honor your request favorably. If they will not accept PFD you do want to pay these CO's - a resolved baddie is always better that an unresolved baddie. Whether paid or unpaid these CO's will remain on your CBR's until they age off. That will be 7.5 years from DOFD. If the debt is inside the SOL and you do not pay it, the owner of the debt may take legal action against you to collect the debt and obtain a judgement. A judgement is a severe blot on your CBR's and also will not be removed once the debt is paid and will remain on your CBR's longer that a CO. On the other hand if the debt is beyond the SOL it is time-barred and no further legal action can be taken against you in a further attempt to collect the debt. However, collection efforts can continue pretty much forever, but once 7.5 years past DOFD nothing can be posted to your CBR's.
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