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?
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.
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.