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Applied Bank replied to my letter. I am so confused

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glamchick
Established Contributor

Applied Bank replied to my letter. I am so confused

I mailed a GW letter to Applied Bank and this is there reply:
 
Our records indicate this account was charged off in 2006 for the amount of 1600.00 and has been settled in full  Feb 2008.  Your account will reflect the charged off settled in full with the above balance on your credit profile.  For this reason we are unable to remove the above account.
 
1. what does charged-off settled in full mean?
2. The balance on my CR shows 0 was 1600.  Paid 800.  I paid the entire 1600 just over time.  The last payment was 800.  Can i have this corrected by using this letter?
 
Gardening since 5/3/2016
Message 1 of 5
4 REPLIES 4
llecs
Moderator Emeritus

Re: Applied Bank replied to my letter. I am so confused



glamchick wrote:
I mailed a GW letter to Applied Bank and this is there reply:
 
Our records indicate this account was charged off in 2006 for the amount of 1600.00 and has been settled in full  Feb 2008.  Your account will reflect the charged off settled in full with the above balance on your credit profile.  For this reason we are unable to remove the above account.
 
1. what does charged-off settled in full mean?
2. The balance on my CR shows 0 was 1600.  Paid 800.  I paid the entire 1600 just over time.  The last payment was 800.  Can i have this corrected by using this letter?
 


1) Even if you pay 100% off, they will still report as a settled charge-off. The CO resulted from being 90 days or more late over a period of time and a payment in full won't delete that unless through a PFD.
 
2) It should read $0 right now. You'd have to send another GW letter. I'd send it over and over and over and over again until they delete.
Message 2 of 5
Anonymous
Not applicable

Re: Applied Bank replied to my letter. I am so confused

1. what does charged-off settled in full mean?
 
Should say charged-off  paid in full if you paid the full amount of the original debt.  settled in full looks like you made a settlement arrangement on account.
 
 
2. The balance on my CR shows 0 was 1600.  Paid 800.  I paid the entire 1600 just over time.  The last payment was 800.  Can i have this corrected by using this letter?
 
The amounts listed on CR seem to be correct. If showing Paid $800.00 that was the amount you last paid.
 
A paid CO is better than an unpaid CO in lenders eyes. Are you GW'ing for removal from CR???
Message 3 of 5
Anonymous
Not applicable

Re: Applied Bank replied to my letter. I am so confused

I would demand it be marked "paid in Full" if that is how it acctually is--
 
CO is purly an accounting term- if you paid it- they can't still report it as a Charged to profit or Loss.
Message 4 of 5
glamchick
Established Contributor

Re: Applied Bank replied to my letter. I am so confused

On my CR It does not say anywhere paid in full.   It says:
 
Actual Payment amount: 800
Balance: 0
Credit Limit: 1000
 
 
This account is under closed accounts and revolving accounts as a charge-off.
 
My actual payment amount was 1600 with all there fees they were tacking on.  I just paid them in payments.
Gardening since 5/3/2016
Message 5 of 5
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