I have two new questions for everyone today.
1) The law regarding adding yourself as an AU to another’s account is changing. As I understand, you can STILL get the benefit of adding yourself to another better creditors account, but it must be a “joint” account.
a) What is the real impact to creditor in this case?
b) How exactly would this work? Would the creditor have to open a new account?
c) OK, basically I don’t know anything about it. Anyone know anything about it...
2) Look at the account below. I talked with Capital One this AM. They are willing to change the comment from “Settlement Accepted’ blah blah”, but it will stay as CHARGE OFF, that is if I pay 350.78.
a) I will pay the 350 regardless, but what should I expect out of this? Will it change my score, or help in any real way?
Account Number: …………XXXX Current Status: CHARGE-OFF
Account Owner: Individual Account. High Credit: $0
Type of Account :
Revolving Credit Limit: $0
Term Duration: Terms Frequency: Monthly (due every month)
Date Opened: 11/2003 Balance: $0
Date Reported: 03/2007 Amount Past Due: $0
Date of Last Payment: 11/2006 Actual Payment Amount: $0
Scheduled Payment Amount: $0 Date of Last Activity: 05/2006
Date Major Delinquency First Reported: 12/2006 Months Reviewed: 40
Creditor Classification: Activity Description: Paid and Closed
Charge Off Amount: $959 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Credit Card
Comments: Settlement accepted on this account,
Charged off account
81-Month Payment History
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 * *
2006 * * * * * 30 60 90 120 150 * CO
2005 * * * * * * * * * * * *
2004 * * * * * * * * * * * *
2003 * *