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I went through hell and back.... as a result, I failed to make any payments on my Etrade HELOC for more than 12 months.
Etrade never attempted to contact me and simply put my account in Charge-Off status in October 2012.
My account is maxed out at $100k. With their late fees and other crap, they have me at 107% of the limit - which blows my credit score out of the water.
My last statement from August 2012 says that my minimum payment due is ~$1600, my past due balance is ~$6,000.
I'd like to make a payment, now that I can afford to, but since the account is charged off, will my payment disappear into thin air? I have a crap credit score because of this account, and I do not have $100k cash in the bank to settle or pay off this loan.
What should I do?
FYI, this account is a HELOC and it's a 2nd on my home in CA. The 1st is paid and current, but the balance is $242k and the home is worth around $280k. I don't see it in Etrade's advantage to do anything... But I want to at least pay the balance down to improve my balance ratio on my FICO scores - even if the account is charged off.
Please delete... I posted this in the rebuilding credit section instead.