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Etrade HELOC charge-off

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Dapper_Dan
Contributor

Etrade HELOC charge-off

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.

4/2012 **Paid off 60 month car loan in 60 months**
6/11/2012 500 Auto EQ (CarMax)
7/2012 **Paid off 60 month VW car loan in 32 months**
8/13/2012 584 TU myFICO
8/16/2012 577 EQ myFICO
8/18/2012 **New $500 CC from WalMart** (1st CC since 2008)
8/19/2012 **New $200 CC from Capital One** (2nd CC since 2008)
Message 1 of 2
1 REPLY 1
Dapper_Dan
Contributor

Re: Etrade HELOC charge-off

Please delete... I posted this in the rebuilding credit section instead.

4/2012 **Paid off 60 month car loan in 60 months**
6/11/2012 500 Auto EQ (CarMax)
7/2012 **Paid off 60 month VW car loan in 32 months**
8/13/2012 584 TU myFICO
8/16/2012 577 EQ myFICO
8/18/2012 **New $500 CC from WalMart** (1st CC since 2008)
8/19/2012 **New $200 CC from Capital One** (2nd CC since 2008)
Message 2 of 2
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