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6 Month Old Charge off & 3 year old REPO question

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Anonymous
Not applicable

6 Month Old Charge off & 3 year old REPO question

Merry Christmas everyone! Sorry if this is longish, but I'm new. 

 

I have been scouring the forums lately in hopes of rebuilding my credit. After a Repo and lots of medical debt I had decided I wanted to file BK. I stopped paying on my only cc which was a $300 Banana Republic from Sync Bank. A few months ago I found these forums and decided not to file and to fight and rebuild. The downside to that is I now have a Charged Off as bad debt account that's not reporting in collections, but under Closed Accounts. It has a Payment Status as "In Collections/ChargeOff."  When I stopped paying I was at my CL of $300. Now it's at $579 with late fees/interest building. I called a couple months ago and asked if I could pay it all off and reinstate the card, but they said no. I asked if I paid in full if they would adjust how they're reporting and they said no. What are my options?

 

I've had 7 medical accounts deleted so far, and I just signed up with Collection Shield 360 to help remove the 5-8 remaining. The only other main account affecting my credit is a repo from Mid-Atlantic Finance for $9,500 which shows last payment as 04/15, when it was repoed 04/14 and that's when the last payment was. So I'm not sure where they got off reporting a payment a year after they repoed it. Any options with this? How long until it doesn't affect my credit as much due to age?

 

I got a car loan in 03/15 that's never been late and at the same time I got a WF Secured card for $300 that's never been late, but did have high utilization until 3 months ago when I found these forums. I was approved last week for the Discover It Secured card with $300 limit. So both Secured cards have a zero balance and will stay 5-10% PIF every month, my car loan will stay current, and I will continue fighting the baddies.

 

I'm at 559 score on credit karma, and 535 on discovers free fico score BC theyre using the Charged off Banana Republic cards high balance against my utilization still. Any info on anything I said or recommendations are greatly appreciated. Thanks for reading my long post and Happy Holidays. 

2 REPLIES 2
Anonymous
Not applicable

Re: 6 Month Old Charge off & 3 year old REPO question

Pay off the charge off would be my first step.
Message 2 of 3
RobertEG
Legendary Contributor

Re: 6 Month Old Charge off & 3 year old REPO question

It is common for creditors to either refer a debt to a debt collector after a charge-off, or sell the bad debt.

That will likely result in the addition of a new collection.

 

Additionally, the card is continuing to report as a maxed-out revolving account, which substantially affects your % uti scoring.

 

I would take care of that debt, first by making a PFD offer in an attempt to remove the charge-off, and if they wont agree to a PFD, then pay to avoid a collection and improve your % util scoring.

Message 3 of 3
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