cancel
Showing results for 
Search instead for 
Did you mean: 

Advice on accounts

New Contributor

Advice on accounts

I pulled my boyfriend's report from Equifax today. He has 4 charge offs:

 

Capital One $4915 DOFD 10/09

Discover $6431 DOFD 6/09

Sun Trust $18,541 DOFD 3/10 HELOC

Truliant $6216 DOFD 5/10 (repo'd car)

 

They are all still showing a balance and there doesn't seem to be any CA activity. The SOL on CC debt is 3 years. Interesting enough, his Length of history is 2005 years, 4 months lol. Anyway, I'm thinking we should approach Cap1 and Discover about a repayment plan before they get sold and collections show up. Currently he has one collection with a cable company. We have paid that balance to reinstate the service so I'm hoping we will be able to get that removed. Is that a sound plan? I'm at a loss for the HELOC and the repo. Aside from the accounts above, he has 9 other accounts with a flawless history of payment. No current, revolving debt. Any direction would be appreciated.

 

 

Message 1 of 2
1 REPLY
Moderator Emeritus

Re: Advice on accounts

I'd go ahead and see if he can pay Cap1 and Discover.  You can be assured there will be a CA coming after those.  The other 2 are pretty big too.  He's gonna have to do something about those, I can see a judgment coming in his future for those large amounts.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 2