Rebuilding Your Credit

[howiez28]

Well, it looks like I might have to do something with Applied Bank.  We are in the works of fixing our credit in hopes of getting a VA approval for a mortgage soon.  Our LO brought up my Applied bank account and said that I might want to consider doing something with it.  Here are the details:

opened: 3/05

High/Limit:  $1,350

Balance:  $2,204

DOFD:  7/06

Does anybody have any experience with them?  Unfortunately, I just don't have much money to throw at them for a PFD.  I just paid off some recent medical collections in full and I'm trying to spread by money in order to pay and delete as many accounts as possible.  I have seen a few sucess stories from people who have sent PFD letters to Applied bank.  However, how low do you think I can go?  I normally offer 50% but there is no way I can do that. 

The account is pretty old.  What is the lowest that you guys would offer them for a PFD? 

If anybody has any good contact information I would greatly appreciate it.  Thanks!

[howiez28]

I'm coming across a few posts where people tried to send PFD letters to old Applied bank accounts only to soon have a new collection pop up on their reports.  I'm afraid of touching this old account in fear that they will suddenly sell it off and I will then be hit with a new collection

[datzme4ya]

I had to deal with them and they would not do a PFD unless I paid the entire balance. They would not negoitate with me on a settlement for almost 6 months and when they did it was still over 50% of the total they were reporting. Sorry. I wish I had a better story to tell. I'll pray you have better luck than I did!!

[cybarra2003]

I settled for roughly 50% of my debt but they only updated the balance minus the payment. after pulling teeth and eventually filing a BBB complaint they updated with the "legally paid in full for less than the balance" but since it was affecting my util, the updated zero balance rocketed my score up even with a technically negative update. I just called literally everyday and will eventually try to GW it but be prepared for a dogfight.

[Crashem]

For mortgages they don't like to see outstanding debt. You need to clear up if they have issue with it being outstanding debt or they think it will help with your score. Unless applied changes to closed and pif, it is not likely to help your score. See if the dofd is accurate. Dispute it. Are you out of sol?

[llecs]

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Crashem wrote:
For mortgages they don't like to see outstanding debt. You need to clear up if they have issue with it being outstanding debt or they think it will help with your score. Unless applied changes to closed and pif, it is not likely to help your score. See if the dofd is accurate. Dispute it. Are you out of sol?

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Why would you dispute it?

On the downside, mortgage lenders have been know to deny a loan if a dispute comment appears.

[dbslove]

Datzme4ya...where u able to get a pfd? I paid them in full and have been waiting for them to update since 4/23..I called and they said they will update with the cb on 6/8. I faxed a request for delete and no response although when I clld they sd they would each time its a different story.. if u were able to get them to delete can u pm me the info? Plz

[MarcinXP]

Looking at your situation you might have to wait until it falls off. Here are some things to consider

Applied Bank does not really do PFDs.

They will only accept a full balance in order to bring it to Paid and 0 balance. This is what is needed to get a Loan and if you dont have the money then its catch 22.

DOFD is 7/06 so it looks like it will be falling around 7/13. you might have to wait a year.

[llecs]

I know OP indicated a $$$ issue, but if anyone had issues with PFDs, back in the day we got an offer from them. Now this is approaching 5 years old, but I've read of success within the past year by an unconventional method in getting a PFD. Way back when I didn't know anything about PFDs, GWs, etc. All I knew were DV letters. You cannot send a DV letter to an OC, but I didn't understand that when I started repair. I sent sent them a DV and they responded with a letter saying the obvious, that DV letters are only for CAs. Buth within that letter, they offered a PFD. They said if I paid it they would delete and was very legit. We didn't owe the debt as they said we owed it and skipped it, but something to think about OP if you ever try a PFD and it doesn't work.

[datzme4ya]

dbslove - No i never did get them to agree to a PFD. The only thing they would do is make a "settlement offer" which was over 50% of the amount they said was due - saying that if I paid that amount then they would report it as "Paid In Full".