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Arvest Bank Charge off- Still within SOL. Advice??

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Anonymous
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Arvest Bank Charge off- Still within SOL. Advice??

I have a charge off with Arvest Bank.  It's for about 1200.00.  I have called and called (and CALLED) for them to do a goodwill deletion, change status from CO to paid, ANYTHING.  They have literally laughed at me.  I can pay the bill off, no problem, but I just am being stubborn because they are jerks on the phone, firstly, and secondly because it literally does nothing for me.  I mean, having a paid CO is really no improvement over having a CO with a balance- or am I wrong on that???

 

Additionally, they are reporting it as a "returned check", when in reality it's not a bad check but rather an overdraft usage that I couldn't pay back when I lost my job.  I have spoken with them about that, and they insisted that it was a fault of the CRA since the CRA put that info on there.  Which is bull because Arvest is the creditor reporting it, not the CRA (this is what all three CRAs have told me). 

 

Meanwhile, I just looked up the SOL in Oklahoma for "written contract" (since it wouldn't be "promissory note" because it's not a check) and it's five years.  The DoFD is Sept. 2012.  That means I'm still in the SOL.  Am I poking the sleeping bear here?  Should I just pay the CO and let it update? Do I have any recourse with the "returned check" status versus an overdraft usage?  I'm really at the point where I'm afraid to go into a branch and talk to someone because I have a bad temper and I'm a loudmouth and I don't want to spend a day in jail. 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??

They are certainly not going to delete  or mark it as paid just because you ask - not without it actually being PAID.

 

IMO it is in your best interest to get this paid, whether by paying in full or settling, for several reasons: One - its probably being reported monthly, keeping it at 'max damage' in terms of FICO scoring. Two - being a bank CO, FICO may be applying it against your UTI, depressing scores further. Three - If its not being reported as a collection, they may decide to turn it over to collections and then you will have two derogs, and maybe even three (if the CA decides to sue and gets a judgment) for this one item.

 

If you tend to have a hot temper, I'd suggest communicating with them in writing rather than calling or going into a branch.

 

"returned check" in the status has no bearing on how its scored. An underwriter might ask about it in a manual review, but its explainable.

Message 2 of 10
gdale6
Moderator Emeritus

Re: Arvest Bank Charge off- Still within SOL. Advice??

Message 3 of 10
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??


@Anonymous wrote:

They are certainly not going to delete  or mark it as paid just because you ask - not without it actually being PAID.

 

IMO it is in your best interest to get this paid, whether by paying in full or settling, for several reasons: One - its probably being reported monthly, keeping it at 'max damage' in terms of FICO scoring. Two - being a bank CO, FICO may be applying it against your UTI, depressing scores further. Three - If its not being reported as a collection, they may decide to turn it over to collections and then you will have two derogs, and maybe even three (if the CA decides to sue and gets a judgment) for this one item.

 

If you tend to have a hot temper, I'd suggest communicating with them in writing rather than calling or going into a branch.

 

"returned check" in the status has no bearing on how its scored. An underwriter might ask about it in a manual review, but its explainable.


Thanks, Norman.  So I highlighted in red two questions I have.

 

 

A. Do I have a better chance of getting it changed or removed if I pay it? 

 

B.  Is a bank CO different to FICO than a CA?  I find that interesting. 

 

C. If they are inaccurately reporting it as a bad check, do I have no leg to stand on as far as inaccurate reporting laws?

 

Thank you for your time!

Message 4 of 10
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??

I should also clarify that I didn't ask them to change or delete it just for fun, lol.  I offered to pay the amount, in full, right then but ONLY if they would change the status to closed as opposed to CO, or if they would delete it completely.  The lady on the phone literally LAUGHED at me.  She said, "We're not going to do THAT" hahahahaha. 

 

Ugh.  Meanwhile, like I said, I have the money and am willing to pay in full right now- but I need some motivation to do so (which you have given me in your response, btw).  What I meant by the question A up there is really "Do I stand a better chance of getting a GW if I pay it off FIRST, then call back for the status change/deletion request". 

 

 

Message 5 of 10
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??


@Anonymous wrote:

@Anonymous wrote:

They are certainly not going to delete  or mark it as paid just because you ask - not without it actually being PAID.

 

IMO it is in your best interest to get this paid, whether by paying in full or settling, for several reasons: One - its probably being reported monthly, keeping it at 'max damage' in terms of FICO scoring. Two - being a bank CO, FICO may be applying it against your UTI, depressing scores further. Three - If its not being reported as a collection, they may decide to turn it over to collections and then you will have two derogs, and maybe even three (if the CA decides to sue and gets a judgment) for this one item.

 

If you tend to have a hot temper, I'd suggest communicating with them in writing rather than calling or going into a branch.

 

"returned check" in the status has no bearing on how its scored. An underwriter might ask about it in a manual review, but its explainable.


Thanks, Norman.  So I highlighted in red two questions I have.

 

 

A. Do I have a better chance of getting it changed or removed if I pay it? Yes, without a doubt.

 

B.  Is a bank CO different to FICO than a CA?  I find that interesting. Yes, both Original Creditor and Collection Agent can report on a debt, and if a judgment is obtained, that's three possible separate derogs for the same debt.

 

C. If they are inaccurately reporting it as a bad check, do I have no leg to stand on as far as inaccurate reporting laws? Issue here, as I see it, is that they *could* simply argue that since this was for Overdraft Protection it could be considered a bad check, since a check was indeed written against an account with insufficient funds, and the overdraft protection kicked in to pay it.

 

Thank you for your time!


 

Message 6 of 10
Anonymous
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Re: Arvest Bank Charge off- Still within SOL. Advice??

Thanks so much Norman!  You have replied to a few of my posts and I want to thank you for your help, and also for not making me feel stupid when I am confused about this stuff.  I think I'm going to just go ahead and pay off the Arvest CO because like you said, I don't want it coming back to haunt me again and again later.  Smiley Happy 

Message 7 of 10
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??

Amen, I wish I had felt that way two years ago....

Message 8 of 10
Anonymous
Not applicable

Re: Arvest Bank Charge off- Still within SOL. Advice??

I know this is an older thread, but did you actually pay off your Arvest CO?  Any luck getting it deleted?  I'm considering trying to work something out with Arvest for the tradeline on my report that is reporting as a "Closed Charge Off".  

Any feedback from your experience is appreciated! 

Message 9 of 10
RonM21
Valued Contributor

Re: Arvest Bank Charge off- Still within SOL. Advice??


@Anonymous wrote:

I know this is an older thread, but did you actually pay off your Arvest CO?  Any luck getting it deleted?  I'm considering trying to work something out with Arvest for the tradeline on my report that is reporting as a "Closed Charge Off".  

Any feedback from your experience is appreciated! 


If you find they do not want to work with you, it still may not be a bad idea to at least pay it to get it behind you. Then, still maybe send GW letters after. 



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