Rebuilding Your Credit

[johnosonc]

Just wanted to check to see if anyone has had any luck getting deletions from the following:

Chase, PIF charge off 2006

Citibank PIF charge of January 2010

1FBUSA PIF charge off 7/2009

Jefferson Capital PIF Charge off January 2010

These are the only negatives on my reports but they are killing my scores?  Does anyone have any suggestions.  Should I hire a CRA? 

[BungalowMo]

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johnosonc wrote:

Just wanted to check to see if anyone has had any luck getting deletions from the following:

Chase, PIF charge off 2006

Citibank PIF charge of January 2010

1FBUSA PIF charge off 7/2009

Jefferson Capital PIF Charge off January 2010

These are the only negatives on my reports but they are killing my scores?  Does anyone have any suggestions.  Should I hire a CRA? 

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Ok...whew....those are REALLY fresh!  Especially the 2 PIF CO's this month! 

Do they all show the string of 30, 60, 90, 120, etc???

Just maybe, being so new....send a GW to one of the top execs of each explaining that you, like so many others, got in a financial bind, but you got them PIF as soon as you had the funds to do it. 

I would do this sooner than later!!! 

[johnosonc]

Yes they all have the multi-month strings of lates.  I have sent initial goodwills to them all with no luck so far.  Are my scores just stuck like this forever?  With charge offs on your credit will you ever be able to get more credit?

[msdraglox]

Yes I got citibank removed via GW to the President of the bank, I must say that my account was old (PIF in 2005).

[johnosonc]

Can you send me the address or fax you used and a sample letter?

[PayYouNever]

I don't see why you didn't negotiate a PFD. I mean, if you're at 60 and 90 days past due, you credit is hurt pretty bad, and if you had the money to PIF, then you should have written a PFD letter, because once you've PIF you have no leverage to get them to play ball.

They want their money, you want a better credit score. Start with "No money, unless you can help me."

You might have to carry these black eyes for 7 years, and hope that after 3 years that don't torture you as much.

[RobertEG]

I dont want to sound negative, but three remaining COs spellls the impending doom of quick referral by the OC to a collection agency for collection of the remaining debt on each.  The OC has already discounted most of the bad debt by doing a charge off for tax purposes. Whatever they can now get from a CA will only help them, if they dont expect payment soon from you.

You need to worry not only about requests for deletion of the charge offs, but also about what the OC may do.   Referral to a CA will add another major derog to your CR,  If the OC sells the debt to a CA, you will have little chance of ever getting the CO removed by the OC.

You may be facing more drops in your score.

Message Edited by RobertEG on 01-26-2010 04:30 PM

[johnosonc]

notice my original post, i have already paid these off.  I tried asking for pay for deletes but they wouldn't do it so I paid them off for my conscious.  Any suggestions for getting these off would be appreciated.

[RobertEG]

Sorry!

I did not focus on the PIF notation before each account.

Good will deletion is the only path after payment,

[Cotton_Britches]

A GW letter is your only option now.

You may be able to get a secured credit card. I would start there first.