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Established Member
hilarybanks
Posts: 74
Registered: ‎07-05-2008

CitiBank Charge-Off

I had a charge-off from a CitiBank credit card in the amount of $3800. Basically, I didn't have enough money to make my payments back when I was in college. Unlike BofA (who I have paid off) and Chase, CitiBank basically refused to work with me. Well, I basically just accepted the charge-off and as it was getting older & I paid ALL of my other bills on time, my credit score was steadily improving. I just got approved for a Capital One card to really re-build my credit before I start law school. WELL....the charge-off has disappeared from all three of my credit reports & 2 weeks ago, I got a letter from a collection agency instead. The collection is not yet on my credit reports...what should I do? Should I call them and just settle it? Will they put it on my credit report whether I pay it or not? Will it show up as a charge-off or a collection account? I want to do what's right and I don't mind paying, I just want to know what my best option is in this situation. Thanks!
Barclay Visa Fin $1500 | Wal-Mart Discover $2000 | AmEx BCE $3000 | Target $3000 | Slate Visa $4800 | Hyatt Visa $5000

Last App: 3/16/2014 (Current FICO 740 per 4/07/14 Barclay FICO)
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: CitiBank Charge-Off

When did this occur?
 
If it is over 7 years ago- it is past CRTP (7 years past DOFD) and is no longer reportable.  This does not mean you don't owe it.
 
IF it is PAST CRTP the collection company can not legally report it either.
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: CitiBank Charge-Off

Established Member
hilarybanks
Posts: 74
Registered: ‎07-05-2008

Re: CitiBank Charge-Off

The charge off is from 2006. It just "disappeared" from my credit report & I received the collections letter last month. Thanks for your response.
Barclay Visa Fin $1500 | Wal-Mart Discover $2000 | AmEx BCE $3000 | Target $3000 | Slate Visa $4800 | Hyatt Visa $5000

Last App: 3/16/2014 (Current FICO 740 per 4/07/14 Barclay FICO)
Established Member
hilarybanks
Posts: 74
Registered: ‎07-05-2008

Re: CitiBank Charge-Off

I reside in Texas & I believe the SOL is 7 years.
Barclay Visa Fin $1500 | Wal-Mart Discover $2000 | AmEx BCE $3000 | Target $3000 | Slate Visa $4800 | Hyatt Visa $5000

Last App: 3/16/2014 (Current FICO 740 per 4/07/14 Barclay FICO)
Established Member
hilarybanks
Posts: 74
Registered: ‎07-05-2008

Re: CitiBank Charge-Off

I did some more research and the SOL in Texas is only 4 years- does that mean that that is how long they can pursue the debt or how long it will stay on my credit report if it goes into collections? Thanks.
Barclay Visa Fin $1500 | Wal-Mart Discover $2000 | AmEx BCE $3000 | Target $3000 | Slate Visa $4800 | Hyatt Visa $5000

Last App: 3/16/2014 (Current FICO 740 per 4/07/14 Barclay FICO)

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