Denied credit due to FP charge off

[slund5499]

I finally figured out that the FP charge off is preventing me from getting any new credit or loans. After discussing a denial with a senior credit analyst at Wells Fargo the CO is the real culprit. No bank or CU will take the risk.

This just sucks......

[Anonymous]

Just forget about the prime banks for now (BofA, Wells Fargo, Chase, etc)....those guys won't even know you exist until you at least hit the 650's

With a 608, your optiions are limited to guys like Fingerhut, CapitalOne and Shopping Cart cards.

Just use them (along with your secured cards) to start rebuilding positive tradelines with a goal of having some decent credit next year.

[gagirl82]

How much is your charge off?  It may be worth a try to just pay it and start sending goodwill letters.  I have seen on here where ppl have been getting their charge offs deleted lately after they have paid the debt.

[slund5499]

Offered to pay via phone with Admin Secretary to CEO.

They want me to pay the bill through Jefferson Capital. Once paid, they will update the account as Paid in Full/Charge Off.

They absolutely refuse to remove the charge off based on FACTA.

[RobertEG]

Having in your credit file the staement that you had a prior debt that the creditor determined that you were not going to pay (which is what the reporting of a CO is), followed by continued actual non-payment, exhibits a past history of not paying your obligated debt.

A repeat of that prior pattern would result in a new creditor taking a total loss on their investment.  Hardly an incentive to lend to you.

Paying at least shows that you do ultimately, when able to do so, honor your obligations to pay your debt.

Even after credit report exclusion, you could be asked at a future time to disclose any unpaid delinquent debt.

If the debt is paid, no one will become aware ot its prior delinquency status and history.  If it remains unpaid, you always stand a chance of disclosure by means other than a simple pull of your credit report.

[slund5499]

dening until FP charge off is resolved.

Pay off current cards and tell them to kiss my ass.

Screw the banks and FICO.