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Fixing my credit -What Can I do

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Anonymous
Not applicable

Re: Fixing my credit -What Can I do

 Team,

 

I am so glad I joined /found Fico Forums.. its unbelievable how ideas and suggesstions from ths forum work! since i started in mid dec 2014,This are my sucesses so far!

 

TXU Enery $75-Paid OC and sent a GW letter  removed 12/20!

ENHANCED RECOVERY CORP collections  account for $29   -Paid OC and Contacted ERC and Requested DV- Removed 12/26!

MIDLAND FUNDING JAN 2015 GE MONEY BANK $1,023 - EX& TU Early Exlcusion removed 12/24

 

Paid off Capital one CC 300 CL To $0

Paid  capital one CC 500 to $250

Paid of  walmart CC  300 CL to $0

 

Jan , i plan to call up the rest and settle or work things out! i am so Excited!!! Thank you so much folks.... This forums rocks!

 

Situation

 

EQ 615 EX 578 TU 633

 

BANK OF AMERICA  BAL  JUNE 2016  balance $1,296 written off $5,152

DISCOVER FINANCIAL - Account charged off. $1,607 written off MARCH 2016
ENHANCED RECOVERY CORP collections  account for $29   to drop off JUNE 2017
MIDLAND FUNDING- GE MONEY BANK Collection account. $2,199 SEPT 2015
MIDLAND FUNDING –Tmobile - $479 OCT 2015
MIDLAND FUNDING -FEB 2017   $1,748 CONN CREDIT I LP
MIDLAND FUNDING JAN 2017  Conns - Closed. $1,099 written off. 25431. CONN CREDIT I LP
MIDLAND FUNDING JAN 2015 GE MONEY BANK $1,023
TXU -OCT 2017  $75 on record until Oct 2017
WELLSFARGO DEALER -MAY 2015 written off. $3,654  May 2015. 

Message 11 of 20
ktl72455
Valued Contributor

Re: Fixing my credit -What Can I do


@Anonymous wrote:

 Team,

 

I am so glad I joined /found Fico Forums.. its unbelievable how ideas and suggesstions from ths forum work! since i started in mid dec 2014,This are my sucesses so far!

 

TXU Enery $75-Paid OC and sent a GW letter  removed 12/20!

ENHANCED RECOVERY CORP collections  account for $29   -Paid OC and Contacted ERC and Requested DV- Removed 12/26!

MIDLAND FUNDING JAN 2015 GE MONEY BANK $1,023 - EX& TU Early Exlcusion removed 12/24

 

Paid off Capital one CC 300 CL To $0

Paid  capital one CC 500 to $250

Paid of  walmart CC  300 CL to $0

 

Jan , i plan to call up the rest and settle or work things out! i am so Excited!!! Thank you so much folks.... This forums rocks!

 

Situation

 

EQ 615 EX 578 TU 633

 

BANK OF AMERICA  BAL  JUNE 2016  balance $1,296 written off $5,152

DISCOVER FINANCIAL - Account charged off. $1,607 written off MARCH 2016
ENHANCED RECOVERY CORP collections  account for $29   to drop off JUNE 2017
MIDLAND FUNDING- GE MONEY BANK Collection account. $2,199 SEPT 2015
MIDLAND FUNDING –Tmobile - $479 OCT 2015
MIDLAND FUNDING -FEB 2017   $1,748 CONN CREDIT I LP
MIDLAND FUNDING JAN 2017  Conns - Closed. $1,099 written off. 25431. CONN CREDIT I LP
MIDLAND FUNDING JAN 2015 GE MONEY BANK $1,023
TXU -OCT 2017  $75 on record until Oct 2017
WELLSFARGO DEALER -MAY 2015 written off. $3,654  May 2015. 


TU will early Exclude up to 6mo early and Exp is 3mo early.. try for the wellsfargo dealer item with TU

 

Search the boards for Tmobile...  there was a issue with them and others have gotten it removed via that route

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 12 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

Bump

 

I contacted Discover Financial l to try settle (charged off. $1,607) due to fall off MARCH 2016 and they offered to settle for $500 Onetime payment. Or 100 Month for 5 months and it will change its status from Charge off to " Paid less than full xxx) with a rider that if I fail to pay after agreement it will renew the SOL.

 

They will not do a PFD...

 

My question is should I Settle or let it age off Oct 2015?

 

Keep in mind I am trying to buy a house end of 2015 /early 2016

 

Thanks!

 

Message 13 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

Respond back with a letter stating that the ONLY offer you are willing to make at this time to settle this "TIME BARRED DEBT" is for xxx dollars (10% of original amount) for "Paid in full" or for xxx dollars (20%) for complete removal of reporting. This offer is good for xx days, any counteroffers for more are NOT acceptable, and any subsequent offer made (by you) after this offer expires will be for LESS. Tell them flat out, you would like to settle but are perfectly willing to let it age off your reports.

 

The only caveat I would add is that even though its aged off your reports, is not 'gone'.  It still exists and can possibly be discovered by a potenial mortgage lender. Though that seems to be a rare event, it IS a possibility to consider. 

Message 14 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

Norman FH

 

Please critique This offer to Discover 

 

 

Re: SETTLEMENT OFFER FOR “TIME BARRED DEBT “ACCOUNT 6XXXXXXXXX

 

I am writing to you today regarding my account 6XXXXXX Opened in 10/21/2007. The purpose of my correspondence is to see if you would be willing to accept Payment for Deletion on the reporting of this account to the three credit agencies.

Thank you for your previous email concerning this Account. I have not received a response from your office despite willingness to pay on this TIME BARRED DEBT" 

I am willing to settle this "TIME BARRED DEBT” Account that was charged off in 2009 in the amount of $ 1,607

 

Therefore, I offer to settle for 160.70 dollars (10% of original amount) for "Paid in full" or for 321.40 dollars (20%) for complete removal of reporting. This offer is good for 15 days, any counter offers for more are NOT acceptable, and any subsequent offer made (by you) after this offer expires will be for LESS.

 I am also perfectly willing to let it age off my Credit report in OCT 2015( 9 MONTHS ) since its past its Stature of Limitation Thank you 

 

Message 15 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

I wouldn't recommend that strategy with OC's. Its generally a strategy for third party junk debt buyers. JDB's generally pay only 3-5% of the face value on old debt. They would LIKE to collect the full value of it, and make a killing off of it, but if they can make a little profit once its past SOL, they'll usually take it, once common sense overrides their greed. With an OC on the other hand, they are already "in" for full value of the debt, and you are asking them to basically eat 80-90% of that AND give you something in return - not a very palatable meal for most. With OC's you would usually just request a settlement amount to clear the debt or PIF to delete. Most OC's will also hit you with a 1099-C when they settle for more than $600 off the debt.

 

I was actually referring to the midland debts. I read your last message too fast and thought that was a reply from midland. 

 

 

Message 16 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

Thanks!!

 

This is the response I got today on email.

 

In summary, I Pay them $300 and they will update it as settled for less than the full balance. did not accept my PFD offer  I  am not sure even what is the best thing to do at this point Smiley Indifferent  its due to drop off from my credit on Nov 15  TU and in another report EQ oN  March 2016. From what  I've read here settled for less than the full balance.  is not a good status 

 

 

Dont know if i take the offer or not ...

 

 

 

Discover

PO Box 17019 Wilmington, DE 19850-7019

 

Re: Discover Account ending in: XXXX

Case No.: XXXXX

Dear Mr. XXXX

Thank you for your recent inquiry To Discover and your email to our office. To ensure your concerns are addressed with priority, your correspondence was referred to my attention within the Executive Office of Customer Advocacy at Discover®. Thank you for returning my call on January 5, 2015 in order to clarify your concern. We have completed our investigation and would like to share our findings.

 

Due to the age of your account, Discover Bank is not able to file suit against you, but if you take Specific action such as making a written promise to pay, the time for filing a suit will be reset. We have reviewed your account and we are pleased to advise that we are willing to accept $300  as settlement on the account. Payment in full for the settlement amount must be received by February 1, 2015. If you agree to the settlement amount, upon receipt of your payment by February 1, 2015, an update will be sent to the credit reporting agencies informing them that the account has been settled for less than the full balance.

 

Our records indicate the past due status on your account is valid. For this reason, we areUnable to comply with your request to remove or alter the credit history previously reported to The credit bureau agencies. Until the full settlement amount has been received as agreed, the Full balance of the account remains due and will be reported to the credit bureau reporting

 

Discover

PO Box 17019 Wilmington, DE 19850-7019

 

This is an attempt to collect a debt and any information obtained may be used for this purpose.

 

Message 17 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

I would up the ante, and offer them $500 to update it to "paid" instead of "settled for less"

Message 18 of 20
IamB2
Established Contributor

Re: Fixing my credit -What Can I do

In my opinion, you don't want the "Settled for Less than the full balance". This could have tax implications as well as they may send you a 1099 and that requires you to report it. Additionally, tat may have a negative impact with your creditors as upon manual review it shows that you don't pay your debt in full. That would make me nervous if I were a lender.

 

My strategy has been send letters with offers to PIF for a complete removal of the TL from my report. No settlment request, simply I will pay in full, if you agree to remove it completely. I was able to remove 2 major derogs (a CO and a vehicle Reposession - paid the deficiency balance in full). Otherwise, if they don't agree, or won't remove, then let it age off...

 

Needless to say, just because an item is excluded from your report, it is still there and WILL show up if your loan request exceeds $150,000 or in other scenarios which are outlined in FCRA 605(b).

FICO® EQ 717 (3/5/15); TU08 732 (3/5/15); EX: 723 (3/5/15) - Last app 3/15/15; Inquiries: A TON!

CITI ThankYou Preferred - CL: $2,000




Starting Scores: 590s on 12/2013. Hover over card image to view details! *After Amex approvals - [I was supposed to be] Gardening!*
Message 19 of 20
Anonymous
Not applicable

Re: Fixing my credit -What Can I do

Folks,

 

Thanks for your advice .I Sincerely appreciate it. I Called them back and told them they can shove it..Laid it out clearly that is Time barred, Its falling off in 9 months (Oct 2015) but they could not take it.. #Nothing to lose 

Message 20 of 20
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