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09-17-2012 10:41 AM
GM Financial (americredit) is reporting monthly interest changes...my question is does that mean this account is "active" even tho it's reporting as a charge off? I planned on buying a house next year when it's suppose to drop off but if it's active due to the interest increases monthly should I go ahead and make a payment agreement with them or will that start the whole thing all over again...my score was up to a 640 but had a couple of old things come back to bite me in the but so im trying to get this worked out by summer next year..any advice would be greatly appreciated.
09-17-2012 11:28 AM
Well my friend. What it means is, they own the charge-off still and will charge monthy interest until it falls off your report. Its a pain I know cause it will keep sapping your credit score gains by small amounts. Its a way to annoy you to pay them.
09-17-2012 11:43 AM
I understand that...the question is do I let it just fall off or do I try to make payment arraignments to clear it..also if I make the payments I assume DOFD starts all over...its due to fall off in may...but what my concern was is since they are reporting monthly is the DOFD even valid at this point...
09-17-2012 10:47 PM
yes, the dofd is still valid. one has nothing to do with the other. its a account that is in collections with the company you did business with. That part is good. Now if you are not in a hurry or are buying a house in the next six months, let it fall off. I dont know if it is wise to make payments because at that point your in a agreement again and such you are resetting the date. If you want to pay in full thats another matter of choice but payments I dont know about that.
09-18-2012 05:02 AM
Thanks for your response, it actually hits it's 7 year mark in march of 2013...my thoughts are to let it ride I figured it wouldnt drop off till maybe summer then I should be good...I'm gonna focus on the other small things I'm still cleaning up like utilation, 2 collections (med) and stuff I'm sure will pop up as I continue to rebuild. I absolutely love this forum...when I get frustrated or concerned I just come here and get the guidance and reassurance that I need