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Gave a friend credit repair advice. Please review it.

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Anonymous
Not applicable

Re: Gave a friend credit repair advice. Please review it.

No i dont think so. I banked with Chase for the past 20 years, and during the time I had to let their whatever it was credit card go, I CO'd 22,000$ and was on disability $800/month being deposited into my account. 4 years later I inherited $250,000 from my mother passing, paid off all the charge offs ( had about 5 more with other cards), and kept over $100K in my checking account with Chase, and no dice they would not let me have any credit cards until EXACTLY when the 7 years went by.

Message 11 of 14
Anonymous
Not applicable

Re: Gave a friend credit repair advice. Please review it.


@Anonymous wrote:
How bout BoA. Do you think they will give him cc since he has direct deposit and savings with them?

My personal belief is that BoA will not approve him for a credit card.  He has already been turned down many times for others.  BoA requires a HP for credit.  I still think he should garden and try to clear up those baddies.

Message 12 of 14
itgirl74
Frequent Contributor

Re: Gave a friend credit repair advice. Please review it.


@RobertEG wrote:

He appears to have 3+ major derogs.

 

The collection represents the involvement of a debt collector, either by assignment or sale of the debt, in atttempting collection.

 

The two charge-offs are also major derogs, representing the accounting measure of considering the delinquent debt to have become a non-receivalbe bad debt.

If the creditor is still reporting a debt balance, it means they still own the debt.  If the charge-off bad debt has been sold, then the OC account will show $0 balance.

In either event, the CO is, and remains, a major payment history derog, even if the debt is subsequently paid.

It also can become a collection should a debt collector also become involved.

 

Any monthly delinquency above 60-late is also a major derog.

 

His score is thus based on several major derogs.

Paying of the debt will not remove those derogs.

A pay for deletion is the usual process for obtaining deletion of a major derog before its normal credit report exclusion date.

 

 


Regarding your statement I've highlighted in red, if the 2 charged-off credit cards are still reporting a balance, aren't those factored into his utilization? If so I'd think paying them off would improve things even though they'd still be considerd major derogs.
Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 13 of 14
Anonymous
Not applicable

Re: Gave a friend credit repair advice. Please review it.


@itgirl74 wrote:

@RobertEG wrote:

He appears to have 3+ major derogs.

 

The collection represents the involvement of a debt collector, either by assignment or sale of the debt, in atttempting collection.

 

The two charge-offs are also major derogs, representing the accounting measure of considering the delinquent debt to have become a non-receivalbe bad debt.

If the creditor is still reporting a debt balance, it means they still own the debt.  If the charge-off bad debt has been sold, then the OC account will show $0 balance.

In either event, the CO is, and remains, a major payment history derog, even if the debt is subsequently paid.

It also can become a collection should a debt collector also become involved.

 

Any monthly delinquency above 60-late is also a major derog.

 

His score is thus based on several major derogs.

Paying of the debt will not remove those derogs.

A pay for deletion is the usual process for obtaining deletion of a major derog before its normal credit report exclusion date.

 

 


Regarding your statement I've highlighted in red, if the 2 charged-off credit cards are still reporting a balance, aren't those factored into his utilization? If so I'd think paying them off would improve things even though they'd still be considerd major derogs.

Good Morning itgirl74,

 

If the 2 charged-off credit cards are reporting a balance, then yes those are factored into utilization.  Paying them off should improve things a little bit, even though in itself the charge offs are major derogatories.  Now how much the scores would improve is anybody's guess.  One thing for sure though, under a manual review, things "look" a lot better.

Message 14 of 14
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