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HELP WELLS FARGO SECURE CARD KILLING ME

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Anonymous
Not applicable

HELP WELLS FARGO SECURE CARD KILLING ME

 
HELP!!!!!!!! iM NOT SURE WHAT TO DO.............IT SAYS ITS A CHARGE OFF.............NO CA OWNS THE DEBT...............BUT IT MESSES UP MY UTI%% SINCE ITS AT 100% MAXXX.......ACCOUNT STATUS SAYS OPEN BUT THEN IT SAYS CHARGE OFF IM CONFUSED....
 
Last Reported
Sep 06, 2015    
 
Creditor Name
WELLS FARGO BANK CAR
Account Type
 
Secured Credit Card
Account Status
Open
 
Opened Date
Oct 30, 2013
 
Closed Date
--
 
Limit
$450
 
 
Term
--
Monthly Payment
$11
 
Responsibility
Individual Account.
Balance
$450
 
Highest Balance
--
Payment Status
Collection/Charge-Off
 
 
Worst Payment Status
--
Date of Last Payment
Dec 01, 2013
 
 
Amount Past Due
$387
 
 
Times 30/60/90 Days Late
1/1/2
 
 
Remarks
Consumer disputes - reinvestigation in progress
Consumer disputes after resolution
Charged off account
 
 
Payment History
2015 CO CO CO CO CO CO CO CO         2014 OK 30 60 90 120 CO CO CO CO CO CO CO 2013                   OK OK OK   J F M A M J J A S O N D
  • CO

    Collection/Charge-Off

  • 30

    30-59 Days Late

  • 60

    60-89 Days Late

  • 90

    90-119 Days Late

  • 120

    120-149 Days Late

Credit Utilization*100.00%
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: HELP WELLS FARGO SECURE CARD KILLING ME

Message 2 of 9
Anonymous
Not applicable

Re: HELP WELLS FARGO SECURE CARD KILLING ME


@PATRICKSTARKS wrote:

You need to contact WF and settle the account. Do it before it becomes a Charge Off AND a collection.

Message 3 of 9
Anonymous
Not applicable

Re: HELP WELLS FARGO SECURE CARD KILLING ME

THANKS NORMAN BUT 1 CA SAYS OPEN...THE OTHER CA SAYS CLOSED DEROG.......
WHY THE DIFFRENCE???????? SEE BELOW...........THE ALSO BOTH HAVE SLIGHTLY DIFF #S.......

ALSO NORMAN WHATS THE DIFF BETWEEN CO & COLLECTION??

Secured Credit Card
Account Status
Open
 
Opened Date
Oct 30, 2013
 
Closed Date
--
_________________________________________________
 
Account Type
Secured Credit Card
Account Status
Closed - Derogatory
Opened Date
Oct 30, 2013
Closed Date
Jan 01, 2014
__________________________________________________
 
Message 4 of 9
CH-7-Mission-Accomplished
Valued Contributor

Re: HELP WELLS FARGO SECURE CARD KILLING ME

I'm confused.  If it's a secured card, they should have paid themselves from your held deposit and the account would have a zero balance, unless you ran it up way beyond the credit limit with fees, interest and being over limit?

 

It should be easy to pay them off if you only owe the amount above your security deposit.

Message 5 of 9
RobertEG
Legendary Contributor

Re: HELP WELLS FARGO SECURE CARD KILLING ME

As a debt becomes progressively more delinquent, it reaches a point where the creditor makes the determination that the consumer is unlikely to pay the debt.

A debt that is owed and not yet paid is included in their accounting ledger under accounts receivable as an asset.

When the debt is no longer expected to be paid, they can move the receivable asset over to a loss, removing that asset from their accounting ledger.

For credit card debt, federal regs require them to do so when the debt has reaches 180 day late, thus preventing overstatement of their real assets to potential creditors and invesors.  That is a charge to profit and loss. 

The conumer continues to remain obligated for the entire debt, and taking of a charge-off does not affect their continued activites to collect the debt.

 

A collection is totally distinct from  a charge-off.  A collection is the reporting by a third party of their efforts to collect on a debt that originated with another.

A collection may or may not be by a party who has acquired the debt.  The creditor can retain ownership of the debt, and assign authority to another to collect on their behalf.

 

It is common in commerical credit reports to state when either a charge off or collection referral has occured that the debt is a Collection/Charge off.

That means one or the other, and does not necesssarily mean that it has been referred for collection.

 

Any revolving debt that has been charged-off has been closed by the creditor to further use by the consumer, and thus should be closed..

When one CRA is showing closed while another is showing open, that is almost always a simply lack of updated reporting of closed to that first CRA.

It is a minor issue, as anyone reviewing the credit report and seeing a CO would know that the account is no longer open.

You could dispute and get it corrected, but it is a very minor issue.

 

The real issue, as stated by Norman, is that once a creditor has done a charge-off they usually eithr refer to a debt collector or sell the bad debt to a debt collector.

The debt collector can then report a collection to the CRA, further affecting your score.

Message 6 of 9
Anonymous
Not applicable

Re: HELP WELLS FARGO SECURE CARD KILLING ME

Thanks to all for the responces/................

So your saying my best bet is to pay it in full right now???

no pfd....no dv....no of these other things will work.......just pay it in full is my best bet????????? it seems as if it is negativly affecting me currently how can it get worse

Message 7 of 9
RobertEG
Legendary Contributor

Re: HELP WELLS FARGO SECURE CARD KILLING ME

No, doing a PIF is not the only or necessarily even the best option.

You can still offer a settlement for less, or a PFD, to the creditor.

 

What is being stated is that the distinct possibility remains that it can get worse.

If the creditor either refers the debt to a debt collector for collection assistance or sells the debt, then the debt collector can report their collection.

That becomes an additional derog, and will remain in your credit report for the same period as the reported charge-off.

 

Regardless of whether you pay in full or obtain a settlement for less, the debt will become discharged, precluding a collection.

Ultimate goal would be to obtain a pay for deletion agreement from the creditor, thus preventing the additon of a collection AND removing the existing charge-off.

Message 8 of 9
Anonymous
Not applicable

Re: HELP WELLS FARGO SECURE CARD KILLING ME

Got it thanks!
Message 9 of 9
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