Is this true?

[Anonymous]

I have been sending out DV letters, PFD, and GW like crazy but recently was told that:

It is virtually impossible to have a charged-off credit card account deleted from your credit reports because even if the collection agency removes the item from your credit report, the original credit card company will still continue to report the charge-off for the 7 years and you'll be stuck with bad credit after all the effort.

is this true?  Is there really no hope for those accounts?

[Anonymous]

There's no reason you can't GW both of them. You won't get anywhere DVing an original creditor but you can PFD and GW the heck out of both!

[Anonymous]

Shnapple has this worked for you in the past?  I was really excited about this approach but now am loosing hope...

[Anonymous]

I didnt know about PFDs or DVs until it was too late. I've had luck with GWing CAs (NCO specifically) on behalf of my sister. I have not had luck GWing OCs but I know people on here have had success with both OCs and CAs.

Just don't give up, there's definitely hope.

[Anonymous]

My thought is that it is all about minimizing the impact of past bad decisions.

You get dinged for having even one collection account.  So why not try to get rid of the CA's?  You get dinged for charge offs.  Why not try to GW?  Bad items hurt less as time passes, so as you're waiting for time to pass, why not do what you can?

To a certain extent, we have to live with what we did (or did not) do.  There's only so much on our credit reports we can control by making good decisions from here forward.  So to the extent we can minimize our old mistakes, we should try.

And there's so much incorrect reporting, I think we should absolutely hold the OC's and the CA's to the same standard they hold us.  I did what I did, but don't make it look worse than it was!

Hang in there.  Many of us go through periods where we do a lot, and then take a break.  It's whatever works for you.

[Anonymous]

---

Chikn30 wrote:

I have been sending out DV letters, PFD, and GW like crazy but recently was told that:

It is virtually impossible to have a charged-off credit card account deleted from your credit reports because even if the collection agency removes the item from your credit report, the original credit card company will still continue to report the charge-off for the 7 years and you'll be stuck with bad credit after all the effort.

is this true?  Is there really no hope for those accounts?

---

In order to have both the CA and OC removed, you would have to GW both(if paid) or PFD one and GW the other(if unpaid and OC don't take payment), etc .

You'll have to get each to agree to remove by whatever means.

However, it is more important and has more impact for having the CA removed vs having the OC removed.

OC accounts do have aspects about them that are likely a positive on your CR, where as everything about a CA account is negative.

I had a 5 year old CO from the OC removed and lost around 30 points. Why? It was my next to oldest account-- I lost the age.

[Anonymous]

I had an old CC CO from years ago that was reporting an incorrect DOFD so I disputing on the Equifax website (the only one it showed up on).  I really didnt care if it stayed on there because it was benefiting my AAoA but it was a charge off.  I disputed it last night and today when I got home I checked on it and there was a report from EQ saying : "We have researched the credit account.  Account # - Bank of M-662963.  The Results are:  This item has been deleted from the credit file.  Of you have additonal questions about this item please contact: Elite Recovery Services. . ."  Yay!  Def try disputing through the CRA. 

The only difference from your situation and mine is that only the CA was reporting, not the OC.  I assumed the debt was sold.

[Anonymous]

Thanks for the encouragement! - All of you!!!

Message Edited by Chikn30 on 04-08-2009 05:07 AM

[Anonymous]

I had a charged off Capital One card.  I paid it in full the month after they charged it off (feb 08), and GW'd them in Feb 09 and it was deleted from all my reports without any response.

I basically told them, "i made mistakes...you gave me my first card in college...I have always paid everything I owe on both of my cards...i have been very profitable for Cap One via annual fees, late fees, overlimit fees, interest, payment protection, etc...i want to buy my first house and this is ruining my chance."

Now I'm trying to get a charged off Chase off of my reports.  I have GW'd the General Manager of Card Services.  First name Kathy.  It was a beautiful piece of a GW letter if I may say so myself.  A piece of advice...when I was looking up names to send to, I didn't go to the CEO first.  I found this lady that is the General Manager and read up on some of the programs she is implementing at Chase.  One of them is about credit education to college students.  I applauded her on her efforts to educate college students on responsible credit use, and wished that something like that was in place a few years ago when I was in college.  "Then maybe more young people like myself wouldn't have made the mistakes we did out of ignorance.  We wouldn't be punished when trying to start an independent life in this tough economy." If you make the person feel that they are doing truly good things, then they will likely want to reach down and help you, too.  I hope so anyways.