Old charge off question

[Anonymous]

they are all over 4 years old (past sol)   Can I make matters worse by calling to find out?

[Donna1966]

Capitol One is notorious for letting COs set for years and then sending to collections. 

It would really suck if you had everthing in order and getting ready to apply and then wham a CA shows up on your credit report and then you are disqualified for over a year to apply.

[Anonymous]

If I was to seek out information about the status of the account (if it was sold to a CA) should I write them or use one of the backdoor #'s?  Maybe a pfd?   The original balance 4 years ago was $700 on 1 account and $500 on the other. Now they are showing balances of $2,500 and $1700.  What would be a reasonable offer for the pfd letter on these accounts?

[Anonymous]

Interest can compound on a CO...I had one a few months ago that I PIF...I took the very small hit for updating the DOLA...but the CO was reporting lates EVERY month...and the balance was growing...so I did it for me...but NOTHING should update the DOLA...except for a payment...or an agreement to pay...you need to call..like the PP said....it will be bad if it shows up right before...or within the home buying process...call and see....who are the OC's???...

[Anonymous]

the original oc's are cap 1 and merrick bank. Should I use a backdoor phone # and see if they were sent to a CA?  Thanks for the help, I love this forum!!

[DallasLoanGuy]

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hammer192 wrote:

they are all over 4 years old (past sol)   Can I make matters worse by calling to find out?

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you might wake a sleeping giant.

opting out would be a good idea too....

[Anonymous]

Good thing is...your not applying until next year...so you can deal with them now...7-7.5 years form the DOFD is when these accounts will fall off...so you need to find that out....I would call to see what was the status of them...not admitting or agreeing to anything though...I know Capital One is a hard on to deal with...I haven't heard much about Merrick Bank....last thing you need is a CA...but like DallasLoanGuy said...Opt out...

[Anonymous]

Ok I printed out one of the "opt-out" letters.  It asks me to put in the account numbers. DoI list my charge off account numbers? This makes me nervous. Won't that just draw attention to those sleeping giants?  Does this prevent them from sending my info to a CA? Thanks

[johnpalley]

DallasLoanGuy, are you 100% sure that someone will give you a mortgage with unpaid charge offs? i went to apply at a local bank yesterday and they said every old unpaid charge offs have to be paid. i figured every bank was different so i just wanted to make sure that you were 100% sure? slyhouse08, are you sure that a settlement effects your score the same as a paid in full? i heard someone on this forum say something different. they said that a settlement is looked at the same way as a co but in just makes it current and a paid in full was viewed as alot better.

[Anonymous]

Scorewise...a paid/settled CO is the same....it's still a CO...either way...you will reset the DOLA...and make it current....but if you have a manual review of your credit report...the PIF might look better than the settled...but a unpaid CO hurts because the negative balance is still calculated into the UTL...and KILLING scores...it's up to you....