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Paid Charge off

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Anonymous
Not applicable

Paid Charge off

hi all, I've been rebuilding for a few months now and have made good progress but I'm stuck on what to do with a paid charge off.  It's from Harley Davidson for a repo back in 2012.  I received a letter last yearfrom a collection agency demanding the balance owed after it was auctioned off .    They offered me a deal for a lower amount and I paid it.  I should have requested a pay for delete and paid the entire amount but didn't know to do that back then.   The charge off is not scheduled to be removed from my credit report until 2019.  Is there anything I can do to lessen the impact on my credit score?. I'm want to send them a  goodwill letter but I'm not sure what to ask for, a deletion (which I doubt would happen) or removal of late charges or a status change to paid as agreed.  

 

My my scores aren't terrible  Eq and Ex at 639 and Tu at 621.  All my baddies have been resolved except the charge off so I'm sure it has huge effect on my score.  If I have to wait for it to fall off so be it. It was a terrible financial decison to finance it for my husband at the time and I'm still kicking myself for doing it.  

 

i didnt have have any credit cards when I started this process but now have

 

Cap 1 Plat  500.00

Cap 1 QS 500.00

Chase Freedom 1200.00 

Chase Slate 1200.00

Kohls 300.00

Von Maur 300.0o

ive been using the cards and pay them all off but one for a small amount each month. I'm not app,ying for anymore credit.  If anyone has some advie about the charge off I would appreciate 

 

thanks!. 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Paid Charge off

Sorry go all the typos! Some days I hate my iPad ;-)

Message 2 of 6
crrredit
Established Contributor

Re: Paid Charge off

A PFD agreement with the collection agency would not have helped remove the OC's reported charge off, so you really didn't lose out on an opportunity there. Is there a collections account reported by the collection agency on your report? If there is, that's the one that the PFD would have removed. 

 

GW letters are probably your only option at this point. Once it's reported as a charge off, I don't think they can go back and report it as a paid as agreed account unless the charge off reporting was an error. I'd ask for removal. GW letters are long shots, but it seems from reading these forums that they work occassionally.

Message 3 of 6
gdale6
Moderator Emeritus

Re: Paid Charge off

The only thing you can do is write them a Gw letter asking that the TL be removed. It is no advantage to remove the lates the repo CO is the forever damaging item. I would send the letter to the office of the CEO. Good luck Smiley Happy

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

Message 4 of 6
RobertEG
Legendary Contributor

Re: Paid Charge off

The creditor is not required to report a charge-off even if they have taken that accounting measure

 

You can requiest they delete the reporting of the CO without requesting deletion of the entire account.

If the accunt has an age greater than your current avg age of accounts, it may be benefiticial to obtain deletion of only the derogs, not the entire account.

Message 5 of 6
Anonymous
Not applicable

Re: Paid Charge off

Thanks for the information. I will send a goodwill letter this week.  The collection agency is not on my credit report, only the original lender.

 

 

 

 

Message 6 of 6
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