@Anonymous wrote:Hi all -
We're in the process of getting a VA loan, and something came up on my husband's credit report. A US Bank credit card opened in March 2009, charged off June 2011 for approx 6k, purchased by Pinnacle in 2011, current balance 9651. It's still showing on his credit report (not on mine). Should we call and negotiate this? My first inclination after reading everythign I could here about Pinnacle is that it's a nightmare to deal with these yayhoos. It's been charged off for several years, so do we really still owe on this? Any advice is appreciated. Thanks!
Yes, you still owe on the account. “Charge off” means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an account displays a status of “charge off,” it means the account is closed to future use, although the debt is still owed.(Experian.com)
All fee's from Pinnacle I expect stuck onto your original amount of $6,000.00. See if their willing to negotiate that balance is crazy.
Are you sure they sold it off or did they actually assign Pinnacle your account ?
Settling would be best because it's probably holding up your loan.
@Anonymous wrote:SOL in Oregon is six years across the board for credit card debt.
So does that count from when it was opened or when it was charged off?
From the date it's charged off.
Figure out the max your actually comfortable paying and work up to that point. They pennies for those accounts, so they make a profit not matter what you pay. Only my suggestion though. Somebody should be able to give your more tactical advice with dealing with Pinnacle. I personally never have.