Progress removing 'foreclosure' from a credit card??

[Anonymous]

To those at MyFico that have been so helpful, thanks, it is working, I think!!

In a nutshell: I had 2 big credit card balances, transferred one to the other and charged off at 50% on the second one. Had to do it because of a life changing event.

The comments on the transferred one were correct for TU and EX (account transferred),  but for EQ somehow it said "foreclosure started". When I recently went to refinance, the bank said no way to the application because of the latter. They were not as concerned with the comments on the second card (the charge off at 50%) because there were, to them, no bad comments (amazingly) and the other fact is that my FICO scores are 730, 725, and 810. I also furnished them with documentation of my life changing situation from authorities. This was truly my only blemish.

Well, anyway, I called BoA (the CC card bank) and asked if they could remove the errant 'foreclosure started' comment. The agent I talked to said it was obviously a mistake, but it was EQ's mistake (because CC's can't be foreclosed and this was a CC, not a line of credit, and it was unsecured). He gave me the EQ dispute phone number. So, believing him, I called EQ. Started a dispute item. The EQ rep (whose name and ID I got) said it was a reporting error and it was BoA that needs to change this. I just love how they play themselves off of each other.

Then, I figured if EQ said it was BoA's mistake, maybe I'll give it one more shot and call BoA and try to work up. I found my way to their 'legal department' (my CC was in their hands as we had used a lawyer to transfer from one and arrange the CO). I spoke to a very reasonable person there (got her name/ID, too!) and she agreed that this was clearly a mistake and offered to send a statement to EQ electronically saying "account transferred; paid in full".  She then offered to send the statement to all 3 CRA's! And, will send me a paper copy.

The CO on the other wasn't discussed, but now, at least,t this will hopefully be correct.

She said it will take up to 30 days, but I hope not. I am locked in on a low rate for 3 more weeks. My banker tells me that 'if' this is changed in this way, I will get the loan.

Thanks for your help! I will keep you all posted!

[Anonymous]

Good job ... and this will help you with your situation because there will be no foreclosure mark.  I knew for a fact a foreclosure cannot pertain to a unsecured debt such as a CC. 

Well either way this will make it easy for you to refinance once it's off all of your CR's eventhough last I checked it was only on EQ

[guiness56]

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@Anonymous wrote:

To those at MyFico that have been so helpful, thanks, it is working, I think!!

In a nutshell: I had 2 big credit card balances, transferred one to the other and charged off at 50% on the second one. Had to do it because of a life changing event.

The comments on the transferred one were correct for TU and EX (account transferred),  but for EQ somehow it said "foreclosure started". When I recently went to refinance, the bank said no way to the application because of the latter. They were not as concerned with the comments on the second card (the charge off at 50%) because there were, to them, no bad comments (amazingly) and the other fact is that my FICO scores are 730, 725, and 810. I also furnished them with documentation of my life changing situation from authorities. This was truly my only blemish.

Well, anyway, I called BoA (the CC card bank) and asked if they could remove the errant 'foreclosure started' comment. The agent I talked to said it was obviously a mistake, but it was EQ's mistake (because CC's can't be foreclosed and this was a CC, not a line of credit, and it was unsecured). He gave me the EQ dispute phone number. So, believing him, I called EQ. Started a dispute item. The EQ rep (whose name and ID I got) said it was a reporting error and it was BoA that needs to change this. I just love how they play themselves off of each other.

Then, I figured if EQ said it was BoA's mistake, maybe I'll give it one more shot and call BoA and try to work up. I found my way to their 'legal department' (my CC was in their hands as we had used a lawyer to transfer from one and arrange the CO). I spoke to a very reasonable person there (got her name/ID, too!) and she agreed that this was clearly a mistake and offered to send a statement to EQ electronically saying "account transferred; paid in full".  She then offered to send the statement to all 3 CRA's! And, will send me a paper copy.

The CO on the other wasn't discussed, but now, at least,t this will hopefully be correct.

She said it will take up to 30 days, but I hope not. I am locked in on a low rate for 3 more weeks. My banker tells me that 'if' this is changed in this way, I will get the loan.

Thanks for your help! I will keep you all posted!

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I have seen this issue in the past, a CC reporting as a foreclosure.

I really don't know who would be the culprit as to it reporting that way. 

My question is, can't the banker tell it is a mistake base on the fact it is a CC?

[Anonymous]

Yes, I know. My thoughts, too. What the banker tells me is that his 'underwriter' will not allow it. It's a shell game. But, for now, what he tells me is that the 'foreclosure' words, no matter how incorrect, have to be removed. He tells me that once removed I am fine. To me, that's still pretty interesting, as I have an obvious CO listed on the account that was transferred to. He said to me 'not to worry' with that.

I expect to be back soon to you guys asking more questions when the CO becomes the target next.

Thanks for your help!!!!!!!!!!!!!!!!!