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New Contributor
Posts: 59
Registered: ‎01-02-2013
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Rebuilding - Need Help

[ Edited ]

Hello All!

 

I am in the process of rebuilding my credit which took a hit after leaving the country and eventually not being able to make pmts. There are a few items in my report that I need to take care of. One of them is the Charge off by Capital one. The acct shows as a charge off, however, there is no additional CA entry on my report for this account as I worked with Nelson Watson and Associates to start making payments (now I know its a bad idea). I have been making those small pmts for over a year. I have saved enough to PIF, however, my question is wether I can strike a PFD with them? can OC remove a charge-off? or are they required by law to stay there?

 

I also have 3 other accts that are reflecting both a CO and CA entries each. Should I keep making pmts on my Capital One and try to PFD one or two of these three instead?

 

SOL for Cap One is out of the question since I am making pmts, DOFD for other three is showing as 09/2009 (EAF LLC), 10/2009 (Pinnacle Credit Services), and 03/2010 (Asset Acceptance) on EQ CR. SOL in my state is 4 years for credit card debt. Even if they go by DoFD for SOL, I have another 9-14 months for those accounts. I would rather be done with them by then. I also have an old ATT bill via EOS that is showing up, however, I am working on PFD'ing that already. 

 

- I never heard anything from EAF

- Pinnacle has Vision Financial collecting for them. They sent me an offer 07/12, 08/12 I counter-offered a lower amt for PFD, 10/12 I send the offer again (CMRRR both times). Nothing so far. They do call me, well, my Google voice number quite a bit.

- Asset Acceptance might have sent me a letter or two. Do not remember for certain, but I have not heard from them for quite some time.

 

Any input would be appreciated!

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Rebuilding - Need Help

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

CapOne likes to own their own CO'd debts. They'll usually only sell the debt once SOL expires. They'll most usually add lates each month following the CO and uptick the balance due to interest. You can certainly try a PFD. IME, DW had a CapOne CO and we sent dozens and dozens of PFDs with no luck. Definitely try, but I'd suggest after a couple of No's pay it off and GW at a later date. Not saying that CapOne is impossible to get a PFD with, I've only seen a couple IIRC. The CA in your example won't ever report. Definitely keep paying the CA while trying the PFDs. CapOne isn't required my law to report it; they only must report accurately. BTW, simply paying it in full might result in a significant score gain if your CC util improves in the process.

 

Are the other baddies newer? If so, I'd focus on them. If older, then I'd focus on CapOne. CapOne's age factors in too. If it is your oldest accounts, you may not want it deleted out of risk of losing points. If younger on average, then no harm in asking to have it removed via a PFD now or GW after PIF.

 

SOL varies by state. Some states allow SOL to be reset via a payment. Some states allow SOL to be suspended if you move out of state or out of the country. Make the assumption that you are inside SOL unless proven otherwise.

 

If you are inside SOL and have the $$$ to PIF the EAF debt if you had to (to avoid a judgment), then send a DV to EAF. If they verify and you agree, then send a PFD.

 

IMO, ignore Vision. Focus on Pinnacle since they are the ones reporting. Sometimes OCs and CAs will outsource their collections to a 3rd party, but often that 3rd party can do squat, as in this example.

 

Send a PFD to Asset if wanting to go that route.

 

 

New Contributor
Posts: 59
Registered: ‎01-02-2013
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Re: Rebuilding - Need Help

Thanks llecs. The Cap One was opened in 2006, the other three are from 2007 and 2008. I will DV EAF. Should I PFD Pinnacle right away? or should I DV them first? I will need to hold off on Asset Acceptance until I have enough funds to cover them as well. 

Moderator
Posts: 13,755
Registered: ‎04-15-2011
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Re: Rebuilding - Need Help

I would PFD Pinnacle first, just to make sure they still have the debt.  Then if agreed, send a PFD.



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Frequent Contributor
Posts: 444
Registered: ‎12-05-2012
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Re: Rebuilding - Need Help

@ Firi I would DV and then PFD with Pinnacle. because if they cant validate, they must delete themselves and save u some cash!

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New Contributor
Posts: 59
Registered: ‎01-02-2013
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Re: Rebuilding - Need Help

Thanks for the help. I will update once/if I hear from EAF and Pinnacle.

New Contributor
Posts: 59
Registered: ‎01-02-2013
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Re: Rebuilding - Need Help

A little update. DVs to EAF and Pinnacle are on their way. I found a dv that I had sent Asset Acceptance back on 10/31 after they sent me a letter on 10/16. Credit Karma showed a small increase in my score on 12/29. the 3-in-1 report pulled on 1/1/13 no longer shows their entry. I do still shows OC (BEST BUY) on TU and EX, however the entry in EQ is by CAP1/DAMARK INTERNATIONAL INC. They all show 0 balances. Should I try disputing those entries with CRAs since CA was not able to validate and deleted?

New Contributor
Posts: 59
Registered: ‎01-02-2013
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Re: Rebuilding - Need Help

Any ideas on how i should proceed with best buy CO? I cant PFD to do the GW route with OC as CA was not able to verify.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Rebuilding - Need Help


Firi wrote:

Any ideas on how i should proceed with best buy CO? I cant PFD to do the GW route with OC as CA was not able to verify.


Since the BB CO shows as paid, it means they either sold it or it was paid. Since $0, send a GW.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Rebuilding - Need Help


NewbieReed wrote:

@ Firi I would DV and then PFD with Pinnacle. because if they cant validate, they must delete themselves and save u some cash!


No, they do not have to remove the TL.  They just can't continue collection activity until they do.

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