12-21-2010 01:04 AM - last edited on 12-21-2010 02:36 AM by LilMirth
Good Morning! I have been lurking for a few days now and I love this site! I hope that it gets me on the right track. Regarding the repo listed below, I am trying to figure out what will be the correct thing to ask from the OC? I have never been contacted by WFFINANCIAL asking for any sort of payment or by a CA either. As you can see there is no balance on the car. The car was repo twice(first time i paid and received the vehicle back in my possession) the second time I had no way of making the payment, car was repoed and sold at auction. If you notice under Payment status it saids the word skip? What that mean? What should I do in my case? What should I request from Wells Fargo? I am new to this so please advise. Thank you. __________________________________________________
EXPERIAN EQUIFAX TRANSUNION Account Name: WFFINANCE WELLS FARGO FINANCIA WFFINANCIAL [Edited] Acct Type: Auto Loan Installment Installment account Acct Status: Closed Closed Monthly Payment: $236.00 $236.00 Date Open: 10/1/2005 10/1/2005 10/28/2005 Balance: $0.00 $0.00 Terms: 60 Months 60 Months High Balance: $3,642.00 $10,026.00 Limit: Past Due: $0.00 Payment Status: Charge-off Bad debt & placed for collection & skip Charged off as bad debt Comments: CHARGED OFF ACCOUNT AUTO Profit and loss writeoff 24-Month Payment History ? Legend Date: Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 06 06 06 06 06 06 06 07 07 07 07 07 07 07 07 07 07 07 07 08 08 08 08 08 90 OK OK 30 30 60 90 120 RF OK OK 30 30 60 30 60 60 60 60 90 90 120 120 RF 90 OK OK 30 30 60 90 120 OK OK OK 30 30 60 30 60 60 60 60 90 90 120 120 OK
Edited to remove partial account numbers ~ Moderator, LilMirth
12-21-2010 02:50 AM
Hi Kixforpa! Welcome to the FICO Forums!
"Skip" means that they can't find or contact you, or that you changed addresses/moved and didn't notify them.
What is your goal with this charged-off loan account? When you ask what you should be asking of the OC, the answer is that it's dependent upon your end-game, so-to-speak. Is there also a collection account listed as a separate tradeline for this charge-off? Do you know what the applicable statute of limitations (SOL) is?
Also, slighly unrelated to this particular question, but definitely related to your rebuilding efforts overall-- Before you do anything, if you haven't done so already, please, please, please Opt-out with the credit bureaus and your creditors in good-standing. You can use the link in my sigline. Paying off old debts, and rebuilding your credit makes CAs come out of woodwork like nobody's business. opting-out curtails the CRAs ability to tip them off.
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
12-21-2010 05:08 AM
To expand on LilMirth's SOL comment, you may owe a balance still. Even if sold at auction, the amount the car was sold for could have been less than your loan balance. If that's the case, a balance with monthly interest could be due now. The info merges in your post, OP, and you want to double and triple check to see if you have the $$$ to PIF before doing anything. If not, then wait until SOL expires before doing anything, lest you get sued.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.