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@Anonymous wrote:This is nuts. My wife and I both had Secured Credit cards from Capital Bank (SkyBank). Our emails for those cards were via a website we owned on the hosting server. You had to login and check mail there through what is know as the CPanel, we didn't have the mail forwarded. At the time it was more secure. We had over 20 sites and didn't renew them and the hosting account was canceled.
At the time SkyBank - Capital Bank was busy changing their web site and we couldn't access it. So between our canceling the hosting - the email was no longer available and being unable to access SkyBank's site we called.
Long story short we got behind $150 each, never were able to get the login information straight, even with phone calls. Honest, I couldn't make this stuff up.
We were on paperless statements so we didn't have records. One more thing - silly me had shredded the cards because I was going to pay off both cards and get our money back.
They charged/wrote off both accounts. I contacted them at three difference addresses and finally got a response from one in PA. A form letter telling me it was my account and it's written off. I already knew that, I was writing to get a statement, pay them off and also attempting to resolve the credit issue on our reports. After several letters I was told the issue is settled, they will not remove the ding although I paid. Now the credit reports state they were paid P&L write-offs
Remember - this was OUR money, so-called secured cards. So they ran up fees past our limits then wrote them off in a matter of months. Good-bye, don't cry.
Is there anything we can do to get this removed? Write to the bureaus I suppose, SkyBank won't move.
Thanks for reading. Any assistance would be appreciated.
Ok let me say it so you understand. #1 mistake thinking the money on the secured card is yours. I know it seems like that. But it's not that money you sent is placed in escrow in case you don't pay. Sure. It's the same as your limit but two different funds. #2. They are correct. In any credit system. The fact it was charged off. Even after you pay. It does not go away. Fico does not care it was paid but the fact it happened at all kills your score. Solution. Offer. Pfd. You will only pay if they delete the entire history. Better to keep your money if they don't. Biggest killer of credit ever is misconception of secured credit cards. If you mess that up. How can they trust you with un secured? Best to goodwill. Explain site being down and you not getting mail. Agree to pay late fee too. Just to have this crap deleted. Maybe they bite. If not keep your money and move on. Good luck.
I tried the pay-to-delete, went back and forth with a form letter they were issuing. Moving on for sure.
@Anonymous wrote:This is nuts. My wife and I both had Secured Credit cards from Capital Bank (SkyBank). Our emails for those cards were via a website we owned on the hosting server. You had to login and check mail there through what is know as the CPanel, we didn't have the mail forwarded. At the time it was more secure. We had over 20 sites and didn't renew them and the hosting account was canceled.
At the time SkyBank - Capital Bank was busy changing their web site and we couldn't access it. So between our canceling the hosting - the email was no longer available and being unable to access SkyBank's site we called.
Long story short we got behind $150 each, never were able to get the login information straight, even with phone calls. Honest, I couldn't make this stuff up.
We were on paperless statements so we didn't have records. One more thing - silly me had shredded the cards because I was going to pay off both cards and get our money back.
They charged/wrote off both accounts. I contacted them at three difference addresses and finally got a response from one in PA. A form letter telling me it was my account and it's written off. I already knew that, I was writing to get a statement, pay them off and also attempting to resolve the credit issue on our reports. After several letters I was told the issue is settled, they will not remove the ding although I paid. Now the credit reports state they were paid P&L write-offs.
Remember - this was OUR money, so-called secured cards. So they ran up fees past our limits then wrote them off in a matter of months. Good-bye, don't cry.
Is there anything we can do to get this removed? Write to the bureaus I suppose, SkyBank won't move.
Thanks for reading. Any assistance would be appreciated.
-Usually- CCs are 180 days late by the time they are charged off; how long was this going on for? It doesn't seem like this would take 180 days unless the bank charged it off earlier than that.
It's sort of dumb but paying often doesn't do anything (if anything, it can lower your score due to the update of the account) unless you do a pay for delete and the tradeline is removed. At this point, you will need to write goodwill letters (it may take writing quite a few letters!); visit the Rebuilding Forum for examples and support. As long as everything is reporting correctly, you are stuck with this on your reports until you reach the 7 years plus 180 days (maximum) for it to fall off unless you can get a goodwill letter to work. Good luck!
@Anonymous wrote:I tried the pay-to-delete, went back and forth with a form letter they were issuing. Moving on for sure.
After that does not work. You can just goodwill. Every few months works. Not sure how long ago it happened but time is on your side. Another thing to redeem is to overflow your current report with positives. Open another secured card to get things going. Try cap one. For every negative item. 3 positives. To help your credit. We all make human mistakes. And 1 negative can surely be overlooked when so many positive things on report.
I paid mine off, not my wife's as a test. As I said, I tried pay-to-delete so maybe periodic goodwill letters might help but the typically are issuing form letters with a stamped signature on it.
We have other secured cards and manage them effectively and scores have been going up so we'll just proceed on the path that is working.
@Callandra wrote:-Usually- CCs are 180 days late by the time they are charged off; how long was this going on for? It doesn't seem like this would take 180 days unless the bank charged it off earlier than that.
Plus one.
If you take one lesson away form this, it's that no account, even one on auto-pay, should go for 6 months without you looking at a statement.
If you take two lessons, the second should be that a secured credit card is not like loaning money to yourself. It's more like the security deposit on an apartment - it doens't entitle you not to pay the last month's rent, and if you trash the place the landlord has every right to come after you for even more than the amount of the deposit.
Borrowing is borrowing. Secured or not, you have to meet your obligations.
I would recommend filing a dispute under the Fair Credit Billing Act (FCBA) rather than a dispute under the FCRA.
FCBA disputes, for example, bring into play requirments for the creditor to provide evidence. FCRA disputes do not.