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Should I try and pay or just wait?

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Anonymous
Not applicable

Should I try and pay or just wait?

Hello All,

          I've been reading the forums for a while now and my credit journey has been going pretty well so far. I started at 516 and I am up to 627. I ran into some issues in 2008-2009 moving from DC to Pittsburgh and trusted some friends I really shouldn't have. I ended up defaulting on 3 credit cards (2 Cap1 and 1 BOA), my studen loan, and some utilities and phone bill. I have paid the untities and phone bill and those have been removed from my report. My student loan is done with rehab and back in good standing. After starting off with a First Progress secured card, I now have a CFCU 2k, Cap1 $2,250, QS1 $500, 5/3 Bank $500 cards, and a new truck. I am happy with my progress so far. However, I am looking to buy a house soon and not sure what to do about the CO accouts. From what my reports say the BOA accout is supposed to be removed 10/15 and the two Cap1 accouts removed 11/15. Would it be best to try to contact them to pay them off or just play the waiting game and wait until these fall off on their own?

 

I want to make sure I am going about this the right way and not mess up what I have worked and still working to fix. Any suggestions would be awesome!

 

Thanks in advance!

Message 1 of 7
6 REPLIES 6
surferchris
Valued Contributor

Re: Should I try and pay or just wait?

Congrats on your progress!

 

The two CO's will fall of of your report soon, and you may be able to obtain an early exclusion from TU right now for them.  When you speak to a lender they may or may not require you to pay them off (as they show up on their tri-merged reports), so you wont know that until later anyhow.  Take care.

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 2 of 7
Anonymous
Not applicable

Re: Should I try and pay or just wait?

So best bet is to call the lender and ask for an early exclusion? Contacting them won't reset any time on the date they are coming off? If they require it to be paid would it be the full amount or will they let me get away with the original amount? The Cap1 cards were $500 each which isnt a huge deal, but the BOA accout was $2500 if I remember correctly. Would it help at all if I paid the Cap1 accounts for an early exclusion and just leave the BOA one alone until October? Sorry for all the questions.

Message 3 of 7
Anonymous
Not applicable

Re: Should I try and pay or just wait?


@Anonymous wrote:

So best bet is to call the lender and ask for an early exclusion? Contacting them won't reset any time on the date they are coming off? If they require it to be paid would it be the full amount or will they let me get away with the original amount? The Cap1 cards were $500 each which isnt a huge deal, but the BOA accout was $2500 if I remember correctly. Would it help at all if I paid the Cap1 accounts for an early exclusion and just leave the BOA one alone until October? Sorry for all the questions.


No, the lender has nothing to do with the exclusion, thats entirely up to the CRA's. Call each CRA to request early exclusion, TU at six months early, EQ and EX at 2-3 months early.

Message 4 of 7
Anonymous
Not applicable

Re: Should I try and pay or just wait?

Oh. Alright. That sounds a little easier than fighting with the lenders. Are they able to remover the couple of collections that are paid (I paid them and didn't know about the PFD), or would that be asking too much at one time from the CRA? Is there anything special they are looking for to agree to the early exclusion? Or is just a roll of the dice?
Message 5 of 7
gdale6
Moderator Emeritus

Re: Should I try and pay or just wait?


@Anonymous wrote:
Oh. Alright. That sounds a little easier than fighting with the lenders. Are they able to remover the couple of collections that are paid (I paid them and didn't know about the PFD), or would that be asking too much at one time from the CRA? Is there anything special they are looking for to agree to the early exclusion? Or is just a roll of the dice?

If they are not about to drop anytime soon with ir without the early exclusion you would send a GW letter to the reporting entity asking for removal of the TL.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

 

The timetables for the EE have been give to you and you contact the CRA via US Mail or phone asking for the early exclusion(s) you may have to make several calls to get to someone willing to help not everyone that answers is.

Message 6 of 7
Anonymous
Not applicable

Re: Should I try and pay or just wait?

Got it. Thanks for the patience. Finances have never been my forte. Still working on figuring it all out.
Message 7 of 7
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