My question is in regards to the only negative item on my wife's credit report... It looks like this:
Is this a charge off? She can't remember if she paid it or not. My next question would be if it is a charge off, is it possible to do a PFD? As far as I know, this account was never sent to collections. She does not have any collections on her credit report and only has this negative. We're looking at buying a house in a few years and I'm assuming this could be a road block.
It is a CITI Credit Card, if that helps.
Thanks.
@manwoot wrote:My question is in regards to the only negative item on my wife's credit report... It looks like this:
Is this a charge off? Yes its a CO with a DoFD of 1/2010.
She can't remember if she paid it or not. My next question would be if it is a charge off, is it possible to do a PFD? Yes it would be
As far as I know, this account was never sent to collections. She does not have any collections on her credit report and only has this negative. We're looking at buying a house in a few years and I'm assuming this could be a road block. All COs and CAs on report typically must be paid prior to closing on a home
It is a CITI Credit Card, if that helps. You may not get a PFD from Citi, I would make sure this past your states SOL prior to making the offer also this account is not updating monthly, if you cannot obtain the PFD and it updates to paid CO its going to drop your score as it will look like a new CO in the eyes of Fico.
Thanks.
Thank you for that detailed reply! Minnesota looks like 6 years for SOL. If things fall off after 7 years, is there a point in paying the debt as opposed to just letting it fall off? I certainly don't want to poke the bear and have them start reporting CO again on my wife's credit...
@manwoot wrote:
Thank you for that detailed reply! Minnesota looks like 6 years for SOL. If things fall off after 7 years, is there a point in paying the debt as opposed to just letting it fall off? I certainly don't want to poke the bear and have them start reporting CO again on my wife's credit...
Personal choice and would depend on when you are going to app for your home... If I could not get a PFD I would not touch it till it becomes excluded.. then you can settle for much less and it wont affect your CRs if you wish to go that route.