Want to pay BoA Charge Off

[CreditJim]

Hi,

I've been making good progress with my credit repair lately, a $1000 credit card from a credit union, $1200 Apple Barclaycard (at 5 months now so hopefully a CLI next month) and 3 Capital One credit cards (an old $300 one, a $750 cash rewards one and a $750 Spark Business one). All the cards have zero balances, and are paid in full if I use them. I also have an auto loan with the credit union with around a $15k balance remaining.

My question is about an old baddie that caused my credit problems in the first place. I have a charged off Bank of America secure credit card. The balance reporting is $848. There are no collection agencies reporting this debt on my credit report, just Bank of America. It was reported in Nov 2008.

What's the best solution to deal with this. I'm in a position to pay in full, if it benefits me. I don't want to pay in full if they mark it paid and it just resets the 7 year reporting again.

Any help greatly appreciated!

[westo12]

Maybe send a PFD letter? What is the DofD? Is the CO date the 11/2008?

[CreditJim]

Yes the charge off was Oct 2008. What's DofD?

[LIGHTNIN]

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@breedo wrote:

Yes the charge off was Oct 2008. What's DofD?

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DoFD ( Date of First Default)

DOFD is the month you first went late (1st 30day late) and never ever recovered again.  You'll often see a 30day late followed by a 60, 90, 120, etc. That month in which the 30day late appears is the DOFD, assuming you never paid to get current after that point.

Paying on a debt does not start, the reporting clock over again. Reporting time starts from the DoFD.
CRTP (credit reporting time period) is the length of time an item reports on a CR.
Most negatives stay on a CR for 7yrs, CO's and CA's stay for 7.5 yrs from the DoFD.

To help with understanding how we talk around here, check out the Common Abbreviations .

[CreditJim]

Thank you for your kind explanation. Not all places are as friendly. In that case my DoFD was 05/08.

[madmann26]

So it stays on until 2015.

I would call BoA and ask them about a PFD. If they won't, then ask about a settlement and try to GW it later.

[CreditJim]

Thanks. I'll call them and ask about a PFD. I've tried searching these forums and others and it doesn't appear that many people have much luck with this, or a GW.