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I know morally, I am going to pay for this "Charge Off" on my report soon. But, I am curious as to how it will affect my score (635 at moment).
I am starting the process of rebuilding my score after YEARS of a very bad personal finance era. Since then, things have turned around. Anyway, here is this particular account situation:
-Chrysler Financial charged off $688
-I was consistently 60 days late for 8 reporting months straight.
-I was attempting to make the 400 pymnt over the phone and a lady who was very upset with me said 688 in full immediately or she would CO the account. I pled for 400 that day and 288 a week later. I'll be danged that she hung up on me as I was debating with her, without taking the 400 I was trying to pay. I am not feeling sorry for me because after all, I had shown them a terrible pymt history.
-The Account now shows opened in 2003
-Shows 8 times 60 days late
-Shows Mar. 2010 last activity
Should I try a PFD letter? Or, would it be better FICO score wise to just try to PIF and have the account remain on report?
“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin
Gardening since 3-26-15
With that many 60 lates, I would say go for the PFD.
A removal of the charged off account is always going to be better. A paid charge off is pretty much the same as a unpaid chargeoff, its still going to affect your score. So try a PFD first before paying it off. Who is reporting that account btw? It almost sounded like you clashed with a CA and the rep didnt like your settlement offer of $400.
Thanks for the response. I will try the PFD.
To answer your question, it was a woman from Chrysler Financial, not a CA. I had fallen into a bad time with loss of income and fell behind on payment by 60 days. I continued to make the 400 payment because I only owed 3k or so. Obviously the payment was 60 days behind each time I made the single payment and I knew they wouldn't repossess it. Credit was the least of my worries at that time. Anyway, the lady called and told me to pay the full 688 balance or else. I told her I only had the 400 in account, unless she could wait until my next check. She said they were tired of doing that every month of late. We got in a heated debate because I grew tired of being belittled, plus I caught her in mathmatical errors. She seemed frustrated and literally hung up on me. I thought that I would just wait a little longer and pay the 688, but when I called, I was told it was charged off. I was shocked that they did, not because I had a great history over that past 8 mos., but because they could have had 400 that day and I would have only owed 288 left. I am positive she was just sticking it to me for being such a pain to her. Again, I'm not bitter because it was my debt to pay and I wasn't doing it on time. Now, I am back to financial health and trying to clean up my mess.
“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin
Gardening since 3-26-15