DOFD? Sorry I'm new at this. Is it considered a duplicate if the original lender AND a subsequent collection agency have both reported it to a Credit Bureau? I have never paid the collection agency anything...
DOFD = date of first default = date of first missed payment....approximately 1 month after you made your last payment on an account
Account should fall off your report 7 - 71/2 yrs from this date
No, not considered a duplicate if original creditor and collection agency both report this. A duplicate is when 2 or more collection agencies are both reporting the same account.
If it has been over 7 1/2 yrs from DOFD both the OC and the CA should both be removed from your report.
Ok I've read CS 101, although I probably need a 098 course for beginners. I'm not in as deep as some people on these threads, but am in deep enough to need the advise.
My former credit line of 80,000 with MBNA (two credit card, an NEA and former credit union card) got lowered to the amount I had on the cards (30,000) a few years back when B of Am bought out MBNA). I know that affected the % of debt to something ratio. Then last year my Cosco/Am Express got lowered to 1,800. then closed. That and who knows what else made the nice low interest rate of 1.9 on the B of A shoot up to 19.9 and 12%. Since one of the cards is NEA backed, or who knows why, perhaps because I asked, perhaps the stars were aligned, the NEA BoA lowered its interest to 10.%
I have other card that I use *(really high % rates) that I use for day to day stuff, and pay off in full each month. I'd been whacking away at the big B of A mother load of all debt (*I had consolidated it there when it was back at 1.9%, but used it last May when my 13 yr old got picked to go to Europe with a school team for a robotics competition.
While I'd been whacking away at the debt, there was enought available on the cards to pay for the european adventure. I'm sure Susie would have said "Denied" if I were to have run it past her.
But now I'm in a quandry. Is it better to pay down the high interest loans with loan against my tsa, and then transfer all the debt to the 10% interest. A fellow teacher down the hall, from me, who had to declare bk said, "Paying off cc with another loan, doesn't sound good" He advised filing for BK to clear the deck and start over.
I'm not sure I could do that, as I do own a home (well actually the bank does). I've got 75.000k left on a condo that's worth 280k, and have applied for a loan reduction that could lower the interest rate by 3% down to 4.75 with 5,080 origionation fee. I'm guessing it'll be better to sign off on that to lower the interest rate, and use the extra $ left over to pay down as far as I can all high interest cc first, and then tackle living like a miser to pay off the huge B of A and FIA (part of Bof A)
Thought about credit counseling, but was advised by someone that that makes one's FICO scores go down again.
I'm 55, and unfortunately have my son in a private school, w/ tuition payment. He's heading into 8th grade, and will let him go to public hs at 9th grade. There's an excellent Jesuit College Prep down the road, but I've already realized that that will not fit into the pay off the debt budget at all.
Is bk even an option to discharge cc debt anymore? Or is it better to live as frugally as possible til it is paid down to zeo? (we don't have tv, cel phones, I drive a 2000 car,and have already pretended that we are poor to pay down. But it gets really old, and there's always slips ups on occasion. It's hard to make my son suffer for my mistakes, but he's used to budgeting to a certain extent.
Any advise from you experienced folks?
I've even considered retiring from the public schools, take the $3,000.00 state retirement, and get a job either in another field or in a charter or public school to make more in the short run.
I have a job teaching 72,400.
Trying to make ends meet, and slash the debt. Any suggestions?
This is an awesome starting point. Thanks for posting. .
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