Established Member
bmartinta
Posts: 16
Registered: ‎09-15-2012
Re: 630 FICO w/$10k downpayment

Thanks for the reply Trish.

 

A little update. I applied at Western Federal CU and was denied. They claimed the unpaid charge offs as the reason. Here is what is reporting on my CR.

 

CO 1 - Capital One. Cap 1 holds the debt and reports a new balance every month. They increase it by $18 each month. 

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Sep, 2012
May, 2008
Oct, 2009
$1,084
Revolving
Individual
All Banks

 

CO 2 - Chase. Balance is reported as 0. 

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Mar, 2011
Jul, 2007
Mar, 2010
$1,055
Revolving
Individual

National Credit Card Cos.

 

CA - Portfolio Recovery. This is who Chase has sold the debt to. They still call me daily, but do not increase the balance.

 

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Aug, 2012
Mar, 2011
Mar, 2010
$1,055
Open Account
Individual
Factoring Companies

 

Now if my understanding is correct the SOL starts from the Date of Last activity correct? If so then CAP 1 has reached the SOL and I have a few months left before the Chase balance reaches SOL.

 

All that being said, I just want to pay this off. When I call Portfolio I will ask them to remove the trade line and offer 50% of the balance. Should I offer more or less? 

 

As for CAP 1, I doubt they will deal with me directly and will sent me to the CA they have contracted. Does a contracted CA have the authority to remove CAP 1 trade line? I doubt they do, but you never know. I figure I will offer the same 50%, but not for the current balance and rather the "highest reported balance". 

 

I want to get this done quickly as I am now out of a vehicle. Worst comes to worst I can just pick up a cheap beater car to get me around until I can get this credit stuff sorted out. 

 

Thank you all for the responses.