topic Macys CO Question in Credit Cards

Macys CO Question

Anonymous — Wed, 28 Jan 2015 04:31:24 GMT

After really thinking about my Charged off Macys account back in 2011. My total balance $289 (Shameful, I know) considering it takes 180 days before an account is charged off, does that mean that the late fees $35 x 6 = $210 is part of that charge off and that my actual debt was only $79? Is there any way to dispute this, my card was stolen, I cancelled my card, etc etc?

Re: Macys CO Question

Skye12329 — Wed, 28 Jan 2015 04:36:12 GMT

You can attempt to dispute it on your CR's i believe there is an option for stolen card. Not sure for sure though. I dont know but dont think late charges get included with CO. i think its just principal. Could be wrong.

Re: Macys CO Question

TravellingNomad — Wed, 28 Jan 2015 04:46:07 GMT

The CO amount will be the total balance on the card as of the default date..which would include any late and interest fees. You can dispute and say stolen, but if it was stolen in 2011, Macy's question to the dispute will be why is it only being reported stolen now?

Why not try to see if the collection agency will agree for a PFD?

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 04:56:46 GMT

@TravellingNomad wrote:
The CO amount will be the total balance on the card as of the default date..which would include any late and interest fees. You can dispute and say stolen, but if it was stolen in 2011, Macy's question to the dispute will be why is it only being reported stolen now?

Why not try to see if the collection agency will agree for a PFD?

The CA is Northland, from the limited information I can find on here is that no one has been unsucessful with a PFD. Perhaps stolen is a bit too much but since the debt was originally $79 the price of 1 or 2 items. Possible saying I didn't make those purchases?

Re: Macys CO Question

wmweeza — Wed, 28 Jan 2015 05:03:57 GMT

Let me see if I got this straight; You want to say your card was stolen when it wasn't so you can get some of the debt erased?

Re: Macys CO Question

core — Wed, 28 Jan 2015 05:18:18 GMT

Two things:

1. The time limit is WAY expired for any protections you might have had if you wanted to claim theft or unauthorized purchases. This is laughable after all this time. The time to do this is within 60 days of the statement containing the "error".

2. You used the word "dispute" so I'm guessing you meant dispute with the CRAs? CRAs do not get involved in this petty stuff about what made up the balance in the first place. The account itself was yours. Whether the charges were made by you or not is irrelevant to them. All they care about is that the amount of the debt is "correct", meaning what the creditor has down. Macy's would have to be the one to forgive it, if they wanted to buy the story. Then they might send you a 1099 just for punishment.

I'm enjoying these ideas of yours though!

Re: Macys CO Question

FinStar — Wed, 28 Jan 2015 05:21:29 GMT

@wmweeza wrote:
Let me see if I got this straight; You want to say your card was stolen when it wasn't so you can get some of the debt erased?

It appears this is the course of action the OP is willing to take based on OP's other posts (various threads) with similar questions. However, it appears the OP is aware of the Macy's debt (not so much stolen) since his other post in the rebuilding forum clearly identifies some specifics.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Credit-Repair-Help-Full-Story-Inside/m-p/3764490

I'm not sure that deceiving creditors with the willful purpose to erase a debt by false means will work, but to each their own I suppose.

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 05:43:34 GMT

Ok, I admit it was a stupid thought. So just sending PFD letters is my best option?

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 05:47:56 GMT

@FinStar wrote:
@wmweeza wrote:
Let me see if I got this straight; You want to say your card was stolen when it wasn't so you can get some of the debt erased?
It appears this is the course of action the OP is willing to take based on OP's other posts (various threads) with similar questions. However, it appears the OP is aware of the Macy's debt (not so much stolen) since his other post in the rebuilding forum clearly identifies some specifics.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Credit-Repair-Help-Full-Story-Inside/m-p/3764490

I'm not sure that deceiving creditors with the willful purpose to erase a debt by false means will work, but to each their own I suppose.

I did lay out some specifics but unfortunately all that got me was a pat on the back and a May the Force Be with You speech.

Re: Macys CO Question

core — Wed, 28 Jan 2015 05:54:44 GMT

@Anonymous wrote:
Ok, I admit it was a stupid thought. So just sending PFD letters is my best option?

If you PFD the collection agency, the Macy's chargeoff will still be there, and that CO is going to hurt bad right up until the 7 year mark. Worse than the collection. (I just went through this myself.) Read up first before doing anything or it could cost big. And stick with it. I didn't have the energy to put up with the rejections and just did my 7 years pennance instead. It was a long long wait.

Re: Macys CO Question

FinStar — Wed, 28 Jan 2015 05:57:27 GMT

@Anonymous wrote:
@FinStar wrote:
@wmweeza wrote:
Let me see if I got this straight; You want to say your card was stolen when it wasn't so you can get some of the debt erased?
It appears this is the course of action the OP is willing to take based on OP's other posts (various threads) with similar questions. However, it appears the OP is aware of the Macy's debt (not so much stolen) since his other post in the rebuilding forum clearly identifies some specifics.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Credit-Repair-Help-Full-Story-Inside/m-p/3764490

I'm not sure that deceiving creditors with the willful purpose to erase a debt by false means will work, but to each their own I suppose.
I did lay out some specifics but unfortunately all that got me was a pat on the back and a May the Force Be with You speech.

It seems a couple of individuals have already provided some guidance as to your credit rebuilding efforts. Unfortunately, based on your join date on myFICO (unless you've been lurking for a while), you are not going to receive immediate answers to all of your issues overnight. Admittedly, the rebuilding forum would be the more suitable area to find some answers to a variety of the questions associated with PFDs and other items that would need to be addressed.

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 06:01:03 GMT

@core wrote:
@Anonymous wrote:
Ok, I admit it was a stupid thought. So just sending PFD letters is my best option?
If you PFD the collection agency, the Macy's chargeoff will still be there, and that CO is going to hurt bad right up until the 7 year mark. Worse than the collection. (I just went through this myself.) Read up first before doing anything or it could cost big. And stick with it. I didn't have the energy to put up with the rejections and just did my 7 years pennance instead. It was a long long wait.

What will the CA do if I did send the PFD, I'm not sure I understand what it could cost big means. Also I did read that a paid debt SOL is 5 years vs unpaid which is 7 in NY. In that case wouldn't it be better to pay off the OC if the PFD didn't work?

Re: Macys CO Question

core — Wed, 28 Jan 2015 06:08:55 GMT

Well what I meant was don't pay anybody until you're sure, because then everything's done and you lost all your bargaining power.

As far as SOL goes that has nothing to do with anything CRA related. That just means you can no longer be sued. The items will stay on your report for 7 years. (Edit: What's a "paid debt SOL"? Seems like an odd term. Maybe NY passed something screwy that I hadn't heard about?)

I'd like to answer your other questions but I'm not a PFD expert. Never take PFD advice from someone who waited out the 7 years instead of repairing his reports.

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 06:09:26 GMT

@core wrote:
Well what I meant was don't pay anybody until you're sure, because then everything's done and you lost all your bargaining power.

As far as SOL goes that has nothing to do with anything CRA related. That just means you can no longer be sued. The items will stay on your report for 7 years.

I'd like to answer your other questions but I'm not a PFD expert. Never take PFD advice from someone who waited out the 7 years instead of repairing his reports.

Lol, got it, thanks. pleasure talking with you, your answers were informative and made me laugh as well. Hope to see you around here often.

Re: Macys CO Question

Anonymous — Wed, 28 Jan 2015 06:18:10 GMT

My only advice, and take it for what it's worth. Be honest. That will serve you very well going forward. I've found, that people and companies (to a lesser extent) seem to bend over backwards for someone, who admits their guilt, and truly wants to make penance. Good luck!

Re: Macys CO Question

takeshi74 — Wed, 28 Jan 2015 13:37:39 GMT

@FinStar wrote:
I'm not sure that deceiving creditors with the willful purpose to erase a debt by false means will work

...and discussion of such tactics is probably against the TOS for these forums but that's for a moderator to address.