topic Re: Transfer a charged off balance? in Credit Cards

Transfer a charged off balance?

Anonymous — Thu, 16 Jun 2016 22:40:30 GMT

Hi, I have a charge off account from my NFCU credit card back from when I had absolutely no respect for my credit...

Anyway, I didnt realize the value fo my NFCU account then, and given I was irresponsible I gave up on trying to pay my $4800 balance and let the card go. I talked to NFCU and they said I can get my account back if I pay the $4800 in full. I will do that, but I don't want to pay t all at once. I'm thinking about opening a credit card to transfer the balance to, but I am not sure if taht is possible. The charge-off is from 2008 and NFCU is still the reporting party.

My question is can I transfer a balance from a charged off credit card to a new card? The other problem is that I dont think I will get approved for a card with $5000. I currently have an Amex $6000, Cap One $8000 and my other cards have much lower limits (see my siggy) and all are PIF every month. Also, I can maybe put it on cap one if that is an option, but I was really hoping to take advantage of a $0 introducory offer on BT.

Thoughts? Ideas?

TIA

Re: Transfer a charged off balance?

Anonymous — Thu, 16 Jun 2016 23:28:41 GMT

As long as you have the NFCU account number I don't see why not. But I'm curious to see what others have to say. I'm def going to follow this thread.

Re: Transfer a charged off balance?

SunriseEarth — Thu, 16 Jun 2016 23:47:06 GMT

You could have the BT deposited into your bank account (for some lenders) and then use that to pay the CO.

Re: Transfer a charged off balance?

RonM21 — Fri, 17 Jun 2016 00:48:57 GMT

I don't know if or how this would work. I'm also interested in how this plays out.

Re: Transfer a charged off balance?

Anonymous — Fri, 17 Jun 2016 00:53:44 GMT

@RM21 wrote:
I don't know if or how this would work. I'm also interested in how this plays out.

Sunrise Earth explained how it would work. Use a BT check and deposit it into your payment account and then pay NFCU from that account.

Re: Transfer a charged off balance?

Anonymous — Thu, 23 Jun 2016 15:28:54 GMT

Thanks everyone for the input.

Hi I haven't done anything yet. I would like to talk to NFCU first to see what that looks like from their perspective. For example, will I be able to reopen that card? Will I be able to have an account with them again? How will it affect future loan and credit card approvals? I really like NFCU becuase of their low loan and cc rates, other than that, I'd argue they are the same as my current CU. On the other hand, I dont want to wake a sleeping giant. I think the DoLA will be updated if I contact them, so I am a bit hesitant.

I'll keep you posted on what I do.

Re: Transfer a charged off balance?

SunriseEarth — Thu, 23 Jun 2016 20:35:47 GMT

@Anonymous wrote:
Thanks everyone for the input.

Hi I haven't done anything yet. I would like to talk to NFCU first to see what that looks like from their perspective. For example, will I be able to reopen that card? Will I be able to have an account with them again? How will it affect future loan and credit card approvals? I really like NFCU becuase of their low loan and cc rates, other than that, I'd argue they are the same as my current CU. On the other hand, I dont want to wake a sleeping giant. I think the DoLA will be updated if I contact them, so I am a bit hesitant.

I'll keep you posted on what I do.

These questions in particular might be better in the Rebuilding forum to get more input. That said, you probably won't be able to reopen that card in particular, but NFCU only seems to be forgiving in instances where their COs are resolved. Paying off a CO is typically good for your scores for two reasons: (1) it reduces your UTIL and (2) it stops monthly reporting of the CO.