topic 1st Financial Bank in General Credit Topics

1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:08:04 GMT

So a credit card charge off survived a DV and now I'm a little stuck. I spoke with a rep at the bank and they are pretty determined to keep the negative information on my report whether I pay or not. Should I:

a)
Pay in full, $651 (the credit limit was $250 but after various penalties shot up to $651, the account is, relative to my age, fairly old)
b)
Pay a settlement amount
c)
Do nothing and wait till it falls off

I'm looking for an option that will look less bad to potential creditors down the road, maybe raise my score a little although I am not optimistic on this point, all while providing me with the best value, bang-for-buck.

Thanks for everyones help!!

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:10:51 GMT

What is the DoFD/ DoLA for this tradeline? Do you know the SOL for your state?

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:13:37 GMT

Not familiar with Maryland's SOL, but the bank rep was insistent that the account would stay on until 2013, which seems a bit long considering it was my first credit card @ 18 and I'll be 23 in April.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:16:40 GMT

GBC wrote:
So a credit card charge off survived a DV and now I'm a little stuck. I spoke with a rep at the bank and they are pretty determined to keep the negative information on my report whether I pay or not. Should I:

a)
Pay in full, $651 (the credit limit was $250 but after various penalties shot up to $651, the account is, relative to my age, fairly old)
b)
Pay a settlement amount
c)
Do nothing and wait till it falls off

I'm looking for an option that will look less bad to potential creditors down the road, maybe raise my score a little although I am not optimistic on this point, all while providing me with the best value, bang-for-buck.

Thanks for everyones help!!

Even if you pay it in full, and they refuse to delete it, it will still be a negative mark. If it close to dropping, I would let it drop.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:21:49 GMT

GBC wrote:
Not familiar with Maryland's SOL, but the bank rep was insistent that the account would stay on until 2013, which seems a bit long considering it was my first credit card @ 18 and I'll be 23 in April.

3 yrs.

If you haven't pulled hard copies from the CRA's, do so to check dates. Keep them forever in case JDB decide to reage this account and try to make money from you later on.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:23:08 GMT

Exactly but according to the rep it IS NOT close to dropping. So I'm really caught. I'd rather NOT pay and let the negative mark stay, since it will be negative anyway, or at least meet the situation half way and pay a settlement so I don't look like a total deadbeat.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:26:08 GMT

Maryland SOL:

Written, Oral And Open Accounts(including CC's) 3 yrs

Promissory notes 6Yrs

Do you know approximately when you were charged off or defaulted because if it was when you were 18 this debt may be out of SOL. Remember SOL and CRTP(credit reporting time period) are different. CRTP is 7/7.5 yrs from DoFD or DoLA.

If you pay it will reset the SOL. Find out the DoFD/DoLA before you pay anything to anyone. They may have reaged this account and that would be illegal.

Message Edited by litchloath1 on 02-11-2008 02:26 PM

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:25:48 GMT

And a ccc rep would never lie?

Pull your reports and make sure the dates add up.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:25:51 GMT

3yrs from the date of first delinquency?

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:27:18 GMT

yes 3yrs from the DoFD

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:28:48 GMT

Ok per Equifax the month/year of first delinquency was 06/2006; on Experian the information isn't as ready but it looks like the first delinquency was "180 days of October 2006, June 2005"

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:28:51 GMT

GBC wrote:
Exactly but according to the rep it IS NOT close to dropping. So I'm really caught. I'd rather NOT pay and let the negative mark stay, since it will be negative anyway, or at least meet the situation half way and pay a settlement so I don't look like a total deadbeat.

FICO gives no brownie points for partial payments on charged off accounts.

However, it MAY look better on a manual review. Your choice though.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:32:50 GMT

So the DoFD was 06/2006. If I pay now, the SOL resets for Maryland. Does that mean the credit bureaus have to honor the SOL and remove the accounts?

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:32:59 GMT

Have you tried sending a letter to the OC asking for an investigation.

Company

Address

Address

Date

Re: Acct #xxxxxxxxxxxxxx

To Whom It May Concern:

I recently pulled my credit report from Experian, Equifax and TransUnion and noticed this account was listed on each of my reports as a collection I immediately disputed this information with Experian, Equifax and TransUnion and the results of the investigation came back as "verified".

Since I have disputed the account with the credit bureaus, and you have verified them, I would like to see what sort of records you have for this alleged account. Under the new FACTA laws, you are required to conduct an investigation on this account, and I am now requesting it.

In order to clear up this matter, I would like to see:

Complete account history, including, all statements, records of all activity, payments, collection attempts, and any charges added for collection activity; In short, any and all documentation pertaining to this account

If you don't respond with the results of the investigation (as is required per the FCRA), I will assume you have no documentation and therefore you were negligent in providing the credit bureaus with accurate information. At this point, you would also be in violation of the FCRA merely for not responding within the 30-day period.

Please send all correspondence to:

Name

Address

Sincerely,

DO NOT SIGN......JUST TYPE NAME

Remember always send CMRRR

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:35:34 GMT

No the CRA will keep it on your report for 7/7.5 yrs whether you pay it or not. The only real way for it not to effect your score is to have it deleted/removed(PFD)

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:39:23 GMT

GBC

Is there a CA involved? If so, they will report the date that it was assigned or sold to THEM. That does not mean they can re-age the account. It still must go by the date on your original account. That goes for CRTP too.

SOL is the time they can sue you and win. After 3 years they can still sue you but your defense would be it's past SOL. It will be kicked out. Paying CA doesn't reset SOL.

Message Edited by stef37 on 02-11-2008 12:39 PM

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:40:27 GMT

The matter is still being handled by the original creditor, 1st Financial. I think I will try the letter above in hopes of annoying them enough to throw in the towel. But they seem obstinate and determined.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:49:22 GMT

Ok, I am confused, you stated it survived a DV. You don't DV the OC.

If this is the case, you are within SOL. So, you must of stopped paying in 06?

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 20:55:26 GMT

Yes, entered a rehab program and then basically lost contact with them, as I changed contact numbers and bank accounts and received no correspondence via mail.

Re: 1st Financial Bank

Anonymous — Mon, 11 Feb 2008 21:05:02 GMT

In light of the information, I would settle it.

This is only going to incur more and more fees if not.

It may be something you can GW in the future.