topic Re: Applied Bank in Rebuilding Your Credit

Applied Bank

howiez28 — Wed, 16 May 2012 16:04:58 GMT

Well, it looks like I might have to do something with Applied Bank. We are in the works of fixing our credit in hopes of getting a VA approval for a mortgage soon. Our LO brought up my Applied bank account and said that I might want to consider doing something with it. Here are the details:

opened: 3/05

High/Limit: $1,350

Balance: $2,204

DOFD: 7/06

Does anybody have any experience with them? Unfortunately, I just don't have much money to throw at them for a PFD. I just paid off some recent medical collections in full and I'm trying to spread by money in order to pay and delete as many accounts as possible. I have seen a few sucess stories from people who have sent PFD letters to Applied bank. However, how low do you think I can go? I normally offer 50% but there is no way I can do that.

The account is pretty old. What is the lowest that you guys would offer them for a PFD?

If anybody has any good contact information I would greatly appreciate it. Thanks!

Re: Applied Bank

howiez28 — Wed, 16 May 2012 16:13:29 GMT

I'm coming across a few posts where people tried to send PFD letters to old Applied bank accounts only to soon have a new collection pop up on their reports. I'm afraid of touching this old account in fear that they will suddenly sell it off and I will then be hit with a new collection

Re: Applied Bank

datzme4ya — Thu, 17 May 2012 15:23:20 GMT

I had to deal with them and they would not do a PFD unless I paid the entire balance. They would not negoitate with me on a settlement for almost 6 months and when they did it was still over 50% of the total they were reporting. Sorry. I wish I had a better story to tell. I'll pray you have better luck than I did!!

Re: Applied Bank

cybarra2003 — Thu, 17 May 2012 16:11:41 GMT

I settled for roughly 50% of my debt but they only updated the balance minus the payment. after pulling teeth and eventually filing a BBB complaint they updated with the "legally paid in full for less than the balance" but since it was affecting my util, the updated zero balance rocketed my score up even with a technically negative update. I just called literally everyday and will eventually try to GW it but be prepared for a dogfight.

Re: Applied Bank

Anonymous — Thu, 17 May 2012 16:33:51 GMT

For mortgages they don't like to see outstanding debt. You need to clear up if they have issue with it being outstanding debt or they think it will help with your score. Unless applied changes to closed and pif, it is not likely to help your score. See if the dofd is accurate. Dispute it. Are you out of sol?

Re: Applied Bank

llecs — Thu, 17 May 2012 17:23:28 GMT

@Anonymous wrote:
For mortgages they don't like to see outstanding debt. You need to clear up if they have issue with it being outstanding debt or they think it will help with your score. Unless applied changes to closed and pif, it is not likely to help your score. See if the dofd is accurate. Dispute it. Are you out of sol?

Why would you dispute it?

On the downside, mortgage lenders have been know to deny a loan if a dispute comment appears.

Re: Applied Bank

Anonymous — Thu, 17 May 2012 18:32:51 GMT

Datzme4ya...where u able to get a pfd? I paid them in full and have been waiting for them to update since 4/23..I called and they said they will update with the cb on 6/8. I faxed a request for delete and no response although when I clld they sd they would each time its a different story.. if u were able to get them to delete can u pm me the info? Plz

Re: Applied Bank

MarcinXP — Thu, 17 May 2012 19:15:34 GMT

Looking at your situation you might have to wait until it falls off. Here are some things to consider

Applied Bank does not really do PFDs.

They will only accept a full balance in order to bring it to Paid and 0 balance. This is what is needed to get a Loan and if you dont have the money then its catch 22.

DOFD is 7/06 so it looks like it will be falling around 7/13. you might have to wait a year.

Re: Applied Bank

llecs — Thu, 17 May 2012 19:19:57 GMT

I know OP indicated a $$$ issue, but if anyone had issues with PFDs, back in the day we got an offer from them. Now this is approaching 5 years old, but I've read of success within the past year by an unconventional method in getting a PFD. Way back when I didn't know anything about PFDs, GWs, etc. All I knew were DV letters. You cannot send a DV letter to an OC, but I didn't understand that when I started repair. I sent sent them a DV and they responded with a letter saying the obvious, that DV letters are only for CAs. Buth within that letter, they offered a PFD. They said if I paid it they would delete and was very legit. We didn't owe the debt as they said we owed it and skipped it, but something to think about OP if you ever try a PFD and it doesn't work.

Re: Applied Bank

datzme4ya — Thu, 17 May 2012 19:34:45 GMT

dbslove - No i never did get them to agree to a PFD. The only thing they would do is make a "settlement offer" which was over 50% of the amount they said was due - saying that if I paid that amount then they would report it as "Paid In Full".

Re: Applied Bank

Anonymous — Thu, 17 May 2012 19:46:23 GMT

That's exactly what they told me.

Re: Applied Bank

westo12 — Fri, 24 Aug 2012 00:10:10 GMT

I recently got Applied Bank to delete an old paid charged off cc account, 3 years of GW letters to other addresses never worked. My last letter, new address, works. Go figure. Send me a PM and I'll forward anyone the address I used.

Re: Applied Bank

Anonymous — Thu, 07 Feb 2013 06:33:06 GMT

Sorry Marcin I must correct this.

1) Applied Bank Card DOES do PFD's.

They actually have a "Clear Your Credit" program. It is current as of February 2013..... What they do is weed through the old derogatory or charged off accounts, locating the ones that are close to SOL. They have a CA on behalf of Applied Bank do a hard type inquiry on your credit to ruffel your feathers and nudge you to move.. They don't need to do this... They can simply do a soft pull... So it's pretty clear that it's deliberate in it's intention.. Then you are contacted with an offer letter.. The letter will not mention details on the CYC, but will mention a settlement amount... Key here is to contact them.. And be sure to be clear in stating that in no way are you admitting to owning the debt, although you are aware of it's existence on your credit file. Also make it clear to the CA that it is SOL or pretty darn close to it... It is also helpful to speed the conversation up by saying you would sooner pay the whole thing in full to have it removed entirely from your credit file, and it serves no purpose to pay for something that will continue to hurt your credit... Deletion is the only agreement on the table... And yes, it is absolutely their option to delete this, and they can agree to it, without any question in violating FCRA... It's also important to just pay the whole damn balance. It's probably the best good money you've thrown at the worst bad.... A Key-Derogatory is a seriously expensive credit trade line... Your paying for it in less credit options, higher interest rates, and subprime lenders who look to bury you deeper...

You can find many PFD letters online, and in the forums here... It is very important to use language like "alleged debt" and making statements such as "in no way is what I am saying to be construed as an admission of any debt".... Speak from a position of being willing to pay to get rid of the headache, but unwilling to pay if a clear PFD cannot be agreed upon. Make sure you have it all in writing... And you may want to research more on pay for deletions and how they are done without violating FCRA. It's all in the language...