USAA memebers (and others), please weigh in.

abbafan — Wed, 10 Dec 2014 04:58:28 GMT

So in Fall 2006, after I came back from basic training, I opened up 3 credit cards with USAA; 2 MCs and 1 AMEX ($4k each). I used to have an axcellent relationship with the financial institution. They have given me the lowest car insurance quote in the past as well. At that time I was being irresponsible with how I handled my credit. Used to splurge all the time without thinking how I'd repay. So eventually I defaulted on all 3 accounts and the total debt is around $10k. These accounts have long been closed and my membership is limited for about 6 years now. I called them up in the past and they said that the only way to reinstate would be paying the debt in full (not even settling).

You can take a look at my current credit situation from my signature. I'd like to hear an input from the community members on whether it'd make sense to save up (which would take a long time), repay, and reinstate my relationship with them or just let it go and wait for the Spring 2017 when statute of limitations expire and these charge-offs would fall off. I'm sort of confused and not sure what would be the logical plan of actions here.

Thank you all.

P.S. I must also say that I have defaulted on a Military Star account as well but I paid it off through NCO Financial Services (there was no choice cuz otherwise they were gonna garnish my paychecks. They knew somehow where I'm working) and actually felt great after it was updated on my credit reports. And. generally speaking, my credit back 9 years ago was much better, as you can probably tell by now. I even used to have a Chase credit card with a $6000 limit. At this moment, none of my cards is remotely close to that. By the way, Chase still refuses to do cli on my MWR MasterCard because of current delinquencies (this is the only card left from the "good credit history" times).

Re: USAA memebers (and others), please weigh in.

Anonymous — Thu, 11 Dec 2014 22:46:42 GMT

"there was no choice cuz otherwise they were gonna garnish my paychecks. They knew somehow where I'm working"

Bet they found out from your credit reports....hint, hint.

Re: USAA memebers (and others), please weigh in.

Lyythine — Fri, 12 Dec 2014 06:17:00 GMT

As you stated in your message, USAA is exceptional with regards to insurance products and general customer service. They also have a long memory, they will never offer you additional products until you make them whole. In my opinion, I would most certainly make efforts to pay off the accounts in full whether by saving or making acceptable repayment arrangements to get the accounts current. They are an institution that will always take care of you as long as you treat them well. Wishing you the best!

topic Re: USAA memebers (and others), please weigh in. in Rebuilding Your Credit

USAA memebers (and others), please weigh in.

Re: USAA memebers (and others), please weigh in.

Re: USAA memebers (and others), please weigh in.