topic Re: Charge Off Removal Question in Rebuilding Your Credit

Charge Off Removal Question

Anonymous — Sun, 15 Mar 2015 21:44:14 GMT

So I am looking at my credit report and although my score has come up a great deal since my BK7 discharge, I have 8 unpaid CC Charge off's, these all were included in my CH 7 Bankruptcy.

My question is, is there any way to remove them or do I have to wait until they age off? They are all scheduled to come off between 9/2017 and 4/2018 but I would really like to see if I can get them off sooner.

Re: Charge Off Removal Question

RobertEG — Sun, 15 Mar 2015 21:48:02 GMT

The fact of the creditor took a CO is not changed based on the ultimate status of the debt, be it unpaid, paid, discharged, or cancelled.

The creditor must update the reported debt balance to $0 if the debt is discharged, but does not have to delete their reporting of the CO.

Re: Charge Off Removal Question

Anonymous — Sun, 15 Mar 2015 21:49:20 GMT

So I have to wait until they age off then?

Re: Charge Off Removal Question

gdale6 — Sun, 15 Mar 2015 22:13:48 GMT

@Anonymous wrote:
So I have to wait until they age off then?

Yes or begin a campaign of GW letters asking for their removal, since they took a loss they may not be very ameinable to it but there is no reason not to set up the campaign. Good luck http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 16:05:09 GMT

The BK7 overshadows them. No point in even worying about them anymore. Concentrate on rebuilding your current credit accounts, and deal with any recent post-BK stuff.

What current accounts to you have? Credit lines, age, balances, etc....

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:23:45 GMT

I wish that were the case, unfortunately I have heard that I have too many deliquent accounts/charge off's even though they were included in the BK.

My current cards are as follows:

Capital One - $750, no balance

Capital One - $750, $202 balance

Navy Federal Cash Rewards - $500, no balance

Victorias Secret - $250, $80 balance

Express - $250, no balance

J Crew - $250, no balance

Dress Barn - $500, $75 balance

Eddie Bauer - $250, no balance

Game Stop - $250, no balance

I know this seems like an awful lot of store cards, but I actually shop at all these places, except for J Crew and I got that one for the fast growth rate on it, hopefully it will start to grow soon. I have no desire to get any more store cards than these, but now i'd just like all my current cards to grow.

My balances will all be paid off except for the 1 Capital One by the end of the month as well.

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:25:48 GMT

From where have you 'heard' this?

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:28:08 GMT

When was the BK7 filed, and when did you actively start rebuilding?

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:29:54 GMT

I filed in May of 2014 and discharged in September of 2014, I started rebuilding right after my discharge.

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:49:14 GMT

So you are basically just 6 months out - you're doing fine with those scores, IMO. You have an appropriate amount of accounts for rebuilding, now is really the time to just sit back and garden. Let the accounts age, keep the balances low, and request CLI's periodically. There just simply isn't any real need to address derogs that are IIB. None.

Check and make sure everything that was discharged in the BK are all reporting correctly as such, and with $0 balances.

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 19:53:17 GMT

Yes i'm actually very happy with my scores only 6/7 months out of BK and to answer your earlier question, that's one of the reasons that I was initially declined from Navy Federal and 2 other CC comanpies, they said too many past derogs and C/O's .

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 20:30:18 GMT

Well, obviously NFCU changed their minds. By the time you hit the 24 month mark from your BK7, you should be sitting pretty, in the low 700's. Thats really all you can ask for until that BK7 is gone. Your NFCU and Cap One accounts will grow with you, and you will be able to upgrade the Cap One accounts as they age. I'd be willing to bet that once you pass the 12 month mark, you'll find you may qualify for some of the premium cards.

I would recommend reading through the BK 24 month rebuild thread for more guidance:

BK to 700

Ignore the early stage advice regarding using the predatory/vulture lenders like Credit One - you are already past that stage with two Capital One accounts.

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 20:39:22 GMT

Yes, I wrote a recon letter to NFCU and they gave me a chance, i'm very excited about that. Thank you all for the advice!!

Re: Charge Off Removal Question

Anonymous — Mon, 16 Mar 2015 20:43:13 GMT

Good luck! See ya when we reach 700!

Re: Charge Off Removal Question

Horrace36 — Tue, 24 Mar 2015 01:42:43 GMT

I believe that answer to be incorrect. Reporting for an item prior to bankruptcy FILING stays but charge offs or lates posted subsequent to the filing date are a violation of the automatic stay afforded debtors in bankruptcy as well as the FCRA and are to be removed. Balances should be $0 after the filing date. See FTC Advisory Opinion Letter to Lovern - https://www.ftc.gov/policy/advisory-opinions/advisory-opinion-lovern-04-24-98