topic Re: Best path to take, settle or wait? in Rebuilding Your Credit

Best path to take, settle or wait?

QCS123 — Tue, 02 Jan 2018 03:25:20 GMT

Trying to figure out if we should try and settle old CC debt with B of A. It's just over four years old, so the time for them to come after us is over. We are fine just letting time run out for it to fall off of the reports 7/19 and 11/19 except they are reporting as currently late on one of the reports. It shows up on both EQ and TU as a credit card with info and both show up as charge off, it is blank on EX. It shows up a closed by consumer and with EQ they are showing as currently deliquent each month under older deragatory info. I'm listed as the AU on the account and my husband is holder of the account.

It doesn't look like it is dinging us that badly since that all my FICO scores are within 30 pts of each other. What is really odd is that our highest score is the one that is showing us as delinquent through 12/17. Which is what is most confusing. My husbands scores are even lower than mine and we think it is due to the B of A issue.

So the question is do we reach out and try to settle or let is go and let it roll off the reports. If we let it roll of the reports how does that work with B of A reporting that is is currently deliquent each month, do those remain for another few years until each month reported is over 7 years old? Or does the entire existence of the card just fall off as if it never existed?

Our ultimate goal is to rebuild our credit over the next few years (and keep it that way forever) so that our FICO is eventually in the high 700 or low 800 so that if we ever need to make a major purchase we can get a good APR.

I've listed my FICO's below hoping this will help.

Fico 8: ………….……..EQ 696 TU 665 EX 675 (12/28/2017)

Fico 9: ………….………EQ 702 TU 696 EX 696 (12/28/2017

Fico 5,4&2Mort:…:…EQ 681 TU 648 EX 666 (12/28/2017

Fico 3.:…………..……..EQ TU EX 672 (12/28/2017

Bank Card Scores

Fico 8BC: ………….. EQ 696 TU 665 EX 675 (12/28/2017

Fico 9BC: ……….….. EQ 693 TU 684 EX 694 (12/28/2017

AUTO Scores

Fico 8AUTO:…………EQ 708 TU 691 EX 684

Fico 9 AUTO:………..EQ 717 TU 714 EX 716

Fico 8 Benchmark….EQ 689 TU 672 EX 663

Re: Best path to take, settle or wait?

Anonymous — Tue, 02 Jan 2018 03:52:06 GMT

@QCS123 wrote:
Trying to figure out if we should try and settle old CC debt with B of A. It's just over four years old, so the time for them to come after us is over. We are fine just letting time run out for it to fall off of the reports 7/19 and 11/19 except they are reporting as currently late on one of the reports. It shows up on both EQ and TU as a credit card with info and both show up as charge off, it is blank on EX. It shows up a closed by consumer and with EQ they are showing as currently deliquent each month under older deragatory info. I'm listed as the AU on the account and my husband is holder of the account.

It doesn't look like it is dinging us that badly since that all my FICO scores are within 30 pts of each other. What is really odd is that our highest score is the one that is showing us as delinquent through 12/17. Which is what is most confusing. My husbands scores are even lower than mine and we think it is due to the B of A issue.

So the question is do we reach out and try to settle or let is go and let it roll off the reports. If we let it roll of the reports how does that work with B of A reporting that is is currently deliquent each month, do those remain for another few years until each month reported is over 7 years old? Or does the entire existence of the card just fall off as if it never existed?

Our ultimate goal is to rebuild our credit over the next few years (and keep it that way forever) so that our FICO is eventually in the high 700 or low 800 so that if we ever need to make a major purchase we can get a good APR.

I've listed my FICO's below hoping this will help.

Fico 8: ………….……..EQ 696 TU 665 EX 675 (12/28/2017)
Fico 9: ………….………EQ 702 TU 696 EX 696 (12/28/2017
Fico 5,4&2Mort:…:…EQ 681 TU 648 EX 666 (12/28/2017
Fico 3.:…………..……..EQ TU EX 672 (12/28/2017

Bank Card Scores
Fico 8BC: ………….. EQ 696 TU 665 EX 675 (12/28/2017
Fico 9BC: ……….….. EQ 693 TU 684 EX 694 (12/28/2017

AUTO Scores
Fico 8AUTO:…………EQ 708 TU 691 EX 684
Fico 9 AUTO:………..EQ 717 TU 714 EX 716

Fico 8 Benchmark….EQ 689 TU 672 EX 663

You said this account is already charged off so paying this account will do nothing to improve your scores. Instead I would load up both of you and your husbands reports with positive accounts i.e secured credit cards (Navy Fed has a excellent one) and secured loans. One thing you can possible do is have yourself removed as an AU from the account, this should update the balance owed on your reports to 0.

I would also send a hand written letter to each CRA requesting them to verify this account as being accurate for both you and your husband (You send one with your name and your husband sends a letter with his name). This will force them to verify with B of A that your accounts are accurate, if they cannot then they have to remove the accounts.

Re: Best path to take, settle or wait?

QCS123 — Tue, 02 Jan 2018 05:06:33 GMT

Okay, so paying won't get us anywhere except to keep the current lates from happening. You said you would send a letter to each CRA. The info. is accurate, how often does a big company like B of A, choose to not verify? Isn't that like poking the bear and hoping it doesn't bite? We do owe, but no one is attempting to collect and hasn't for quite some time.

We have done rebulding and have cards on our accounts now.

Capital One QS (80% utilization, $2300 CL) Refusing a second CLI

AMEX BCE (0%, $1,000 CL) - Just approved

Dress Barn (0%, $200 CL)

Macy (20%, $2500 CL)

Old Navy (0%, $300 CL)

Care Credit (24% or $1499 bal of $6000 CL)

Car Loan ($13,029, 10 months old, paying slightly higher than owed each month)

Overall utilazation shows as 25%.

Goal is to pay down Capt One to $0 or at least uner 10% utilization. We put small amounts on the cards consistently and pay them off after the statement shows the balance.

Is this a good mix of cards? We do need to get a business card, but after that I think we stop and just garden the crop let it grow and flourish. Does that sound like a good idea or am I missing something that might work better?

Re: Best path to take, settle or wait?

Anonymous — Tue, 02 Jan 2018 16:14:48 GMT

if you settle without a pay for delete option with all bureaus they can start your clock all over again! keep that in mind. you can try disputing through credit karma sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

Re: Best path to take, settle or wait?

Adkins — Tue, 02 Jan 2018 20:40:29 GMT

@Anonymous wrote:
if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind. you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

Re: Best path to take, settle or wait?

QCS123 — Tue, 02 Jan 2018 20:47:49 GMT

Re: Best path to take, settle or wait?

Adkins — Tue, 02 Jan 2018 20:47:59 GMT

@QCS123 wrote:
Trying to figure out if we should try and settle old CC debt with B of A. It's just over four years old, so the time for them to come after us is over. We are fine just letting time run out for it to fall off of the reports 7/19 and 11/19 except they are reporting as currently late on one of the reports. It shows up on both EQ and TU as a credit card with info and both show up as charge off, it is blank on EX. It shows up a closed by consumer and with EQ they are showing as currently deliquent each month under older deragatory info. I'm listed as the AU on the account and my husband is holder of the account.

It doesn't look like it is dinging us that badly since that all my FICO scores are within 30 pts of each other. What is really odd is that our highest score is the one that is showing us as delinquent through 12/17. Which is what is most confusing. My husbands scores are even lower than mine and we think it is due to the B of A issue.

So the question is do we reach out and try to settle or let is go and let it roll off the reports. (If you settle, the accounts will STOP updating each month and start to age. And it'll hurt less instead of updating as new each month.) If we let it roll of the reports how does that work with B of A reporting that is is currently deliquent each month (it'll stop), do those remain for another few years until each month reported is over 7 years old? (Yes, they'll stay but not hurt as much.) Or does the entire existence of the card just fall off as if it never existed? (Nope, but it will after seven years and 180 days after your DOFD)

Our ultimate goal is to rebuild our credit over the next few years (and keep it that way forever) so that our FICO is eventually in the high 700 or low 800 so that if we ever need to make a major purchase we can get a good APR.

I've listed my FICO's below hoping this will help.

Fico 8: ………….……..EQ 696 TU 665 EX 675 (12/28/2017)
Fico 9: ………….………EQ 702 TU 696 EX 696 (12/28/2017
Fico 5,4&2Mort:…:…EQ 681 TU 648 EX 666 (12/28/2017
Fico 3.:…………..……..EQ TU EX 672 (12/28/2017

Bank Card Scores
Fico 8BC: ………….. EQ 696 TU 665 EX 675 (12/28/2017
Fico 9BC: ……….….. EQ 693 TU 684 EX 694 (12/28/2017

AUTO Scores
Fico 8AUTO:…………EQ 708 TU 691 EX 684
Fico 9 AUTO:………..EQ 717 TU 714 EX 716

Fico 8 Benchmark….EQ 689 TU 672 EX 663

Re: Best path to take, settle or wait?

Adkins — Tue, 02 Jan 2018 20:51:48 GMT

@QCS123 wrote:

Adkins did you mean to reply?

Yeah, to the poster in the qoute. (If it pulled you in sorry!) That re-aging nonsense is bad misinformation to spread, especially in this part if the forum.

Re: Best path to take, settle or wait?

QCS123 — Tue, 02 Jan 2018 20:53:19 GMT

Ah, got it thanks!

Re: Best path to take, settle or wait?

Adkins — Tue, 02 Jan 2018 21:10:57 GMT

@QCS123 wrote:
Ah, got it thanks!

I don't know if you've thought of B of As internal memory - even if the account falls off your credit report you might not be able to get future products with them because they'll have an internal record of the deliquency.

Re: Best path to take, settle or wait?

RobertEG — Wed, 03 Jan 2018 00:34:25 GMT

There is no provision under the FCRA for sending a request that requires a CRA to verify the accuracy of reporting unless you have first identified an asserted, specific inaccuracy, and provided adequate supporting basis to permit investigation of the asserted inaccuracy.

If you send a request to a CRA simply requesting verification of an account or or reported items, it can be dismissed without any reinvestigation or any referral to the furnisher for their investigation as being a "frivolous or irrelevant" dispute.

You have the initial burden to identify why any disputed information is considered inaccurate, and cannot simply request verification.

Investigation, and ultimate verification, correction, or deletion is then limited only to the specific information identified in the dispute as inaccurately reported. Unless the dispute provides basis for lack of validity of the debt itself or that the debt was never delinquent, then deletion of the entire collection would not be at issue in resolution of any dispute of accuracy of items reported under the collection.

If the debt is valid and delinquent, then a dispute to the CRA challenging the validity of the collection would not be appropriate.

Only the debt validation process under the FDCPA permits a request for verification per se with no supporting basis, but DV requests are limited to the accuracy of the debt itself, not credit reporting, and are limited only to debt collectors.

Re: Best path to take, settle or wait?

Anonymous — Wed, 03 Jan 2018 02:54:20 GMT

Established Contributor

‎01-02-2018 12:40 PM

@Anonymous wrote:
if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind. you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!

Re: Best path to take, settle or wait?

Cherekas — Wed, 03 Jan 2018 13:36:54 GMT

To the OP,

I was in a similar situation as well with BOA and I chose to settle. My account will age off my report end of 2019. The account was reporting monthly late which was inturn suppressing my scores. Once I paid my debt and BOA was notified (they still owned the debt), they immediately updated my report to show the account closed instead of charged off. My scores immediately increased.

So my advice to you OP, would be to settle/pay in full the account and it will close. Although its charged off now, it is still open and still hurting your scores. Either set up a payment plan or settle but you said its your account, so pay it!

Re: Best path to take, settle or wait?

Adkins — Wed, 03 Jan 2018 18:24:52 GMT

@Anonymous wrote:
IMG_20170819_130426.jpg

Adkins

Established Contributor

‎01-02-2018 12:40 PM
Re: Best path to take, settle or wait?
@Anonymous wrote:
if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind. you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!

Settling an account without PFD does NOT restart the DOFD (the time when the account is going to normally fall off your credit report). Nope. If a CA did this, you should have brought it up the CPB, the BBB, your state's attorney general and the attorney general of the state the CA was located in, because it's illegal.

You can dispute items online, and it's easier, but you do LOSE rights when you do so. This is listed in the written laws/regulations. I didn't say it couldn't be done - I just highly recommend against it because of this reason.