topic Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party? in Rebuilding Your Credit

Need help with multi items

Cleaningitup2016 — Sun, 17 Feb 2019 17:58:46 GMT

I have 3 charged off accounts with SYNB from around 2015. All 3 were less than a grand and sold to 3rd party debt collectors. I paid all three 3rd parties and they sent letters asking SYNB to delete the tradelines, which they ignored.

I have spent over 3 months fighting this nonsense, and here is the gist of it:

1. Synchrony Claims they no longer own these accounts, and are no longer required to report on them. Ok but...

2. However since they have said they don't report, If I dispute these accounts, SYNB sends me all required info and denies the dispute.

3. Synchrony claims it's the responsbility of the 3rd parties to request them to delete, all third parties have sent letters asking them, over the time frame of a year, all of which have been ignored.

4. Synchrony claims another subdivision of their company called "Synchrony Recovery" handles these accounts, but when you contact them, they parrot line 3.

5. I understand a OC is not supposed to or required to delete accounts, but these 3 derogs are seriously harming my score. Since they said they aren't reporting them, then why are they still showing up when I have disputed them?

It seems to be SYNB wants to avoid any responsibility and keep passing the buck. If they have told me they legally aren't responsbile for reporting anymore, then why do the insist on denying any dispute?

Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Sat, 16 Feb 2019 23:10:23 GMT

Re: If I give a picture of my current situation, can anyone give me some advice?

Anonymous — Sat, 16 Feb 2019 23:12:12 GMT

The only way someone will know if they can help you is if they know your situation. So far, I haven't had a question of mine go unanswered for more than a few hours. I know a lot of forums are full of nonsense and trolls, but I haven't seen that here. This forum is full of the most helpful people I've ever had the pleasure of communicating with.

Re: Synchrony nightmare.

gdale6 — Sat, 16 Feb 2019 23:30:04 GMT

@Cleaningitup2016 wrote:
I have 3 charged off accounts with SYNB from around 2015. All 3 were less than a grand and sold to 3rd party debt collectors. I paid all three 3rd parties and they sent letters asking SYNB to delete the tradelines, which they ignored.
I have spent over 3 months fighting this nonsense, and here is the gist of it:
1. Synchrony Claims they no longer own these accounts, and are no longer required to report on them. Ok but...
2. However since they have said they don't report, If I dispute these accounts, SYNB sends me all required info and denies the dispute.
3. Synchrony claims it's the responsbility of the 3rd parties to request them to delete, all third parties have sent letters asking them, over the time frame of a year, all of which have been ignored.
4. Synchrony claims another subdivision of their company called "Synchrony Recovery" handles these accounts, but when you contact them, they parrot line 3.
5. I understand a OC is not supposed to or required to delete accounts, but these 3 derogs are seriously harming my score. Since they said they aren't reporting them, then why are they still showing up when I have disputed them?

It seems to be SYNB wants to avoid any responsibility and keep passing the buck. If they have told me they legally aren't responsbile for reporting anymore, then why do the insist on denying any dispute?

They have a right to report them for up to 7.5 yrs post DoFD. They may not be reporting them currently as they have to show a 0 balance if they sold the debt to 3rd party collectors but your disputing and then the updating is what is killing your Fico it looks like the CO just happened today in its eyes. The only way to go after getting these removed if they are sold is by a GW letter asking for their removal, a tough thing to get from an OC but you keep trying.

Re: If I give a picture of my current situation, can anyone give me some advice?

FireMedic1 — Sun, 17 Feb 2019 00:05:32 GMT

Pictures are tough. Just list your Cards with credit lines, balance and how many lates. Collections, ect. Plenty here to help.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Anonymous — Sun, 17 Feb 2019 00:07:56 GMT

I don't see any reason why someone couldn't. Alternatively you can always do a balance transfer to a checking account and use the money however you wish.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Sun, 17 Feb 2019 02:17:36 GMT

Ok, here it goes.

I have a co signed autoloan, at probably the lowest rate possible (6% on a almost 10 year old SUV).

I have student loans, but they are deffered so I won't add those in.

From highest to lowest. Date is when opened. 2nd date is closed/co (if appliacable).

7/22/17 Navy Federal Visa - $4841. Closed, Nearing a CO status, working out a payment plan/settlement. $4500 CL

12/9/2017 Helzberg Diamonds $2013. Charged off 6/18/18. Tried many times to set up a payment arangement before it charged off, they would not help, even after going through the BBB and other channels. $3000 CL

11/2/14 Barclay's Bank Apple Visa $1689. Charged off 10/16/2015. Have sent them several letters asking about settlement, which were ignored. Trying again soon through the BBB. $1200 CL

6/27/2017 Synchrony/ Discount Tire $1563. Open/ Current My mom AU'ed me due to both my cars needing new tires. $5500 CL

7/19/2017 Comenity Williams Sonoma Store Card $1224. Account is closed, but payments are current. $1000 CL

9/6/2016 Capital One $439 Open /Current. $500 CL

3/10/14 Fingerhut $360.20. Open / Current. $1200 CL

5/7/17. Target Credit Card. $382, took settlement offer of $150 for $50 x 3 months. Closing after settled. $300 CL

5/10/17 Kohls Store Credit Card. $295 Closed, settled for $175 (pending) $300 CL

5/10/17. TD Bank /Nordstrom Store Card $249. Current. $600 CL

8/1/17 Blaze Mastercard $217. Closed, current on payments. $350 CL

7/20/17 Capital One Sak's 5th Ave. Open. $0 balance. $500 CL

1/28/14 Synchrony/ Farm and Fleet Open. $0 balance. $2500 CL

12/22/16 Comenity /Lane Bryant Open. $0 Balance. $250 CL

6/22/17 Comenity / Jcrew. Open. $0 Balance. $500 CL

10/23/17 Comenity /Hot Topic. Closed. $0 Balance $100 CL

9/3/14 Synchrony/ Paypal. Closed. $0 Balance. Sold to another party. CL N/A

9/2/14 Synchrony/ QVC. Closed. $0 Balance. Sold to another party. CL N/A

9/2/14 Synchrony/ Amazon. Closed. $0 Balance. Sold to another party. CL N/A

7/19/17 Comenity / Eddie Bauer. Closed. $0 Balance. Closed by credit grantor. $100 CL

3/10/17 Comenity / Express. Closed. $0 Balance. $100 CL

7/16/17 Comenity / Pier 1. Closed. $0 Balance. $100 CL

8/1/16 US Bank Secured Visa. Closed. $0 Balance. $300 CL

12/2/13 Wells Fargo Secured Visa. Closed $0 Balance. $300 CL

9/18/17. Nissan Motor Acceptance. $400 Balance (Gap Loss), working on it with a debt collector. NMAC agrees to deleted once paid.

4/21/17 Fortiva. (Dentist) Installment Loan. Open and Current. $0 Balance. $1206 "highest balance".

5/24/16. Digital Federal CU. $3000 Secured Installment Loan. $0 Balance. CLOSED.

10/3/2013. Fingerhut Freshstart Installment Loan $0 Balance. Closed. $109 "Highest Balance"

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Rogue46 — Sun, 17 Feb 2019 17:47:12 GMT

Your original post stated problems with 3 charge offs but it appears you have an awful lot of other problems to deal with on top of that.

First thing I would do is stop using credit cards for anything and get the current balances paid down/off. If you cannot get the spending under control it's only a matter of time before you get back into trouble with the cards you have open now.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Sun, 17 Feb 2019 21:25:48 GMT

That's been my plan for the past 6 months, but like I said the interest kills me. I have not used my credit cards for anything over $20 in the last 6 months. I might charge a coffee every two months or so just to show a little activity. There are a lot of accounts on there that have a $0 balance and are closed, so they are not usable anyway.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Mon, 18 Feb 2019 19:36:28 GMT

I have collected about 6 different from numbers from synchrony bank and have called into their EO.

They keep passing the buck, they keep telling me to call a different department, this department doesn't handle this, etc.

So I called another number they gave me, and they told me the department that "truly" handles this is "internal" and does not have a phone number.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

FireMedic1 — Mon, 18 Feb 2019 23:24:03 GMT

It comes down to you got yourself in a pickle. Looks like a ton of SCT's or you applied for a ton of store cards. Theres not much we we can do to help and it comes down to just paying everything off. Cut up any open store cards. Your balances are high and even the $20 a month is too much to charge. Trying really hard to be FSR. But the only answer would be pay off the debts and then worry about GW letters. I'd do everything possible to get debt free first. Then clean up whats left over. Wish I had better news. I wont ask about lates due to I'm kinda sure theres a bunch to go with the CO's. Really sorry theres more i cant do to make it better. Just pay off what ya got. Good Luck!

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Tue, 19 Feb 2019 01:20:08 GMT

I am working on my fiance's credit too. She has a state farm visa that charged off. Apparently SF is using IC system to chase the debt of around $700. However SF hasn't sold the debt to IC. For that reason would I send a dv letter to state farm or IC system?

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Tue, 19 Feb 2019 02:49:11 GMT

So I looked at her CR and see SF did not sell the debt to the collection agency.

So I call state farm back and say "I would like to settle this account, however I am asking if SF does pay for deletion".

I was informed: "All matters need to be handled by the collection agency". I even called back and asked for a manager and they stated the same.

I am getting frustrated due to the fact of how much of a PITA this is to fix. I know "pay your bills" but we both got a bit behind and I tried to make it right with state farm, but their policy is "we cannot fix your account unless it is current". Well if I had the money to "make it current", I would of just made the payments, duh. It seems several card companies are doing this today in order to make people fall further behind. If I owed you money, how much sense would it be for you to say "Well you owe me $500, but you need to pay me back $200 before I can let you pay $50". That is literally what they said to me. They do this on purpose so they can string you along a few more months and tack on $100+ in late fees.

I know...the credit card companies DO NOT have to put you in a payment arrangements, but telling people they can't unless they are "current" makes no sense.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Tue, 19 Feb 2019 23:44:39 GMT

Well I can breathe a little sigh of relief today, comenity put me in a hardship program with my $1200 Williams Sonoma account, reducing the interest from 29.9% to 10% for 12 months. They also said they would remove any late fees once I make 4 on time payments.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Rogue46 — Wed, 20 Feb 2019 00:24:47 GMT

Glad to hear it! Just keep plugging along and you will come out the other side!

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Thu, 21 Feb 2019 05:25:12 GMT

I was able to get the payment arrangement with Navy Federal Reinstated. The APR on the hardship is 6%. So this item is rather "low on the totem pole" due to the lower APR.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Sun, 24 Feb 2019 08:47:05 GMT

Should I get any secured cards to lower my utilization, or just pay the open balances right now?

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

FireMedic1 — Sun, 24 Feb 2019 09:10:28 GMT

No. Its the last thing you need. Why get a HP, another hit to your AAoA, and more points lost from a new account. The debt is still there. Plus you may not get an approval with what you posted. Just pay off what you owe. After your debt free then you'll see how much it helped and better things will come your way. Stop the bleeding so you can heal first.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Anonymous — Tue, 05 Mar 2019 23:35:49 GMT

Agreed completely with FireMedic - don’t worry about open tradelines showing activity or getting anything to try to prop your score up. Right now no new Account would help considering the number of problem areas you have. Just keep going one card at a time as you are. You’ve had recent success in stemming the bleeding on some accounts so keep paying them and working to establish similar plans with the others.

One route you might look into would be a loan from someone like OneMain. The rates are high but damaged credit is ok if you secure the loan with a vehicle title, provided the vehicle meets their standards. That way you’d whack all of these at once, end the gutting from late fees, and set up auto payments on one account instead of a bunch. It would be worth looking into.

Re: Can you do a balance transfer on a charged off account, if it has not been sold to a 3rd party?

Cleaningitup2016 — Mon, 25 Feb 2019 22:04:57 GMT

So upon doing some digging, one of the charged off SYNC accounts was sold to Midland Credit.

So I call Midland credit and they told me they deleted the account from their files some time ago.

They told me they no longer have any rights to it.

So I call Synchrony and they said even if they deleted it, they still have to report it.

What? If they sold the debt, and the person who bought it no longer has it, then someone still needs to be responsbile. Because NOW there is NO WAY TO SETTLE this account! I have no CA to settle with for SYNC to mark the account as paid with!

They did give me an address to send a dispute into, wish me luck.