topic HELP PLEASE? in Rebuilding Your Credit

HELP PLEASE?

westo12 — Sun, 05 Jul 2009 19:34:30 GMT

I've posted this same message in a few threads and haven't seen a response. I am really hoping someone out there can give me some advice here:

"I also have an applied bank card that I need help with urgently. The balance is affecting my util and that's not good with only $3300 in total avail cr. This is reporting to TU/EXP only:

Condition: Derogatory

Balance/High Bal: $1468

Status: Collection/Chargeoff

Limit: $500

Opened: 10/04

Last Reported: 5/09

I phoned Applied and was told it was transferred to First National CA (not currently reporting this debt) and I needed to call them. No address given, just a phone #.

I don't think I will get much help over the phone, so how do I handle this one, write and offer a PFD to Applied if they will agree to pull back from CA? Or research the company name they gave me to get their address and send a PIL for agreeing NOT to report. If yes and the CA agrees to this, then how would I make sure Applied is showing that the debt was paid in full?"

I really appreciate ANY direction that can be given in this area.

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 19:48:27 GMT

@Anonymous wrote:
I've posted this same message in a few threads and haven't seen a response. I am really hoping someone out there can give me some advice here:

"I also have an applied bank card that I need help with urgently. The balance is affecting my util and that's not good with only $3300 in total avail cr. This is reporting to TU/EXP only:

Condition: Derogatory
Balance/High Bal: $1468
Status: Collection/Chargeoff
Limit: $500
Opened: 10/04
Last Reported: 5/09

I phoned Applied and was told it was transferred to First National CA (not currently reporting this debt) and I needed to call them. No address given, just a phone #.

I don't think I will get much help over the phone, so how do I handle this one, write and offer a PFD to Applied if they will agree to pull back from CA? Or research the company name they gave me to get their address and send a PIL for agreeing NOT to report. If yes and the CA agrees to this, then how would I make sure Applied is showing that the debt was paid in full?"

I really appreciate ANY direction that can be given in this area.

Personally, yes....that's what I would do. Better yet, to save time, if you have a fax # for them & a fax # for their reply, send it that way. (but certainly be sure to add your mailing address)

Another course to take is to go to Planet Feedback. (google it, sign up & send your letter) Write a letter & those go right to the top guys (or Gals!) *cry cry cry, tell them your story & ask they keep it from collections!!

I made the mistake several years ago of calling the OC & setting up payments. Didn't know about PFD's or this forum. It's finally starting to drop off - 1 down, 2 to go. It was Crap 1 & they are my albatross.

Re: HELP PLEASE?

westo12 — Sun, 05 Jul 2009 19:54:06 GMT

Thanks for replying! Just needed to confirm, which option would you do? Contact the OC to pay off the charge off as I mentioned or the latter, contacting the CA (who is NOT currently reporting the collection) faxing or sending a letter through Planet Feedback? My concern is that if I contact the CA, they'll realize that they goofed by not placing on my CR and there I am with a current collection on my report.

I just want to do whatever I can the quickest, with the least negative effect on my CR.

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 20:19:42 GMT

It's always best to deal directly with the OC whenever possible. Since they are still showing a balance, that means they have NOT sold the debt. They may have hired the CA to collect, but if they sold the debt, OC would say $0 bal & CA would say $xxxx (whatever you owe)

I'd go to Planet Feedback first & see if you can't get a letter right to the top dog.

If that company isn't already in their system (you'll know cuz when you punch in the name, their contact info will either show up...or not) Since you're going for a PFD, you'll have to add personal info, like (maybe) your ss# or at least the acct #. Opt OUT of making this a public letter!

Re: HELP PLEASE?

westo12 — Sun, 05 Jul 2009 20:36:20 GMT

Ok, neither the OC or CA are in the Planet Feedback system. Then when going through my "Bills to pay/future" file I came across a settlement letter dated 1/13/09 from the CA (1st national), offering to settle with me in full for 65% of the original debt. Should I mail them a check for the settlement amount in full and HOPE to gosh that they don't post retroactively? Or should I mail the settlement amount along with a letter asking them not to report at all?

Ideas?

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 20:59:35 GMT

@Anonymous wrote:
Ok, neither the OC or CA are in the Planet Feedback system. Then when going through my "Bills to pay/future" file I came across a settlement letter dated 1/13/09 from the CA (1st national), offering to settle with me in full for 65% of the original debt. Should I mail them a check for the settlement amount in full and HOPE to gosh that they don't post retroactively? Or should I mail the settlement amount along with a letter asking them not to report at all?

Ideas?

Don't send them a check with a letter. They can cash the check & post anyway.

I'm trying to google them & don't even see a website listed! This could be an odd situation. Normally, you would want to DV the CA, but with them NOT posting to your reports, this may just piss them off & then they report.

What is the DOFD?

Then there is still the issue of the OC still posting the balance.

We need to shout out to one of the MOD's or someone who has been in this situation before. As I had mentioned, I did my fix all back assward! I'd like to keep you from having 2 neg postings.

I just found something, but I'm not sure I can post the link publicly. Check your PM's!!!

Re: HELP PLEASE?

westo12 — Sun, 05 Jul 2009 21:19:23 GMT

I believe the DOFD to be 7/06, since that is the last activity date TU is reporting (EX isn't showing any dates).

I've kind of been in this situation about 18 months ago. I had an old Orchard bank acct get charged off and I just started mailing payments in on the account (for about 8 mos total) and they would report the payment monthly and my balance kept reducing to the point that it was paid in full, interest and all. Although that amount was a lot smaller ($500, versus $1478), HSBC ended up removing all references to late payments, which did help my score overall, even though it did still show paid chargeoff. I was able to get another HSBC card just a couple of months ago. So I think that worked out good.

I am kind of considering this approach and just see what happens. If I send the OC a check for the full $1478, then it would kill two bird with one stone, correct? My util gets back down to where it actually should be, if the CA decides to report, then I can DV and say it was paid in full prior to them posting and get it deleted.

That is, assuming the OC doesn't kick the check back to me... Which I SERIOUSLY doubt would happen. Thoughts?

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 21:38:08 GMT

Ok...I have a couple ??

Was this a CC?? Is it showing as CLOSED?? Is it showing as a CO??

Also....is it on your Equifax CR?

Do any of your CR's show the payment grid? The months when you ;paid or didn't pay>?????

Message Edited by BungalowMo on 07-05-2009 05:38 PM

Re: HELP PLEASE?

Anonymous — Sun, 05 Jul 2009 21:49:05 GMT

Hi,

I am having a similar problem with my Applied CC acct.

This info is included on my EX/TU CRs:

Balance: $995
Date Updated: 08/2007
High Balance: $995
Credit Limit: $500
Past Due: >$995<
Pay Status: >Charged Off as Bad Debt<
Account Type: Revolving Account
Responsibility: Individual Account
Date Opened: 11/2004
Date Closed: 07/2005
Loan Type: Credit Card
Remark: >Profit and loss writeoff<
Estimated date that this item will be removed: 12/2011

I have attempted to contacted the company and it referred me to the CA. I really want this entry deleted from my CR and have the ability to PIF.

Please advise...

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 21:53:37 GMT

@Anonymous wrote:
Hi,

I am having a similar problem with my Applied CC acct.

This info is included on my EX/TU CRs:

Balance: $995
Date Updated: 08/2007
High Balance: $995
Credit Limit: $500
Past Due: >$995<
Pay Status: >Charged Off as Bad Debt<
Account Type: Revolving Account
Responsibility: Individual Account
Date Opened: 11/2004
Date Closed: 07/2005
Loan Type: Credit Card
Remark: >Profit and loss writeoff<
Estimated date that this item will be removed: 12/2011

I have attempted to contacted the company and it referred me to the CA. I really want this entry deleted from my CR and have the ability to PIF.

Please advise...

Jag...what's your DOFD?

Edit: Never mind...just saw the drop date. Is the CA posting as well???

Message Edited by BungalowMo on 07-05-2009 05:53 PM

Re: HELP PLEASE?

Anonymous — Sun, 05 Jul 2009 21:58:17 GMT

Date of First Default? 1/2005, I think... The CRs show Date of Removal to be 12/2011.

Re: HELP PLEASE?

westo12 — Sun, 05 Jul 2009 21:59:15 GMT

Yes, it's a CC. Only on TU and EX, not EQ.

Exp shows Account Charged Off. Date of Status 1/07. 30 days past due Jul 2006, May 2006, Nov 2005, Mar 2005.

TU shows Charged off as bad debt. Date of Status/Closed 12/06.

No actual payment grid showing the months i paid and didn't.

Re: HELP PLEASE?

Anonymous — Sun, 05 Jul 2009 21:59:50 GMT

No, the CA is not reporting. I called twice last week and both times Applied referred me to Vision Financial. I told them that I would prefer to pay their company and they said no. I'm confused b/c the account shows a balance, which means Applied owns the acct, right?

Re: HELP PLEASE?

westo12 — Sun, 05 Jul 2009 22:07:56 GMT

Is there some way we can get a MOD involved in this discussion? Seems like there are quite a few of us out there with this same issue.

Re: HELP PLEASE?

BungalowMo — Sun, 05 Jul 2009 22:29:03 GMT

Yes, I agree that we need some assistance here.

First: nykorh ...from the late dates you posted, your DOFD would be, unfortunately, July of 06.DOFD is the first month you'd gone into default and never made another payment. I do know that after the first 2 years, this begins to have less of an effect on your FICO. But, until the day it drops, it will always show up as a negative factor on your "scale" on your report here on myFICO. (I have a collection due to drop any day now & it's still showing as a neg factor in my score)

You can still try & send that email to the Pres & see what he does. It certainly can't hurt since they still own the debt & you can PIF.

Now to Jags.... In this instance, it's fine to add your issue to this person's post, since it is very similar. Usually tho, for a more detailed & appropriate response, it's best to start a separate thread. For now, don't worry, no harm done. I am sending you, as well, the website I found that has the email add for the pres. of applied. In all fairness to the OP here, I would give this a few days before you send it so that this guy isn't bombarded with requests for help.

Lastly, to get more personalized attention to the issue you post on...put something a little more difinitive in the subject line. For the issue both are having, something like "OC (or applied bank) still posting balance, but sent me to CA". That tells the reader, in short, what the issue is.

I do hope that the OC can pull back from any collection activity for you both & if they must, just delete the entire TL, acct age be damned!

Also...read those stickied threads at the top of this forum! They are extremely informative & can save you a bunch of headaches. And remember, no matter where you sit today, tomorrow will be one day closer to your high FICO goals!!!

MODERATOR ASSISTANCE REQUESTED Re: HELP PLEASE - Applied Bank chargeoff?

westo12 — Mon, 06 Jul 2009 19:05:03 GMT

Can a moderator please review this question and give some much needed advice?

Re: MODERATOR ASSISTANCE REQUESTED Re: HELP PLEASE - Applied Bank chargeoff?

Anonymous — Mon, 06 Jul 2009 19:48:11 GMT

I have the same issue and would like to get it resolved; it's showing under accounts and screwing up my util, but is scheduled to come off in a few months due to age - so don't know where to go from here...

Re: MODERATOR ASSISTANCE REQUESTED Re: HELP PLEASE - Applied Bank chargeoff?

fused — Tue, 07 Jul 2009 01:53:59 GMT

The CC CO with a high balance is killing your util, since it was recently updated on your reports.

Re: MODERATOR ASSISTANCE REQUESTED Re: HELP PLEASE - Applied Bank chargeoff?

westo12 — Tue, 07 Jul 2009 05:17:09 GMT

Fused, thank you for the response. However, I guess my question is (and I think I know the answer to this) should I pay the CC charge off in full to the OC and hope I get this done before the CA reports? Or is it worth a call to the collection agency, who is not currently reporting, to negotiate a PFNR?

topic HELP PLEASE? in Rebuilding Your Credit

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