HELP! First Premier and Orchard Bank Credit card paying off?

[aussiesareforever]

---

@Crashem wrote:

I think there is some bad information here from some of the previous posters.

The original poster is correct that a collection account paid or unpaid will affect his FICO score the same.  Going for a PFD is an admirable goal.

---

No one was disputing the collection account statement. Frugal was just saying that the collection accounts hurt more than the maxed out accounts from a FICO scoring perspective.

[Nelly510]

FIRST BK OF DE/CONTINE Potentially Negative Closed More Account Details Close Account Details 305-456-1930 1000 ROCK RUN PARKWAY WILMINGTON, DE 19801
	Experian®	Equifax®	TransUnion®
Account Name	FIRST BK OF DE/CONTINE	FIRST BANK OF DELAWA	FIRSTBKDE/CF
Account #	520605000085XXXX	520605000085XXXX	52060500XXXX
Account Type	Credit Card	Revolving or Option	Revolving account
Balance		$0.00	$0.00
Date Opened	7/1/2007	7/1/2007	7/5/2007
Account Status Closed Closed Closed Mo. Payment   $35.00   Past Due     $0.00 Payment Status Account transferred to another office Bad debt & placed for collection & skip Charged off as bad debt High Balance   $652.00 $652.00 Limit $300.00   $300.00 Terms Revolving     Comments Transferred to another lender or claim purchased ACCOUNT TRANSFERRED OR SOLD CHARGED OFF ACCOUNT Purchased by another lender
24 MONTH PAYMENT HISTORY     2007               2008                       2009       May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr     OK OK OK OK OK OK OK 30 60 90 KD KD KD KD KD KD KD KD KD KD KD KD     OK OK OK OK OK OK OK 30 60 OK OK OK OK OK OK OK OK OK OK OK OK OK

[Nelly510]

P G AND E Potentially Negative Closed More Account Details Close Account Details
	Experian®	Equifax®	TransUnion®
Account Name	No Data Returned For This Bureau	P G AND E	No Data Returned For This Bureau
Account #	190441XXXX
Account Type	Open Account
Balance	$908.00
Date Opened	1/1/2005
Account Status   Closed   Mo. Payment   Past Due $908.00 Payment Status At least 120 days or more than four payments past due High Balance $908.00 Limit   Terms   Comments COLLECTION ACCOUNT UTILITY
24 MONTH PAYMENT HISTORY     2009           2010                       2011           Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun                                                 OK 120 OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

[Nelly510]

sorry about the way i posted it, but for some reason it wont let me post in one response, hope this helps you guys get a picture on whats going on with me..

[aussiesareforever]

Hey Nelly,

Here is a link to the new FHA rule about collection accounts. Edited to say that your collection limit is a cumulative of $1000, not individual accounts. Looks like you would need to get those accounts paid. However, I would still work hard at PFDs for those collection accounts. Having as many of them deleted as possible will bring up your credit score a LOT.

http://ficoforums.myfico.com/t5/Mortgage-Loans/FHA-amp-Collections-new-official-policy-effective-7-1...

[Nelly510]

^ Thanks! yea i want to pay them off, its just that paying them off and not getting them PDF sucks as its like im throwing away money to still have the same FICO, but just checking my report, is there any that seems to be falling off soon?

[aussiesareforever]

---

@Nelly510 wrote:

Thanks guys! but yes i am going for a FHA loan and i will be paying off both credit cards today, but i was wondering i know you guys said i have to pay off collections no matter what, but i had a question what are the accounts that are called "Potentially Negative Closed"? do those balances needs to be paid off? or are those falling off my report? i dont really know what all the titles mean, as there are 3 other accounts listed "Potentially Negative" which im thinking are the newer accounts that went into collections that im trying to PDF right now.

---

The potentially negative closed accounts will not fall off your credit report until 7-7.5 years after the date of first deliquency i.e the date you stopped making regular payments on the accounts. I can't really tell what your DOFD is from your reports but all negative reports will stay on for about seven years after the original default.

The only way you can get them off is to write PFDs for the unpaid accounts. And GW letters for the paid accounts. Many people report having to write many, many, many, many, many, many letters before finally getting a positive response. Keep writing. Search on these boards for phone numbers, email addresses or advice specific to your individual creditors.

Good luck.

[Crashem]

You didn't indicate the SOL for your state and how old these debts are.

The clock should start from the date of the first negative (ie when you first didn't pay them and never paid them again.  in other words when you were first late and never caught up).  Also, are some of these the same debts that have been moved around to different creditors.  The funny thing about collection accounts are that whether you have one or many, you really get dinged.

So instead of listing what is showing up on credit report, can you tell me what the original debts were and and when.  Finally, please note that most mortgage lenders will not allow you to have accounts in dispute on your credit report when seeking approval for mortgage.

[Nelly510]

^ thanks! will keep sending letters, i got one response back saying they wont/cant GW a late payment, but i will keep trying!

[Nelly510]

Credit Account

P G And E

Status as of Date opened [?] Date of last activity [?] Largest past balance [?] Account Type [?] Account holder [?] Industry

Jul, 2011

Jan, 2005

Feb, 2006

$908

Open Account

Joint

Electrical Light & Power

Does this mean it will be falling off August 2013? i dont know how to tell DOFD, in the timeline it shows a 120+ late August 2009