1st Financial Bank

[Anonymous]

So a credit card charge off survived a DV and now I'm a little stuck. I spoke with a rep at the bank and they are pretty determined to keep the negative information on my report whether I pay or not. Should I:

a)
Pay in full, $651 (the credit limit was $250 but after various penalties shot up to $651, the account is, relative to my age, fairly old)
b)
Pay a settlement amount
c)
Do nothing and wait till it falls off

I'm looking for an option that will look less bad to potential creditors down the road, maybe raise my score a little although I am not optimistic on this point, all while providing me with the best value, bang-for-buck.

Thanks for everyones help!!

[Anonymous]

What is the DoFD/ DoLA for this tradeline? Do you know the SOL for your state?

[Anonymous]

Not familiar with Maryland's SOL, but the bank rep was insistent that the account would stay on until 2013, which seems a bit long considering it was my first credit card @ 18 and I'll be 23 in April.

[Anonymous]

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GBC wrote:
So a credit card charge off survived a DV and now I'm a little stuck. I spoke with a rep at the bank and they are pretty determined to keep the negative information on my report whether I pay or not. Should I:

a)
Pay in full, $651 (the credit limit was $250 but after various penalties shot up to $651, the account is, relative to my age, fairly old)
b)
Pay a settlement amount
c)
Do nothing and wait till it falls off

I'm looking for an option that will look less bad to potential creditors down the road, maybe raise my score a little although I am not optimistic on this point, all while providing me with the best value, bang-for-buck.

Thanks for everyones help!!

---

Even if you pay it in full, and they refuse to delete it, it will still be a negative mark.  If it close to dropping, I would let it drop.

[Anonymous]

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GBC wrote:
Not familiar with Maryland's SOL, but the bank rep was insistent that the account would stay on until 2013, which seems a bit long considering it was my first credit card @ 18 and I'll be 23 in April.

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3 yrs.

If you haven't pulled hard copies from the CRA's, do so to check dates. Keep them forever in case JDB decide to reage this account and try to make money from you later on.

[Anonymous]

Exactly but according to the rep it IS NOT close to dropping. So I'm really caught. I'd rather NOT pay and let the negative mark stay, since it will be negative anyway, or at least meet the situation half way and pay a settlement so I don't look like a total deadbeat.

[Anonymous]

Maryland SOL:

Written, Oral And Open Accounts(including CC's) 3 yrs

Promissory notes  6Yrs

Do you know approximately when you were charged off or defaulted because if it was when you were 18 this debt may be out of SOL. Remember SOL and CRTP(credit reporting time period) are different. CRTP is 7/7.5 yrs from DoFD or DoLA.

If you pay it will reset the SOL. Find out the DoFD/DoLA before you pay anything to anyone. They may have reaged this account and that would be illegal.

Message Edited by litchloath1 on 02-11-2008 02:26 PM

[Anonymous]

And a ccc rep would never lie?

Pull your reports and make sure the dates add up.

[Anonymous]

3yrs from the date of first delinquency?

[Anonymous]

 yes 3yrs from the DoFD