EXPERTS PLEASE HELP!!!!SIMPLE Q'S FOR YOU YET HARD FOR ME

[terrymurph]

HELLO I HAVE A CHARGED OFF CC AND ITS STILL BEING USED IN MY UTIL. MY Q'S IS SHOULD I PAY IT OFF BECAUSE EVEN AFTER I PAY MY OTHER CC'S DOWN TO 0% MY UTIL WILL STILL BE 41% WHICH IS NOW SHOWING 80%. I HAVE CALCULATED THIS SEVERAL TIMES EACH TIME I GET THE SAME PERCENTAGE MYFICO ALREADY HAS SHOWING. SO PLEASE HELP I WOULD LIKE TO GET OVER 700 BUT THIS WILL SURELY KEEP ME FROM DOING SO. THE ACCOUNT WONT FALL OFF UNTIL 2012 SO I HAVE TO  DO SOMETHING BEFORE THEN. THE AMOUNT IS $1971.00 BUT IM SURE I CAN NEGOTIATE LESS THEN THAT WITH A PIF LETTER, SO IT WILL REFLECT AS SUCH ON MY FICO REPORTS. THEY WONT DO A PFD. I HAVE TRIED SEVERAL TIMES. SOOOOOOOOOOOO IN SHORT I NEED ADVICE QUICK.

[AndySoCal]

Be careful in what you do with this account. When was the account charged off and when was it last reported? A settled account is considered derogatory and having the account re-reported could hurt your score not help it. Is the account being reported by a collection agency or the original creditor or both ?

[guiness56]

I am assuming since it is still being counted in your utility that the OC is reporting it and has not sold it to a CA.

Is this still within SOL?

[terrymurph]

YES IT IS BEING REPORTED BY THE OC. AND IM NOT SURE IF IT'S IN THE SOL. THE BANK IS BASED OUT OF SD I BELEIVE THAT STATE HAS NO SOL, BUT IM IN ILLINOIS AND WE DO. THE FIRST LATE PAYMENT WAS IN 2005. AND IT WAS REPORTED IN MAY OF THIS YEAR SHOWING 31 LATE PAYMENTS FROM THE FIRST LATE PAYMENT UNTIL NOW. IT WAS SHOWING CO WITH 0 LATE PAYMENTS BEFORE MAY THOUGH. SO THEY ARE STILL UPDATING IT EVERY MONTH NOW AND ITS COSTING ME POINTS. NOW IT IS ONLY SHOWING 9 LATE PAYMENT THIS MONTH ALL ARE 120 DAYS PLUS THOUGH. SO IT FEELS LIKE A CATCH 22 DAMNED IF I DO AND DAMNED IF I DONT. SO CONFUSED

[guiness56]

SOL goes by the state you now live in or the state you lived in when you got the credit.  With that said, IL SOL is 5 years for CC debt.  This account is probably nearing the end of the SOL.

Did you ask if they would do a PFD?

Message Edited by guiness56 on 08-11-2009 12:22 AM

[terrymurph]

Yeah i have tried several times. But they have turned me down each time. They keep saying they have to report the account the way it was handled, and what is being reported now is accurate.

[guiness56]

What is the DOFD on the account?

[terrymurph]

THE DOFL IS 6/2005. I WAS THINKING ACTUALLY THINKING OF TAKING THEM TO SMALL CLAIMS COURT BECAUSE I HAVE DISPUTED IT WITH THEM 4 TIMES CERTIFIED RETURN RECEIPT. SO I HAVE A PAPER TRAIL, THE REASON I SAY THIS IS BECAUSE THEY HAVE NEVER NOTIFIED THE CB'S THAT I DISPUTED THE ACCT WITH THEM. THIS IS A VIOLATION OF THE FCRA. THATS WHY I MADE SURE TO SEND THE LETTERS THE WAY I DID. IM NOT DISPUTING THE VALIDITY OF THE DEPT, IM SUING BECAUSE THEY DIDNT FOLLOW THE RIGHT STEPS THEY NEEDED TO FOLLOW. MEANING THEY DISMISSED OR WENT AROUND THE LAW