Petal Card Visa Reporting

[Anonymous]

No it looks like Barclays won’t come off until August of 23, you have a second string. Each string falls off separately and has its own DOFD.

[Anonymous]

Apparently after becoming negative, you made some payments and brought it current. Then you started a second string of delinquencies, so they’ll fall off separately.

[acavaliero]

@birdman7 Thank you again for your generosity! Answers are below yours. 

@Anonymous wrote:

If you qualify if you can get in navy that would be the best place to do the SSL. No the self lender’s terms were too short, repeating it kills your average age. You want to do it somewhere that you can have a decent term hopefully at least five years. You’ll have to read the threads on SSL.

I don't think I  qualify for any Navy products, my first cousin, not immediate family was in the Navy, tomorrow I will call and see what happens. As far as the SSL threads can't seem to tell if any thing still exists or if I could qualify. Seems like Alliant was the only one and no longer exists. Going down the SSL rabbit hole I see someone who got a $3000 loan then paid 92% of back right away and then made payments on 8%, what kind of sorcery is this?

Check Discover Citibank and Bank of America for secured cards. If you have a relationship with a credit union, get one there as well. If you don’t start some relationships.  
Applied for the Discover Secured Card and I was rejected because of two many inquirires. I could apply for Citi or Bank of America, I will. Also filled out an app for Evergreen Credit Union. I will apply to be a part of others. 

Avoid store cards and predator cards like credit one and Fingerhut and all those.
OK 

Yes if it’s not in collections status that should be removed. I’d ask American Express that would be easier than dealing with the bureaus probably
ALL RIGHT !  Contact AMEX with goodwill letter? dispute? casual conversation, phone call? But don't go through the EX, EQ or TU? 

Yes you’re going to see some pain until they fall off. The reports you get from ACR will give you more data than the one from Experian even though you have a membership. You can do Goodwill campaigns for charge-offs and usually have to try try try again but sometimes you’ll have some luck otherwise you have to wait them out.
I assume you mean here when the SOL on both Baddies is up. I shouldn't GW request anything until then. Is that what you mean? Futhermore help me out with something - don't they "write off" the debt? they sell it? Even if I had the 14000, they couldn't take it, right? Could I find out if they SOLD or WROTE OFF my debt? 

Yes you need to get several revolvers and let them start aging and acquiring positive payment history. And then when those lates finally drop off you will change scorecards and your score will improve dramatically.
I see that PetalCard or predators or secured cards or SELF lender are the only ones I can get. Any other revolvers you can think ok? 

I have more to say but I’m on mobile and I’m late to be somewhere so I’m gonna have to chime in again later. I haven’t viewed your links yet but I will.
and we’ll talk about the AU accounts.
THANK YOU SO MUCH. 

Meanwhile other members will chime in with some great advice as well I’m sure.

I would love that. I hope this thread is visible to all. 

[Anonymous]

OK first let me clarify you will stay in a dirty scorecard until all derogatory‘s are gone. That includes all lates, whether on loans or revolvers and any collections. When the last one falls off, you’ll have a scorecard reassignment. This will typically improve your score drastically.

No a cousin does not qualify for Navy. I don’t know if there is anywhere else that has them available and has them set up where it will work properly. There is a thread the search for SSL or something. It should have the latest data on people searching.

Yes this is exactly how this works. First off if you have student loans, this isn’t going to help you at all and you shouldn’t worry about a loan.

If you have no loans and you get one and you pay it down below 8.9% B/L, you have a fully optimized loan and fico will award you the most points for it. It’s a fico strategy that can earn you 15 to 45 points depending. Keep in mind on a dirty scorecard, you may have a maximum score limit. The big threshold is at 8.9% B/L.

Once you build your credit a little bit you can do it with a personal loan it doesn’t have to be an SSL. One of the credit unions you joined may make it available. But the trick is you have to be able to pay it down without reducing the term. Some lenders allow this some don’t. So the idea is to keep an optimized loan as long as you can without the desire for a lengthy term.

Yes that’s what a charge off is. If it’s in charge off status, they have written it off. However you still owe until the SOL in your state for repayment has run. Actually you still owe it after that, they just have no right to initiate a suit to collect. In other words the SOL makes them SOL, as well.

If you did not pay the debt, they can sell it or refer it to collections and that collection would hurt you even worse and it would stay on your report until the DOFD as well.

There’s a totally separate SOL for how long it can be reported to the credit bureaus and that is seven years from the DOFD.

I was under the impression you had a paid charge off. If you do have a paid charge off you can write a goodwill letter asking and begging them to remove the charge off or delete the entire TL. Sometimes it works, sometimes it doesn’t, sometimes it takes multiple tries, and I mean multiple. If the SOL for reporting had run, there would be no reason for a goodwill letter because it would be off of your report.

If the charge off has not been paid then it’s doubtful they would remove it.

That’s a shame Discover denied you. Once you establish a relationship with your credit union go there and ask for a secured card they should allow you there, much more liberal usually. How many inquiries do you have?

That’s good you’re joining credit unions, it’s good to be a part of three or four, in my opinion.

As long as you can get a MasterCard Visa American Express or Discover and it doesn’t have an annual fee, get it. Like I said avoid store cards, but you may have to eat a predator card meaning high APR and sometimes bucketed, but it would be much better to get a secured card from a credit union or a decent lender.

[Anonymous]

@acavaliero Oh yeah two more things. Yes the thread is visible to everyone.

And as to your question as to whether or not you had money if they can take it. First they have to sue you and acquire a judgment.

Once they acquire that judgment there are several remedies available. They can attach to a bank account they can attach to personal property that is not excluded, they could place judgment liens on non-homestead property, they could garnish your wages, there are multiple remedies.

[Anonymous]

I have the same issue with Petal Card.  My balance is paid off in full and it still reflects the balance I owed to the credit agencies. I looked to see when Petal last reported and it was Jan 1st. Nothing is reported for Feb. I called Petal to see when this would be reported. They said the updated balances should of been reported on Feb 1st but could take longer??? In the meantime they sent a email saying you haven't used the card in awhile. If this is how they report I will be really apprehensive to use this card. Maybe for small purchases like coffee to just keep the card active.  

[acavaliero]

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@Anonymous wrote:

I have the same issue with Petal Card.  My balance is paid off in full and it still reflects the balance I owed to the credit agencies. I looked to see when Petal last reported and it was Jan 1st. Nothing is reported for Feb. I called Petal to see when this would be reported. They said the updated balances should of been reported on Feb 1st but could take longer??? In the meantime they sent a email saying you haven't used the card in awhile. If this is how they report I will be really apprehensive to use this card. Maybe for small purchases like coffee to just keep the card active.  

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Yeah I have noticed the same. If they send emails "you have not used your card in a while' I would tell them exactly why. I haven't gotten one yet but I will say just that. My CR still says a balance of $1,241 when it is actually ZERO. Also If PETAL has helped your credit at all perhaps qualifying / applying for a better reporting one is in your future. I just got the CAP ONE Platinum card with $1500 limit - that's a win for me. I think they report pretty quickly. Best to you! 

[Anonymous]

It's one thing if they're reporting late, but it's a whole different story if they're falsely reporting balances or anything for that matter. I would take a look at your balances over your last couple statements and make sure those balances are reflecting on your CR's regardless if they update late or not.

[acavaliero]

Hey Birdman7 and all!

My answers are in blue below. 

I was under the impression you had a paid charge off. If you do have a paid charge off you can write a goodwill letter asking and begging them to remove the charge off or delete the entire TL. Sometimes it works, sometimes it doesn’t, sometimes it takes multiple tries, and I mean multiple. If the SOL for reporting had run, there would be no reason for a goodwill letter because it would be off of your report.

Yes I will be doing for this AMEX Delta Charge off I just paid off. 

How many inquiries do you have? 

Experian says 16 

As long as you can get a MasterCard Visa American Express or Discover and it doesn’t have an annual fee, get it. Like I said avoid store cards, but you may have to eat a predator card meaning high APR and sometimes bucketed, but it would be much better to get a secured card from a credit union or a decent lender.

I qualified for Cap One Platinum - $1500! 

I paid of AMEX Delta charge off and now I BELIEVE I get to have AMEX Optima card with a credit line. I got a notification about a new AMEX credit line on Transunion. Amex re-reported the TL paid in full but still a charge off as per your direction, I'll be requesting this to be reported differently or removed. 

Yes, that’s what a charge off is. If it’s in charge off status, they have written it off. However you still owe until the SOL in your state for repayment has run. Actually you still owe it after that, they just have no right to initiate a suit to collect. In other words the SOL makes them SOL, as well.  There’s a totally separate SOL for how long it can be reported to the credit bureaus and that is seven years from the DOFD. First they have to sue you and acquire a judgment. Once they acquire that judgment there are several remedies available. They can attach to a bank account they can attach to personal property that is not excluded, they could place judgment liens on non-homestead property, they could garnish your wages, there are multiple remedies.

 If I offer to pay it, they WON’T / CAN’T take it, correct? They are not pursuing me but If I tried to pay it to improve my credit they couldn’t even take it. Especially Barclays because 1: the amount is only $1750 (instead of $14000 with Wells Fargo) and 2: years ago I got 1 letter from a law firm trying to collect for this account and nothing more never again. The law firm never appeared on my credit report. 

Barclays based on DOFD - leaves 2023

And again Wells Fargo the $14000 never sent me anything just charged it off based of DOFD - leaves 8/2022. 

I’m going to officially gather the rest of the information as per your signature below and get it to you ASAP. Thank you for your generosity and for everyone here. 

[Anonymous]

@acavalieroSorry it has taken me a while to respond but things have been hectic lately I apologize.

Several things I want to address with you. At one point you asked how can you determine whether your AU cards are being counted by version 8. Simple test. Report zero on every AU card. If you get a 10 to 20 point loss, and the points return when you put a balance on an AU card, then it is counting on version 8.

You said the American Express was in “charge off collections status.” However a charge off and a collection are two totally different things.

With a charge off, usually the only thing you can do is pay it and let it age. If you don’t pay it, the creditor can update it monthly, which continues to suppress your scores. Some creditors don’t update it, and then if and when you do pay it, it gets updated, which suppresses your scores, but then as the paid charge off ages, your scores recover to a point. Until they come off of the CR, your scores will not recover completely.

Now, once you have paid a charge off, you can beg the original creditor to remove it or delete the entire tradeline. It is rare, but it is possible.

If the charge off is not paid, the creditor has the option to place it in collections or sell it to collections. This becomes a separate entry on your credit report and causes an additional drop to your scores. When that occurs it’s important to discover whether it was sold or placed in collections. However since you don’t appear to have any collections, I won’t go into the distinguishing factors and approaches.

What I was saying before, was if American Express was improperly listed in collections then you could contact them to have that removed. Since it’s a paid charge off and not a collection, all you can do is try a goodwill campaign. I do not know how responsive American Express is to Goodwill campaigns, maybe someone with experience with that can chime in.

Do you in fact have a collection for American Express as well as the charge off? Yes, if you can go to the Optima route I think that might be nice.

While I’m thinking about it, before you jump on things, come back and talk to us and we may be able to give you some advice. For instance, had you checked with us before you applied for Discover, we would’ve asked you how many inquiries you had on Experian and we could’ve told you they most likely were not going to approve you.

With that many inquiries a lot of lenders are not going to approve you, even for a secured card. Plus, Discover has a prequalification page you could’ve also checked. Maybe you did? You may have to wait a little while to apply, if you have burned that many hard inquiries everywhere. But then again there are a few that are not inquiry sensitive and don’t care, but with charge-offs and all that it makes it a little harder.

How many inquiries do you have at the other bureaus? When I ask how many, I mean in the last 12 months. (Not in the last 24 months which is what many front ends from the various CMSs display.)

In case I wasn’t clear before, before a lender may involuntarily take anything from you they must first sue you and acquire a judgment. Subsequently, they may initiate post-judgment proceedings to try to attach or take or garnish all types of assets. However they can definitely voluntarily except payment from you.

If they attempted to sue you and you offered to pay, I’m sure they would drop the lawsuit. There is no way to know whether or not they’re going to try to sue you and collect. I will say this, the amount for Barclays is so low that I doubt they will because it would cost them more to collect probably. As for WF, that’s enough that they may sue.

What you have to do is check your state’s statue of limitations and see how long they have to sue you for repayment. This is different than the federal statute of limitations for reporting to the credit bureaus. (This is not legal advice.)

Original creditors rarely do a pay for delete. That is typically done in collections. Nevertheless that doesn’t mean you cannot ask Wells Fargo, if you had the money to pay them.

If I already said this forgive me, but I believe Barclays had a second string of lates. So they will be removed in 2023 not 2022 because Second string will not be deleted until seven years from the DOFD of the second string.

Yes that’s good you got the capital one platinum! Did you find out what the new notification about a Amex credit line was on TransUnion?

You asked if you offered to pay it whether they can take it. Yes, as long as they still own the debt, they can. Now, if they SOLD the debt to a debt collector, they will refer you to the debt collector, because they no longer own the debt. However this is not conclusive. Sometimes they will refer you to the debt collector anyway, because they have assigned the debt to the debt collector. So, you definitely need to clarify and find out whether it was sold to the debt collector or assigned to collections, if in fact you have one in collections.

You’re lucky Wells Fargo didn’t assign it to collections or sell it to collections. I’ll tell you what, when you start paying off all your debts, there’s a service at the credit bureaus that will alert collections or charge off’s that you are paying off debts and obviously have money. Some of them wait until then to try to sue you. Don’t think those little alerts are just for us. We pay for them and so do they. Just a little heads up.

Good luck to you I hope this helps.