180 days delinquint WF CC!!! Eeeeek!

[FicoMiko]

I have been creeping here for a couple of months trying to figure out what exactly to do.

I went from 816 EQ FICO 7/2007 to 547 EQ FICO 3/2013 and I want to build back up to that.

I pulled my EX and TU report and here is what I see...

With baddies:

Auto Loan

Opened: 9/08

CL: $14k

Status: Paid, Closed on 1/12

Balance: $0

30 past due 11/11, 1/12

Kay Jewelers CC

Opened: 6/11

CL: $7,700

Status: Open

Balance: $0

30 past due 1/12

Wells Fargo CC

Opened: 6/07

CL: $4,500

Status: Closed by grantor, $1,200 past due

Balance: $5,600 as of 3/13

180 days past due 3/13

With no baddies:

Secured Loan

Opened: 9/08

CL: $14k

Status: Paid, closed 10/08, never late.

Balance: $0

Chase CC

Opened: 4/95

CL: $8,500

Status: Open, never late.

Balance: $230

Walmart CC

Opened: 7/10

CL: NA

Status: Paid, closed 11/12, never late.

Balance: $0

No CA's, no CO's.  My biggest concern is with the WF CC account 180 past due. It is in their in-house collections right now so there aren't any CA's yet on the report cause WF still owns the debt.

I talked to their in-house collections today on the phone and asked for a PFD, went up the chain 3 people and they still stated that no matter how much I paid they could not delete “accurately reported delinquencies” and would not delete. I paid approx. $135 on debit over the phone today to keep it from becoming a CO (had 2hrs before it would become CO so I didn't have time to send a cashier's check or money order).

What can I do to help my FICO? Should I settle with WF? Let it CO? Slowly pay it off? Keep bugging them about PDF while slowly paying it off? I'm not sure what to do! They offered to waive 3 months of finance charges and late charges (worth approx. $450) if I paid $1,380 which would bring the account back to “current” and I could go back to making payments but would not delete my 30,60,90, 120, 150 and 180 day delinquints. Anyone have experience with WF?

About the Auto Loan and Kays CC, I thought I was on time with those payments... Maybe payment was made a couple days before reporting and didn't complete processing until after it was already reported? I don't know or remember.

Please, some pointers would be greatly appreciated!

[RobertEG]

Above all, I would avoid their taking a charge-off.

That is a major derog, and a statement in your file that you have let debt go to the point that they have expectation that you are not going to pay.

In accounting lingo, it is considered by them to have become uncolllectible.

A very damaging statement, and often a precursor to sale of the debt to a debt collector, leading to the reporting of a collection.

If acceptance of a PFD is not likely, I would shoot for a settlement for less along with the proviso that they not additionally report the special payment comment of paid for less.  It will then appear to those reviewiing your credit report the same as if paid in full.

[FicoMiko]

Alright so I'll avoid the CO.  Would paying it off slowly have a better effect on my FICO then settling for less?  Or its about the same so I might as well settle?

I asked them if I were to do a settlement if they could report it as "Paid in full" and they said they could NOT because I wouldn't be paying in full.  Are they just playing hard ball with me?  What would I want them to report if they wont do "Paid in full"?

Also do you think a GW letter to Kay's and AZSCU would work?  Anyone have experience with these companies?

[FicoMiko]

TU bumped 29 points!  I had my dad add me as an AU on his Amex which he just opened earlier last month, CL $19,500.  He added me approx. 2 weeks ago along with two other cards (US Airways Visa and Chase CC).  I'm hoping those will start to report at some point as well but they didn't ask him for my SSN or anything, only Amex asked.

[guiness56]

They really don't need your SSN to add you.

[FicoMiko]

You think they will start to report at any point?  My father did ask them when he was adding me if they will report AU's and they said they wont.  I guess I was just hoping the person just didnt know.  Well it doesn't hurt to try!  Like they say, you will fail 100% of the time if you don't try.

[guiness56]

AFAIK, Chase does report but maybe not to all 3.  I'm not sure about the other one.