Trying to figure out if we should try and settle old CC debt with B of A. It's just over four years old, so the time for them to come after us is over. We are fine just letting time run out for it to fall off of the reports 7/19 and 11/19 except they are reporting as currently late on one of the reports. It shows up on both EQ and TU as a credit card with info and both show up as charge off, it is blank on EX. It shows up a closed by consumer and with EQ they are showing as currently deliquent each month under older deragatory info. I'm listed as the AU on the account and my husband is holder of the account.
It doesn't look like it is dinging us that badly since that all my FICO scores are within 30 pts of each other. What is really odd is that our highest score is the one that is showing us as delinquent through 12/17. Which is what is most confusing. My husbands scores are even lower than mine and we think it is due to the B of A issue.
So the question is do we reach out and try to settle or let is go and let it roll off the reports. If we let it roll of the reports how does that work with B of A reporting that is is currently deliquent each month, do those remain for another few years until each month reported is over 7 years old? Or does the entire existence of the card just fall off as if it never existed?
Our ultimate goal is to rebuild our credit over the next few years (and keep it that way forever) so that our FICO is eventually in the high 700 or low 800 so that if we ever need to make a major purchase we can get a good APR.
I've listed my FICO's below hoping this will help.
Fico 8: ………….……..EQ 696 TU 665 EX 675 (12/28/2017)
Fico 9: ………….………EQ 702 TU 696 EX 696 (12/28/2017
Fico 5,4&2Mort:…:…EQ 681 TU 648 EX 666 (12/28/2017
Fico 3.:…………..……..EQ TU EX 672 (12/28/2017
Bank Card Scores
Fico 8BC: ………….. EQ 696 TU 665 EX 675 (12/28/2017
Fico 9BC: ……….….. EQ 693 TU 684 EX 694 (12/28/2017
AUTO Scores
Fico 8AUTO:…………EQ 708 TU 691 EX 684
Fico 9 AUTO:………..EQ 717 TU 714 EX 716
Fico 8 Benchmark….EQ 689 TU 672 EX 663
Okay, so paying won't get us anywhere except to keep the current lates from happening. You said you would send a letter to each CRA. The info. is accurate, how often does a big company like B of A, choose to not verify? Isn't that like poking the bear and hoping it doesn't bite? We do owe, but no one is attempting to collect and hasn't for quite some time.
We have done rebulding and have cards on our accounts now.
Capital One QS (80% utilization, $2300 CL) Refusing a second CLI
AMEX BCE (0%, $1,000 CL) - Just approved
Dress Barn (0%, $200 CL)
Macy (20%, $2500 CL)
Old Navy (0%, $300 CL)
Care Credit (24% or $1499 bal of $6000 CL)
Car Loan ($13,029, 10 months old, paying slightly higher than owed each month)
Overall utilazation shows as 25%.
Goal is to pay down Capt One to $0 or at least uner 10% utilization. We put small amounts on the cards consistently and pay them off after the statement shows the balance.
Is this a good mix of cards? We do need to get a business card, but after that I think we stop and just garden the crop let it grow and flourish. Does that sound like a good idea or am I missing something that might work better?
@Anonymous wrote:if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind. you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.
@QCS123 wrote:Trying to figure out if we should try and settle old CC debt with B of A. It's just over four years old, so the time for them to come after us is over. We are fine just letting time run out for it to fall off of the reports 7/19 and 11/19 except they are reporting as currently late on one of the reports. It shows up on both EQ and TU as a credit card with info and both show up as charge off, it is blank on EX. It shows up a closed by consumer and with EQ they are showing as currently deliquent each month under older deragatory info. I'm listed as the AU on the account and my husband is holder of the account.
It doesn't look like it is dinging us that badly since that all my FICO scores are within 30 pts of each other. What is really odd is that our highest score is the one that is showing us as delinquent through 12/17. Which is what is most confusing. My husbands scores are even lower than mine and we think it is due to the B of A issue.
So the question is do we reach out and try to settle or let is go and let it roll off the reports. (If you settle, the accounts will STOP updating each month and start to age. And it'll hurt less instead of updating as new each month.) If we let it roll of the reports how does that work with B of A reporting that is is currently deliquent each month (it'll stop), do those remain for another few years until each month reported is over 7 years old? (Yes, they'll stay but not hurt as much.) Or does the entire existence of the card just fall off as if it never existed? (Nope, but it will after seven years and 180 days after your DOFD)
Our ultimate goal is to rebuild our credit over the next few years (and keep it that way forever) so that our FICO is eventually in the high 700 or low 800 so that if we ever need to make a major purchase we can get a good APR.
I've listed my FICO's below hoping this will help.
Fico 8: ………….……..EQ 696 TU 665 EX 675 (12/28/2017)
Fico 9: ………….………EQ 702 TU 696 EX 696 (12/28/2017
Fico 5,4&2Mort:…:…EQ 681 TU 648 EX 666 (12/28/2017
Fico 3.:…………..……..EQ TU EX 672 (12/28/2017
Bank Card Scores
Fico 8BC: ………….. EQ 696 TU 665 EX 675 (12/28/2017
Fico 9BC: ……….….. EQ 693 TU 684 EX 694 (12/28/2017
AUTO Scores
Fico 8AUTO:…………EQ 708 TU 691 EX 684
Fico 9 AUTO:………..EQ 717 TU 714 EX 716
Fico 8 Benchmark….EQ 689 TU 672 EX 663
@QCS123 wrote:
Yeah, to the poster in the qoute. (If it pulled you in sorry!) That re-aging nonsense is bad misinformation to spread, especially in this part if the forum.
Ah, got it thanks!
@QCS123 wrote:Ah, got it thanks!
I don't know if you've thought of B of As internal memory - even if the account falls off your credit report you might not be able to get future products with them because they'll have an internal record of the deliquency.