Charge off questions

Anonymous · ‎08-15-2008

I'm really confused right now do please bear with me. I have two charged off accounts on my credit report. One is with First Premier, opened 2005 w/ a bal. of 0. It says it was sold to Arrow financial, who is also on my report with a bal. of $738.00. The second account is Credit One, opened in 2006 with a bal. of $796.00 it says it was sold to another lender but the ca is not reporting it. How would you suggest I pay these? If I pfd Arrow financial will that also remove first premier? Or just show it as paid? Should I try to pfd credit one? I really just want to pay all this stuff off and start over. Any suggestions would be appreciated.

RobertEG · ‎08-15-2008

Hi Logan, and welcome to the forum.

It appears that your accounts have progressed from Co to collection.

Paying off any CO or collectin does not remove it from yuur credit report The DOFD that led to the collection or chargeoff is the date that controls its continued reporting.

If you agree to pay a CO or CA debt, and get as a mutual creditor agreement that your payment will fulfill your debt, and as for FICO goes,secure their agreement to delete the accoutn, then you may have done the right thing, but simple payment does not delete the FICO hit.

Anonymous · ‎08-16-2008

COs that still report a balance is hurting your score....its still being calculated into your UTL...so if posible I would pay ASAP....try to get the negative remarks removed...to the account will go positive...

Anonymous · ‎08-16-2008

Not if listed by the CA and the CA is listed properly.

They only count when listed as a TL, usually by the OC.

slyhouse08 wrote:

COs that still report a balance is hurting your score....its still being calculated into your UTL...so if posible I would pay ASAP....try to get the negative remarks removed...to the account will go positive...

Anonymous · ‎08-16-2008

To answer your question about PFD.........the agreement will only remove the entry that you made the agreement for. So, if you offer a PFD to Arrow Financial and they accept, it would only remove Arrow Financial's entry on your report. First Premier is already showing a $0 balance. You could GW them to remove, but I don't think they are very accepting of GW letters.

As for the Credit One CC, if it is reporting $0 and they have sold, they can't accept payment. It is good that the CA hasn't reported yet. Did Credit One tell you which CA had the account?

Now, for the most important things......

What is DOFD? What is DOLA? What is SOL for your state?

The links in my signature may be of help to you.

Logan44 wrote:
I'm really confused right now do please bear with me. I have two charged off accounts on my credit report. One is with First Premier, opened 2005 w/ a bal. of 0. It says it was sold to Arrow financial, who is also on my report with a bal. of $738.00. The second account is Credit One, opened in 2006 with a bal. of $796.00 it says it was sold to another lender but the ca is not reporting it. How would you suggest I pay these? If I pfd Arrow financial will that also remove first premier? Or just show it as paid? Should I try to pfd credit one? I really just want to pay all this stuff off and start over. Any suggestions would be appreciated.

Anonymous · ‎08-16-2008

@Anonymous wrote:
To answer your question about PFD.........the agreement will only remove the entry that you made the agreement for. So, if you offer a PFD to Arrow Financial and they accept, it would only remove Arrow Financial's entry on your report. First Premier is already showing a $0 balance. You could GW them to remove, but I don't think they are very accepting of GW letters.
As for the Credit One CC, if it is reporting $0 and they have sold, they can't accept payment. It is good that the CA hasn't reported yet. Did Credit One tell you which CA had the account?
Now, for the most important things......
What is DOFD? What is DOLA? What is SOL for your state?
The links in my signature may be of help to you.
I think Credit one sold it to Collect America they keep doing inquiries on my report and I don't have any other delinquent accounts. Should I try to get in touch with them and work out a payment? I need to do something before they start reporting. I live in Ca. so I believe SOL is 4 yrs. Equifax's DOLA is Nov, 2006 DOFD is Dec 2006. Experian's DOLA is Jun, 2007 and DOFD is Dec 2006. Thanks for your help.