How to handle charge offs

[Anonymous]

Hello 

I am almost there just need help on what to offer on this 6 charge offs 

Bryant State Bank owe $445 

Capital One Bank owe $468

First National Credit owe $376

First Premier Bank owe $1092

Kohl's Department owe $535

Merrick Bank owe $1837 

Any advice would be appreciated 

[dragontears]

how old are they?

[Anonymous]

They all was charged off in 2019 

[Anonymous]

I guess this goes without saying, but you'll need to pay them off and try to goodwill them afterwards to see if they are willing to remove them. Honestly, I don't know the likelihood of that happening but it's worth a try.

After they currently reporting and showing a balance? Are there any specific goals you're trying to reach? We need a bit more info in order to advise you on a real path forward. What else is on your reports? Do you have any open positive tradelines currently?

 Get back to us and we can properly advise you from there!

[RobertEG]

What is the date of first delinquency that immediately preceded the charge-off?

That is the controlling date for ultimate credit report exclusion of a charge-off.....

[Anonymous]

Currently my FICO Scores are

Equifax: 513 

Transunion: 551 

Experian 572

I am working on my credit to get a mortgage within the next 6 or 7 months 

Capital One reported on 6/18 

Bryant State Bank reported 5/2018 

Merrick Bank reported 12/2017 

First Premier reported 8/2017

First National reported 6/2017

Kohl's reported 4/2017

I have 3 collections that is schedule to come off in 2021..

AFNI owe $800 

Transworld owe $2856

Verizon Wireless owe $2400

Currently my rebuild 

A secured personal loan with Navy Federal 

Secured Credit Card with Navy Federal and Discover 

[Anonymous]

You are unlikely to get a loan with unpaid COs/collections on your account.  At the very least, you need to pay and/or settle the COs.  Not sure how much they will settle since they are fairly new COs but with COVID going on, maybe they will be a bit more lenient.  You can request COs to be removed thorugh goodwill letters but likelyhood of that is fairly small.  Paid COs look much better than unpaid.  Those COs will massively negatively affect your score the entire 7 years.  Also, try to do PFD with the collections accounts.  Maybe you will get lucky and one of the CA will remove the collection after you pay it, but otherwise, you will still need to pay/settle if you want to be approved for a home loan.  Also, since all the COs occurred less than a year ago, that might be a massive red alert to any mortgage company that you are a risk for defaulting on a home loan since you recently defaulted on multiple accounts.

[Anonymous]

Update on my charge offs 

Called Capital one offer to pay $351 of the $468 owed and they accept the offer and advised once the payment is made they will update on the credit report as paid in full 😁😁

Call State Bryant and offer $267 of the $445 owed and they accept the offer and advised once the payment is made they will update on the credit report as paid in full 

Call First National and offer $189 of the $376 owed and they accept the offer and advised they will update on the credit report as paid in full 

A successful day I had 

[Anonymous]

I am inspired by your update. The only thing holding me back and supressing my scores is a handful of chargeoffs from 2016. My credit report is pretty good since then, but in 2016 I had a bunch of health issues and hospitalizations.  I need to just call them and try to settle because I cannot wait until 2023 for my scores to get into the 600's. It is just depressing. 

Wish me luck as well.

[Anonymous]

Good luck, when I called them today I thought I could just pay over the phone but First National and State Bryant gave me a month to send the payment and Capital One ask me how long did I need. I was very surprised so tomorrow I give the other 3 a try.