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Just settled my last charge-off -- my journey

gatorlover
Contributor

Just settled my last charge-off -- my journey

Just wanted to share that I just settled my last charge off this week, as well as the balance on my repoed auto-loan, and most of my collections (2 from MCM, 2 from PRA). I've been working on paying these of for the past ~8 months, so it feels really good to reach this milestone!

 

I only have 2 collections (both PRA) left -- which I plan to pay off early in the Fall. Once I pay those, I will be almost debt-free except for ~16k in federal student loans, which I should be able to tackle in the coming year Smiley Very Happy

 

I wanted to share what each creditor settled for, here are my stats:

 

Charge-offs / Auto 

CreditorTotal OwedSettled AmountSettled %
BMW FS $11,123.00  $4,500.00 40%
Discover It $4,711.00  $2,830.00 60%
AmEx $2,535.00  $800.00 32%
AmEx $1,299.00  $420.00 32%
AmEx $11,590.80  $6,960.00 60%
Chase $580.00  $200.00 34%
Chase $799.00  $300.00 38%
Chase $3,093.00  $1,000.00 32%
DFS $784.00  $314.00 40%
TD Bank $603.00  $363.00 60%

 

Collections

AgencyTotal OwedSettled AmountSettled %
Portfolio Recovery $1,612.10  $1,146.20 71%
Midland Funding $6,291.00  $3,654.50 58%
Midland Funding $2,368.50  $1,350.30 57%
The Bureaus $679.74  $340.00 50%
I.Q. Data $274.18  $274.18 100%

 

I just made these payments in the past few weeks, so very few have actually updated on my CRs. My scores are stil where my signature currently indicates, but I am looking forward to posting changes and updates here as they happen. I will still have two very meaty Portfolio collections on my report, so I won't see the score bump from no collections at all until I can pay those off later in the year.

 

Everyone here has been immensely helpful -- I couldn't have done this without y'alls help, so thanks for all the great learning and amazing encouragement Smiley Happy 

Current

Starting (May 2020)


Reaching for 750+
Message 1 of 11
10 REPLIES 10
OmarGB9
Community Leader
Super Contributor

Re: Just settled my last charge-off -- my journey

Congrats!


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 11
lexi_7170
Established Member

Re: Just settled my last charge-off -- my journey

How did you settle with Midland? Did you call or send letters?

Message 3 of 11
7774x
Member

Re: Just settled my last charge-off -- my journey


@gatorlover wrote:

Just wanted to share that I just settled my last charge off this week, as well as the balance on my repoed auto-loan, and most of my collections (2 from MCM, 2 from PRA). I've been working on paying these of for the past ~8 months, so it feels really good to reach this milestone!

 

I only have 2 collections (both PRA) left -- which I plan to pay off early in the Fall. Once I pay those, I will be almost debt-free except for ~16k in federal student loans, which I should be able to tackle in the coming year Smiley Very Happy

 

I wanted to share what each creditor settled for, here are my stats:

 

Charge-offs / Auto 

CreditorTotal OwedSettled AmountSettled %
BMW FS $11,123.00  $4,500.00 40%
Discover It $4,711.00  $2,830.00 60%
AmEx $2,535.00  $800.00 32%
AmEx $1,299.00  $420.00 32%
AmEx $11,590.80  $6,960.00 60%
Chase $580.00  $200.00 34%
Chase $799.00  $300.00 38%
Chase $3,093.00  $1,000.00 32%
DFS $784.00  $314.00 40%
TD Bank $603.00  $363.00 60%

 

Collections

AgencyTotal OwedSettled AmountSettled %
Portfolio Recovery $1,612.10  $1,146.20 71%
Midland Funding $6,291.00  $3,654.50 58%
Midland Funding $2,368.50  $1,350.30 57%
The Bureaus $679.74  $340.00 50%
I.Q. Data $274.18  $274.18 100%

 

I just made these payments in the past few weeks, so very few have actually updated on my CRs. My scores are stil where my signature currently indicates, but I am looking forward to posting changes and updates here as they happen. I will still have two very meaty Portfolio collections on my report, so I won't see the score bump from no collections at all until I can pay those off later in the year.

 

Everyone here has been immensely helpful -- I couldn't have done this without y'alls help, so thanks for all the great learning and amazing encouragement Smiley Happy 


Congrats  save  somemoney to  pay  Federal taxes for amounts less than full pay

Message 4 of 11
babygirl1256
Valued Contributor

Re: Just settled my last charge-off -- my journey

Congrats on settling your last charge-off . . . Keep rebuilding in 2021.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 5 of 11
gatorlover
Contributor

Re: Just settled my last charge-off -- my journey

@lexi_7170 I called them and just negotiated on the phone, I let them know I had the money to pay everything at once and I think that helped.

 

@7774x I'm insolvent so hopefully it means I won't have to pay any.

Current

Starting (May 2020)


Reaching for 750+
Message 6 of 11
NICKI183
Established Contributor

Re: Just settled my last charge-off -- my journey

@gatorlover   Your story and collection settlements are very helpful as I have Midland on my reports for a few.  You transparency is appreciated and the fact of having cash on hand is helpful.  Thanks 

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 7 of 11
gatorlover
Contributor

Re: Just settled my last charge-off -- my journey

@NICKI183  happy the information helped! My hope in sharing is that some might find the information useful. best of luck tackling your MCM accounts! I found them relatively pleasant to deal with.

Current

Starting (May 2020)


Reaching for 750+
Message 8 of 11
Credit4Growth
Valued Contributor

Re: Just settled my last charge-off -- my journey

Those were great and strong choices that you made over the past few weeks. I am glad to see you have taken that (or most of the) weight off...(by getting to this point) your reports, soon!
Thank you for the stats!
|| DTI 8% || Mortgage Scores: EQ724, Tu694, EX726 ||
Inquiries: EQ/TU/EX (0 / 2 / 1) - 0/6 - 0/12 - 3/24 ||


Next App on the list is ???
Last apps: (2) August 18, 2019
Garden goal - Unknown date, 2021
Going for Sapphire spade - May 18th 2021

Dirty/ Thick/ Aged/
Message 9 of 11
Cass2387
Established Member

Re: Just settled my last charge-off -- my journey

Congratulations! I just paid off mine last week. Feels good, now we wait.

Message 10 of 11
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