Need help with C/O accounts please!

Anonymous · ‎01-08-2014

Since this year has started, I've managed to successfully taken care of two collections with PFD, now I'm in need of advice and help with taking care of Charged Off accounts, I have 3 that are due to be removed on the 05/2014, 06/2014, and 09/2014

Has anyone have had any success in removing Charged Off accounts with PFD or a GW letter?

any advice appreciated, thank you!

Whitneyy · ‎01-08-2014

Hi. Welcome to the forums.

They are due to fall of this year, why not just wait it out?

GOAL - 700 FICO across the board!

Leadberry · ‎01-08-2014

We would need more information. Creditors? Amounts? Dates?

FICO Scores 800+

SunriseEarth · ‎01-08-2014

Have you settled on these TLs? Are they actively reporting (updating monthly? Were the COs sent to collections?

If the OC still has the COs and is NOT actively updating balances or reporting, I would NOT recommend doing anything but waiting it out. If the OC is actively updating and you are willing to settle, you could try for PFD. If not, you could still settle and attempt to GW. If you've already settled, you could also attempt to GW.

If the OC sold the CO to a CA, then you could try to PFD with the CA. The OC is unlikely to remove their entry by GW under those circumstances, but it wouldn't hurt to try, if you have a convincing story.

ktl72455 · ‎01-08-2014

They are so close to falling off, they might even get removed early by the CRB to ensure timly removal. I have had 2 removed 7 & 8 mo early.

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%

baller4life · ‎01-08-2014

I agree with ktl72455!

Anonymous · ‎01-09-2014

here are some info on the accounts

Chase Bank Services

Date Updated 12/06/2009

Status >Charged Off<

Remarks: Purchased by another lender

estimated month and year to be removed 09/2014

Comenity Bank

Date Updated 06/04/2009

Status >Charged Off<

Remars: purchased by another lender

estimated month and year to be removed 04/2014

and the last one....

Rogers & Holland

Date Updated 10/08/2013

Status >Charged Off<

estimated month and year to be removed 06/2014

I have not paid any of these yet, and the last one seems to be the only one that has not been purchased by a lender

After reading the comments above, what would be the best action I take? GW, PFD or just let it fall off and wait it out?

Anonymous · ‎01-10-2014

bumpity bump

Conswalla · ‎01-10-2014

They're going to drop off this year.

Just let them drop.

You've waited this long.

Now just wait a little longer.

Take care.

RobertEG · ‎01-10-2014

Just letting them become excluded from your CR does not magically make the debt or your continued obligation to pay disappear.

CR excclusion only removes the easy ability of others to become aware of the unpaid debt by a simply pull of your credit report.

The unpaid debt can still effect your ability to obtain new credit until it is satisfied.

Being an OC account, exclusion of the CO will not result in deletion of the account. It will still remain, and lack of indication of satisfaction of the debt can raise questins as to whether it was ever paid.

Offering a PFD will not only, if accepted, result in earlier removal of the reported CO, but will also result in satisfaction of the debt itself, and thus remove any obligation to disclose the unpaid debt in future endeavors for credit.