cancel
Showing results for 
Search instead for 
Did you mean: 

The long road back

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Visitor

The long road back

Hi everyone,

 

Long time lurker, first time commentor. I would like to preface this by saying I come here often and read A LOT from you guys. Lets get to the juicey part. A few years ago I ran into some money issues and ended up letting my NFCU CC default, which eventually lead to a CO of roughly 11.5k. I was in college and was having a hard time juggling things and was swiping left and right for everything and only paying the minimum.

TLSmiley Very HappyR - I was irresponsible with my credit line.

 

I was young dumb and now its coming back to bite me. Wife and I are looking to purchase a house in the next 2 years and we are trying to get things lined up. Her credit is prestine (730+). Mine not so much (see signature).I have good payment history (99%) on my current trade lines (Best Buy, Capital One, Student Loans) - I had one late with BBY 2 years ago (30 day) I might try to good will that one away (Suggestions?).

 

The charge off is biting me in the rear. I contacted NFCU and discussed my options. I can settle for 4700 in one lump sum or 5600 in payments or PIF. I want to mend the relationship with NFCU but I dont have 11.5k sitting around to do that. So for the time being I am thinking of liquidating some of my investment assests when the market jumps back up and paying the 4700 to get it to stop reporting, then later on down the road pay the rest to get in the good graces of NFCU. 

 

Thanks for taking the time to read my situation. 

Starting Score:EX 620, EQ 605, TU 625
Current Score: EX 620, EQ 605, TU 625
Goal Score: EX 700, EQ 700, TU 700


Take the myFICO Fitness Challenge
Message 1 of 4
3 REPLIES 3
Regular Contributor

Re: The long road back

Agree that getting back in NFCU's good graces is wise. I don't think settling will get them to stop reporting the charge off, unless they have agreed to do that? However, having the charge off reporting with $0 balance is better than reporting with $11.5k.

 

Great job planning 2 years in advance of buying a home -- wish I'd been so prudent back in the day.

Aug 2019: EQ 713, EX 698, TU 708 (Mar 2017: 550's)

AAoA: 8.6 years, Gardening Goal: Spring 2020
Message 2 of 4
Regular Contributor

Re: The long road back


@time2rebound wrote:

Agree that getting back in NFCU's good graces is wise. I don't think settling will get them to stop reporting the charge off, unless they have agreed to do that? However, having the charge off reporting with $0 balance is better than reporting with $11.5k.

 

Great job planning 2 years in advance of buying a home -- wish I'd been so prudent back in the day.


Settling the account would stop the monthly updates.


Starting 5/2018

Current 3/2019
Message 3 of 4
Moderator

Re: The long road back

Welcome to the board Smiley Happy

 

I would settle it to stop the monthly update then your Fico can begin to recover. 

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.