Trying to get new credit... Please help! Thank you.

[Anonymous]

Hi there, I have been trying to repair my credit and I am finding it near impossible to get help. I have one Capital One card charge off that states I was delinquent back in 2008/2009 however I had called that card in as stolen as my belongings had been stolen from my car and a couple of credit cards were taken. I hadn't heard anything from Cap1 since and now, I'll want to find a home in near future, but I will be unable to get a loan due to them still making notations on my CR monthly as bad debt. I understand why I cannot get credit now but I am definitely unsure if I should now open that can of worms as they will not remove those notations from my CR even if I pay them and then start the SOL time all over again with them. 

The only line of credit I am able to obtain is a CreditOne card for very high interest rate, which is fine for now. I have been making regular/on time payments on my current auto loan and have had a few personal loans that I have paid off and closed in good standing.

My current credit is TU - 627 EQ - 614 and EX - 576 ... I know, horrible. I'm sorry for the long post. Any help is appreciated. Thank you.

** I wanted to add that debt collect SOL time is 6 yrs in WA state, at least that's what I read. Thank you.

[Anonymous]

Did you have an outstanding balance on the card prior to it being stolen?

[Anonymous]

I don't remember having one honestly. I had used that card maybe one or two times before it was stolen. The balance that they are reporting is $1600 but I have never made purchases that high on the card.

[Anonymous]

For a FHA mortgage you only need 620 in some cases a 640 and they use your middle score. so  if your scores are TU - 627 EQ - 614 and EX - 576- However the mortgage industry use FICO 04 version, you can get EQ 04 on the EQ website called (powerscore) the other 2 are not for sale and you can only get them when you actually apply for a mortgage or some credit unions. Also FHA do not require you to pay any charge-off's or medical bill, or any collections under $1,999. I hope this helps..

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@Anonymous wrote:

Hi there, I have been trying to repair my credit and I am finding it near impossible to get help. I have one Capital One card charge off that states I was delinquent back in 2008/2009 however I had called that card in as stolen as my belongings had been stolen from my car and a couple of credit cards were taken. I hadn't heard anything from Cap1 since and now, I'll want to find a home in near future, but I will be unable to get a loan due to them still making notations on my CR monthly as bad debt. I understand why I cannot get credit now but I am definitely unsure if I should now open that can of worms as they will not remove those notations from my CR even if I pay them and then start the SOL time all over again with them. 

The only line of credit I am able to obtain is a CreditOne card for very high interest rate, which is fine for now. I have been making regular/on time payments on my current auto loan and have had a few personal loans that I have paid off and closed in good standing.

My current credit is TU - 627 EQ - 614 and EX - 576 ... I know, horrible. I'm sorry for the long post. Any help is appreciated. Thank you.

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[Anonymous]

Do you have the police report from the incident? Any proof of you reporting the card stolen to the creditor?

[Anonymous]

I can call police department again about it but not sure they took a detailed list of everything that was stolen 😞

[Anonymous]

What I am trying to line you up for is sending in a letter to the creditor with proof that you reported this card stolen so that they may work with you to get this off your credit report. Do you have anything in writing from the creditor at all since this incident occurred? I would definately try and get a copy of the police report as well.  If you are going to fight it you will need something to fight with. If the 1600,.00 charges are not yours and you reported the card stolen, you should not have a problem, but again, going to need a little back up. Have you tried calling them at all to discuss this?

[Anonymous]

I appreciate your help. No I have not tried to contact them yet because I honestly didn't know they were still notating my credit report. I'm also afraid that now, if I do, they'll just tell me to pay it in full upfront regardless and I don't have that $$ just floating around. 

I am able to pull out a small personal loan and pay it off but I'd really hate to do that as they aren't my charges. I will have to call police department in a couple of days as my next few days at work are long.

i was curious if anyone else had dealt with charge-offs. I'm not saying I don't want to pay it but IF any of the charges are mine, I'd only be wanting to pay for those. Or is it best to let it be? It sounds like I'm screwed either way but Id rather be less screwed if possible. 

[Anonymous]

Tippy4u2006:

Thanks for the info! I really appreciate it. I guess I have to work on getting my scores up but it seems impossible with this Cap1 charge-off. After my credit cards were stolen (3 different times) I wrote them off as obviously I had bad luck with them. It wasn't until recently that I looked at my CR and noticed the charge-off 😔

[Anonymous]

The best you can do right now, is give them a call and find out exactly what is going on. Ask them if they have it on record of that card being stolen. Find out what your charges were, if any prior to the theft and then we can go from there. See if you can get that police report. As far as building your credit, I would suggest joining a credit union, if you haven't already and take out a secured savings loan to start. Helps rebuild your credit.