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Hello, I have a baddie that I am trying to address in the most effective legal way possible. I got a credit card from USAA in October of 2010 after returning home from Afghanistan. I was 21 and going to a major university and maxed out $9489 because I was wreckless. The account is currently "open" as of this month, last activity march of 2013, and the status is "Unpaid balance reported as a loss by credit grantor". I don't want to dispute this, it is mine and it appears to have been reported accurately. What types of talks should I be in with USAA? I don't have the principal to pay it in full at this time but I could very well make reasonable payments to it. I am looking to buy a home in approximately 12-18 months and am trying to get my CR straight now. Thanks all!
@Anonymous wrote:Hello, I have a baddie that I am trying to address in the most effective legal way possible. I got a credit card from USAA in October of 2010 after returning home from Afghanistan. I was 21 and going to a major university and maxed out $9489 because I was wreckless. The account is currently "open" as of this month, last activity march of 2013, and the status is "Unpaid balance reported as a loss by credit grantor". I don't want to dispute this, it is mine and it appears to have been reported accurately. What types of talks should I be in with USAA? I don't have the principal to pay it in full at this time but I could very well make reasonable payments to it. I am looking to buy a home in approximately 12-18 months and am trying to get my CR straight now. Thanks all!
You would try to get a commitment for them to remove the account from your CRs once its paid but OCs rarely do, all I can suggest is get it paid off sooner rather than later because it needs to stop updating monthly for your score to recover and if its not updating now when it does update to show payments its going to give you a FICO hit. If you have no open revolving cards you need to get 3 ASAP to start building your Fico up.
@gdale6 wrote:
@Anonymous wrote:Hello, I have a baddie that I am trying to address in the most effective legal way possible. I got a credit card from USAA in October of 2010 after returning home from Afghanistan. I was 21 and going to a major university and maxed out $9489 because I was wreckless. The account is currently "open" as of this month, last activity march of 2013, and the status is "Unpaid balance reported as a loss by credit grantor". I don't want to dispute this, it is mine and it appears to have been reported accurately. What types of talks should I be in with USAA? I don't have the principal to pay it in full at this time but I could very well make reasonable payments to it. I am looking to buy a home in approximately 12-18 months and am trying to get my CR straight now. Thanks all!
You would try to get a commitment for them to remove the account from your CRs once its paid but OCs rarely do, all I can suggest is get it paid off sooner rather than later because it needs to stop updating monthly for your score to recover and if its not updating now when it does update to show payments its going to give you a FICO hit. If you have no open revolving cards you need to get 3 ASAP to start building your Fico up.
Would secured cards do it for me as well?
I agree and from my experience with USAA (very overrated company) they are a pain to get them to do anything....I am a former military officer mysel and I couldn't stand USAA which is why I completely left them.....try using a PFD letter and see if they will take the offer usually if creditors see that people are trying to pay older debts they are more than likely to work with you rather than continue to eat the lost
Yes secure cards are excellent to get a frsh start from.......capital one, bank ofamerica and Wells Fargo have some very good ones ......also depending on your scores you can apply for a cap1 QS card earn some cash back while you build up your credit score
@jezzyman05 wrote:I agree and from my experience with USAA (very overrated company) they are a pain to get them to do anything....I am a former military officer mysel and I couldn't stand USAA which is why I completely left them.....try using a PFD letter and see if they will take the offer usually if creditors see that people are trying to pay older debts they are more than likely to work with you rather than continue to eat the lost
If using a PFD letter do you think they would settle on the debt or want payment in full? I don't think paying it in full before the time frame i'm looking to purchase a home is feasable. What I would like to do is to agree to a payment plan over an extended period and see what they can do for me to get my credit back on track while I'm still making payments.
@jezzyman05 wrote:Yes secure cards are excellent to get a frsh start from.......capital one, bank ofamerica and Wells Fargo have some very good ones ......also depending on your scores you can apply for a cap1 QS card earn some cash back while you build up your credit score
Scores are EQ 569, TU 552, EX 602
@jezzyman05 wrote:Yes secure cards are excellent to get a frsh start from.......capital one, bank ofamerica and Wells Fargo have some very good ones ......also depending on your scores you can apply for a cap1 QS card earn some cash back while you build up your credit score
Yup, +1 SDFCU (St Dept) also has a good secured program, join the CU put your funds in savings for the secured card then app by phone and its a SP.
I got my Journey Card with similar scores......two years ago I had 480 EQ, 525, TU 525, EX 509...ya my scores were bad when I got out of the militaryand I was laughed out the dealership when trying to get a car for the wife....I read FICO got a new job and started cleaning up my CR I first opened t wo secure cards with a starting limit of. 500 apiece at least and I used them just for gas cards, then I I did the finger hut fresh start got it to a credit line ( which I still have and rarely used then 6 months later I went from low fives to low 600s and now I'm knocking on the door at 700 and currently finalizing my final baddie off my credit report and I'm predicting a. 50-60 point increase with that and then I'll finally have the AMEX card that I have always wanted the fidelity AMEX card.
morale of my story i commitment ....you want the house, prove to yourself that you want it then start with a goal that will help....
As I said opening two secure cards will help your scores and keep the balance at 50 dollars between the two, first ou will see a slight decreased (due to two inquires and added credit) don't get discouraged, because then you will a spike due to the credi U slowly has your scores rises get a unsecure card ...... Please don't have any late payments on your installment loans....you also want to do this quickly becuase you want to have these cards for over a year (around that time if you get usaa to agree on a payment plan you should close to paying it of ) 18 month is excellent to get your scores into the high 600s...low 700s in fact if you devote yourself you can get low 700s even while paying off the bad debt with usaa your choice
If the creditor has charged-off the debt, then next step is often referrral to a debt collector or sale of the bad debt.
That can result in addition of a collection. If they sell the debt, that will forclose any ability to reach any payment plan or obtain a PFD.
Additionally, if still within SOL, they may choose to initiate legal action.
I would contact the creditor and attempt to reach an agreement on terms of repayment to avoid further damage.