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credit card charge off

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Anonymous
Not applicable

credit card charge off

Hi,

I am from Scotland and I lived and worked in California as a software engineer from 1998 until 2001 when I lost my job due to the dot com crash. I had to return to the UK as per US immigration laws as my current work visa was then canceled. I paid of my auto loan in full and had a balance of about $1500 on my Patelco credit card. When I left the US I left about $600 in my Wells Fargo bank account where I could continue to make payments to my credit card. Anyway to cut a long story short when I returned to the UK it took me about 5 months to find another job and all my savings so therefore I was not able to completely pay off the credit card and being back in Europe just let it be. Anyway I am still in Europe but have now got another job offer to return to the US this fall 2008, with that in mind I got my credit report from this site and my three scores are:

Experian: 690
Equifax: 664
TransUnion: 634

This is from two days ago. I have a charge off for the above credit card with the following data:

Balance: $1,968
Current Status: Unpaid balance reported as a loss by credit grantor
Past Due Amount: Not Reported
Status as of: Apr, 2008
Date opened: Oct, 1998
Date of last activity: May, 2002
Date of last payment: May, 2002
Date closed: Not Reported
Account number: XXXXXXXX
Loan type: Credit Card, Terms REV
Credit limit: $2,821
Largest past balance: Not Reported
Terms: Not Reported
Account Type: Revolving
Account holder: Individual
Scheduled payment amount: Not Reported
Account status: Account is Open

It is still with the OC (Patelco). The SOL for California is 4 years, so they ran out in 2006. From the Date of last activity (May, 2002) it is not due to drop off my credit report until June 2009.

As I will be returning in the fall I will need to have a credit card, rent an apartment but I plan on paying cash for a car sp would not require an auto loan. Also for renting an apartment I would be willing to pay the rent upfront for the 6 months.

My question is:

Would it be better to call Patelco now and offer to pay the full outstanding balance of $1,968 (which I dont mind doing) on condition if they accept a PFD? Also as my credit card account is still open with them they may let me continue using it after I have paid off the CO thus avoiding having to apply for a new credit card?

When I arrive back in the US in October the only people who may see my credit report before my CO drops off in June 2009 might be a future landlord and the bank who I would apply for a credit card with. What would be the best way to go given my about situation?

Has anyone dealt with Patelco credit union about a PFD?

Apart from this CO my report is very good and clean (no credit inquiries, no collections and no public records) and my other accounts were paid off in full on time.

Cheers!
ExpatBrit
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: credit card charge off

Maybe you should try and get them to agree to reinstate your account....and remove all negative notations..in exchange for PIF....

Or...offer to PFD...if they disagree...you should want to pay them anyway...before they report the debt to a CA...also...by the debt being a charge off with a balance...it still affects your score...
Message 2 of 4
athensguy
Valued Contributor

Re: credit card charge off

It's also possible that SOL doesn't include the time that you were out of the country, but that shouldn't be too big of a deal since you are willing to pay the debt.
Message 3 of 4
Anonymous
Not applicable

Re: credit card charge off

Most people dont look at items over 2yrs old thats due to fall off I wouldnt worry about it ! they say on ths board leave old baddies alone because its no longer counted in yr report! anyways anything under 2 yrs you should work on continue reading the blogs! it will help u a great deal if thats all on yr report u will have good luck getting credit bc your scores are considered good credit! GL.......
Message 4 of 4
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