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  1. Here's a quick update on my disputes for this account: 1. I received a response back from Bank of America directly, regarding the dispute I sent directly to them. They responded by saying, "Our review determined that we accurately reported to the consumer credit reporting agencies. At this time we consider this matter resolved." On the one hand, I guess they cannot admit to any inaccuracies without opening themselves up to a lawsuit. On the other hand, they are begging to be sued, because they know the account is paid and are saying the status of unpaid, the balance of $7,358, and the past due amount of $7,358 are reporting accurately. 2. TransUnion completed their dispute process. They updated the account to a $0 balance and a status of paid/was a charge-off, with the comment "settled for less than the full balance." It is now reporting accurately. I am going to see my new FICO score tomorrow, so I am pretty excited to see. This was the last unpaid item on my TU report (which leaves 2 paid charge-offs remaining). 3. Equifax has updated the account to a $0 balance, $0 past due, paid charge-off, and with the comment of "settled." This report still shows 2 unpaid charge-offs, so I am not expecting too much of a score bump, but I will see my EQ FICO tomorrow. 4. Experian has left the account sitting at $3,678 and remaining as a past due charge-off. I can't dispute this one again until December. I am unsure how I want to proceed at the moment. I think my best bet is to wait until the middle of next month, see if BofA updates Experian on their own, and consider my options then.
  2. I was approved for the Ollo Card 2% Rewards Mastercard! I was not planning on applying for anything today, but I logged into Experian to check on a recent dispute, and it said I was preapproved. I am still rebuilding and dealing with negative accounts, so I am looking to add positive stuff. Realistically, the negative accounts I am still dealing with will prevent me from getting any prime cards within the next 2 years or so, so I pulled the trigger on this one. Data Points: Limit: $500, no annual fee, 27.99% Preappvoal: I got the offer on Experian's website directly. Inquiries: Ollo pulled Experian and TransUnion. I didn't know they were a double puller, but I'm not sweating it. Scores: Experian 617 and TransUnion 656 Utilization: Very high at the moment. Inquiries: 3 on Experian, 8 on TransUnion New Accounts: 2 new auto loans this year, 2 new credit cards Baddies: On Experian, 2 unpaid COs, 4 paid COs. On TransUnion, 2 paid COs. No collections, several well established loans and cards.
  3. UPDATE regarding the credit disputing process: After finally getting the BofA settlement done, I sent out disputes to the credit bureaus regarding the account. I included the settlement agreement and a copy of the check with my dispute letter. Here's what's happened so far: Experian: They deducted the settlement amount from the balance, but did not finish investigating. Innovis: They have completely deleted the entire account. Equifax: They deducted the settlement amount from the balance and said BofA verified the information is accurate. TransUnion: Their response letter said they verified that the full balance reporting was accurate, but my report shows that they deducted the settlement payment from the balance and left the status as unpaid. I also sent Bank of America a letter directly informing them of the inaccurate reporting. I wanted to share this info, because this is not the first settled account I have disputed. It seems the bureaus just have this habit of subtracting the settlement payment from the balance and calling it a day, even though you have sent them proof the account should have a $0 balance. For EQ, EX, and Innovis, I have had to send multiple rounds of disputes in order to get the account to finally show the correct status. TU has been a mixed bag: they have deleted most of the accounts I settled, but they correctly fixed one I settled with USAA, and the BofA matter is still in the works.
  4. Quick update on this situation: I finally received the agreement from BofA/Scott & Associates from my lawyer on Wednesday. Since the time they agreed to the settlement back in September, they have had 3 different attorneys take over this case. Apparently, my lawyer was saying they are experiencing a high turnover rate. Anyway, it took nearly a month and a half before they sent us the agreement. Then, they sent it to my lawyer at 12pm and demanded that they receive the payment on or before the next day. Luckily, I woke up from my nap at 4pm, checked my email, read and signed the agreement, got a certified check from my bank, and literally overnighted them the check. They also backdated the agreement to October 16 to cover their own a**es and make it look like we were taking our time to pay. Overall, they got it on time and I met all the requirements, but the lesson here is that you CANNOT trust a word these people say under any circumstance. They will try and sue you for the full amount, even if you have agree to a settlement, have the cash in hand, and are waiting on them to send the papers. Now it is time for me to start disputing the entries on my credit reports!
  5. Thanks for the update, Shifter! I am helping a relative go through the process of filing chapter 7 right now, so this info is helpful.
  6. These house flipping people are some shady a** mothers. I shoot photos for a living and I was once hired to photograph a "Small Business Conference" where many of them congregated. After I spent an entire day taking photos, I figured out that they really only wanted me there to make their event seem more important than it was. They did pay me, but they had no interest whatsoever in getting the photos after the event was over. I also witnessed a lot of the cult-like influencing going on and it was pretty disturbing. I watched dozens of people line up with their credit cards to pay thousands of dollars to attend a 1-day workshop.
  7. I have had my Discover for nearly 2 years. It started out as secured and unsecured after 10 months. I have been requesting a CLI every months since it unsecured, but I too keep getting the insufficient experience at current limit BS. In this time, I looked back at my spending and it has totaled nearly $29k since I opened the card. It's now been 1 year since it unsecured. What more proof do they need that I am "experienced" at my current credit limit?
  8. LOL MyFako removed one of my posts the other day. They couldn't handle the truth about how the bureaus really treat inquiry disputes. I was just informing the people there that unless you dispute an inquiry as unauthorized and potentially fraudulent, then your inquiry disputes are going straight into the circular file. I also shared my recent experience with Equifax, where I have been disputing a fraudulent inquiry for months and they refuse to remove it. I even have a letter from Wells Fargo (who pulled my report) agreeing to remove it, and Equifax still won't delete it. So how are regular, legitimate disputes treated? They are treated to the circular file.
  9. On my TransUnion report, it shows that they also pulled Chexsystems down at the very bottom. There is a section about third-party data and it can often tell you where info in your report is coming from or where else a lender checked.
  10. Yeah, that's kind of where we ended up at as well. When you can't afford to settle all the debt, you can't necessarily file bankruptcy, and you don't want to get the debt collectors salivating over what little you have left, there is pretty much no other choice. For us, it took at least a year before we could afford to settle anything. I'm glad we waited anyway because all the original creditors wanted a super high percentage on the debts. We still have a lot of outstanding debts that need to be settle or that we just have to ignore for as long as possible, but we are steadily chipping away at them one settlement at a time. I have two remaining debts right now, one is a charged off PenFed credit card for $14k and the other is a charged-off Elan credit card for $23k. I fully plan on leaving these alone until they hit the SOL. I've checked my local courts and there are no lawsuits listed for either of them. In the meantime, we are working on my husband's credit cards (3 more to settle) and leaving his charged off personal loans alone. Most of his personal loans went to debt buyers who we could likely beat in court, so they aren't as much of a concern. I would say you should consider paying on those judgments, at least for your wife if she has hit her safe date (SOL). Interest does accrue so if she is safe, then it is not helping anyone to delay paying hers. For yours, waiting the 1 year makes sense. I assume they have no way of collecting from either of you?
  11. You've already made some great progress! My spouse and I both started this process 2 years ago here in Texas (we started with nearly $200k in debt between car loans, credit cards, personal loans, and student loans). It has been amazing and provided us with a lot of freedom. Out strategy from the beginning was to focus on getting the best settlement deals and preventing lawsuits. In the 2 years, I have been sued twice. I beat the first one (a JDB suing over a Citi card) and settled the second one at 50% (BofA suing as OC). My husband did not get sued at all (knocking on wood until the SOL gets here). I think your deals with Amex were excellent and well thought out, because they like to sue people. The Chase deals were good. I think I settled both of ours at 10% and 13% respectively. I would continue focusing on good deals and the creditors who will sue you is your best path forward. Personally, I would target the Capital One accounts next, because they are known to sue a lot as well. If you can't afford to settle those right now, then I would maybe work on the smaller accounts first. For the JDBs, there's a good case of settling with them first. They continuously monitor your credit report, and as you settle more debts, they will think you can afford to pay more for settlements. If you settle with them before some of the others, then they will think you are in really bad shape financially (possibly considering bankruptcy) and will work with you more. But if you go to them last, they could ask for more money. A really good resource on this topic is the Consumer Recovery Network. Their website has a lot of detailed information on how to proactively settle stuff as well as info on particular creditors and collection agencies/lawyers. Lastly, I would say you need to locate a good consumer debt attorney for when and if you get sued. There aren't a lot of them, especially here in Austin, but a good one can get you better settlement deals if you get sued and make sure you are prepared if you need to go to court. However, I recommend settling as many as possible outside of the legal process because the costs go way up after all that starts.
  12. Personally, I am not interested in applying for a card with any retailer that's about to go bankrupt. There's no guarantee the bank will issue you a different card after they go out of business. I am not against having a good store card, like Target, where you get a tangible benefit from it. But Macy's, Forever 21, JCPenney, Bed Bath & Beyond, and others just don't sound like a good idea. If you think about how much of Comenity and Synchrony's business is focused on retail, then you can start to see that these bankruptcies could hurt them significantly as well.
  13. @Why Chat the OP started this thread because they are worried about getting sued in Kansas on older charged-off accounts, hence the long thread about what SOL applies. I demonstrated to them that Chase debts can be settled for very low amounts. That's why my information is relevant. I'm not here talking about the credit implications of settling debt, but rather the tangible benefit of preventing a lawsuit. I shared what the settled account on my credit report looked like because you seemed to be very confused about what I was saying in terms of who I settled with and who owned the debt. And yes, my score did go up about 15 points when I settled the debt. It was only a few points, but it did improve the status of the account and remove a large past due balance from my report. Hopefully, the OP can now make a better informed decision on how they want to proceed on this issue.
  14. I have not yet filed taxes for this year. I expect that they will send a 1099 form to me, which should be notated in your tax return. However, the IRS will allow you to avoid paying taxes on it if you meet their qualifications for financial insolvency at the time the debt was settled. They have an entire worksheet on it, so I would Google it. The gist of it is that you have more debt than you have assets. So if you have a lot of money sitting in the bank, a trust fund, a house that own with little or no mortgage debt, etc, you may not qualify for the exemption.
  15. @WhyChat I settled both of these account with an outside collection agency called Nationwide Credit Inc. The debts were still owned by Chase, so they were acting as a contingency collector on behalf of Chase. They basically sent letters offering settlements for several months. I didn't really have the money to settle at the higher offers, but once they sent letters offering these ridiculously low settlements, I had to take them up on it. After I settled them, I got a letter from Chase about 30 days later saying that they received the payment and the account was considered settled. Nationwide Credit never reported a separate collection from the original charged-off TL. I first tried sending in disputes to the CRAs using my settlement letter and receipt from Nationwide. They updated the account to show the balance, minus the amount I paid as a settlement. Obviously, this was not right. So once I got the letter from Chase directly that said it was settled, I sent in a dispute to the CRAs again. Now, the original TL was updated to a $0 balance, with the comment "settled in full for less than the full balance." The missed payments remain, but my score did go up after it was paid. Here's how it is reporting on my Experian: https://imgur.com/aTPSuOQ

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