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  1. I received a letter from a collection agency in Maryland saying that I have 30 days to validate the debt or else it will be considered valid. The date on the letter is 3/20/08 and I just found it piled under my dad's mail since me and him have the same name he always takes my mail thinking it is his. Well should I write a validation letter and send it out today even though its past the 30 days since today is 4/29/08. Will I be able to be sued or make this problem worse than it is, so far no collections have appeared on my report yet but I am supposing soon it will be with this letter that I received. Please help I need to know what to do today!!! thanks
  2. Once I get my Chase and BofA accounts current will the balances still be considered deliquent?
  3. I'm not sure a nutcase letter is a good approach to take with a creditor who is, and has been, working with you. Maybe my whole understanding of nutcase letters is wrong, but the impression I get is that you use those to show CA's (usually) that you are well-informed of the law and are itching to file a lawsuit. IMO, not the best step to take when you're really just asking for a favor. You can't sue Chase of BofA because they wouldn't do a goodwill removal of your (valid) lates. They haven't violated any laws. I would try goodwill in 6-8 months, and every 3-6 months thereafter. If you bug 'em enough, they may cave. But I don't think nutcase is going to get you any goodwill, especially when they know it's a frivolous threat. I think nutcase is generally reserved for pain-in-the-flowers CA's who refuse to properly validate debts. So if you pay on time and get current then your just stuck with the hoping to goodwill the late remarks thats it? Seems like I should of just let them be charged off and battle it that way!! Just doesnt seem right that I'll pay my whole balance plus accrued interest, when bargaining chips are left for the ones that did not try to do anything for their accounts until years later and they pay half and get deletion of it all. I guess I'll keep chugging along, tell me why keeping current on two tradelines that have been closed and have 120+ days late on each is worth it, when I could wait one more month and have it charged off and then battle it out then?
  4. So I have about 15 years of credit history since my dads account is under my name since 1993. I had my Bank of America that was opened in September 2005, Chase which was opened in August 2006, and my Paypal opened December 2006. I made payments on time for 2 years and 1 month for Bank of America, 1 year 3 months for chase, and 1 year for Paypal. The 1993 account is Citi bank card and was paid on time since 1993. Its my understanding that the people who have the most success repairing their credit are the ones that have had ignored their credit for years and all the accounts are in collection agencies. I guess for newly bad credit our only hopes are to wait it out and goodwill, cause we can't really negotiate like the people who have had bad credit for years, so my 4 months of non pay will turn into years of repair. Just gives me hopes of getting into the mid 600s a few months from now hearing all the stories only to realize all their successes were from collection agencies and that I will not have the same quick result.
  5. So if I pay of both within the next 3 months I could write them a goodwill letter immediately or must wait a little bit? Also both have 120+ days late reporting would I even have any shot at goodwill being successful? Doc's transcripts says that nutcase letters are the way to go on that. Please advise me and thanks so far for your input really appreciated.
  6. Yea I'm going current on the accounts. Thanks for the advice wondering though when would I be able to start goodwill letters and other forms of disputing to get the negatives deleted? After I go current or when it is paid in full? I was reading Doc's transcripts and didnt really understand when I could write a nutcase letter (since i dont think I can goodwill my way out of 120+ days late)? So when would be the best time to send nutcase letters out to Chase and Bank of America?
  7. If I settle my Bank of America the rep told me only amounts greater than $600 will be reported to IRS, so would a little amount such as 400 be sold to a jdb? I just hate to pay all the interest they added on, is there a way to negotiate when trying to get a deliquent account current like APR? Any links.
  8. Thanks for the help Breeze and Whoneedscredit I will not settle and will make payments to get my Chase and Bank of America to current. I have the money just got to start snowballing now. What can I do about the APR to lower it? Also could I give Paypal a call and see if they can get back the account (even though it is charged-off) so I can make it current?
  9. The Chase card limit was $2000, now after lates and interest it is at $2700 and the account is closed. The Bank of America card limit was $800 and now is $1182 and this account is also closed. Now keeping current would just show on my report that I am paying on time on a closed account, just dont understand the long term effects of keeping current and what other benefits will this give me in repairing my credit report since I already have 3 positive tradelines. Will paid as agreed be that bad.
  10. I have only $700 on hand now. I will have to pay $100 on Chase and $80 on Bank of America for the next 3 months to get to current then my estimates were $196/month for Chase this includes the normal minimum plus the interest tacked on each month from the APR which would be about $65, my normal minimum for Chase is $131/month if I was under the limit plus the $65 from interest/month, and then I just divided the $2700 balance with the $196 and got 13 months for the Chase card and I did the same thing for the Bank of America account as well my normal minimum would be $74/month plus $29 from 29%APR would allow me to pay it off within 11 months. To get current on both accounts I would pay only $75/month on Chase until July, and $65/month on Bank of America. I dont know which option to do I am not going for either yet just weighing my options and seeing what would be best for me, I do plan on buying a car soon and would need to take out a loan for at least $7000, since I am selling my car soon too which would get me about $2000 for it. I am finding your help very informative and I will take your opinion and others and have a more guided approach to this whole mess.
  11. Thanks for the great advice guys. Just wondering though I'm worried that I'll never be able to pay down my chase card balance of $2700 and Bank of America balance now of $1184. I am a college student and only make about $800 a month. I have my car insurance to pay for which is $100, my cell which is $35.00, and food expenses which is about $150/month, gas about 120/month which would leave me about 400 extra per month but I am not including my expenses of going out. If I go current with Chase my minimum monthly plus 29% APR would be $196/month which would take 13 months to pay off, my Bank of America account would be with 25%APR be $103/month (this would be 11months to pay off). Every month I would be paying $299 just to pay down my deliquent balances of Chase and Bank of America. Then I guess 1 year from now when they are all paid down what will the accounts say then "Paid in full" and then I goodwill for them to remove lates? What if I settle and ask for Paid in full status to be put on, would this allow my unpaid portion of the debt to not to be sold later on to a junk debt buyer? I remember when I was speaking to the Chase representative she told me she could take off some late payment remarks and that my account will say "settled", so if later on a junk debt buyer showed up calling for the unpaid portion could I not just write to the CRA's and show that the account is settled and there is no more debt from that account canceling out the junk debt buyer and get it erased from my report? I want to use the $3884 that I would pay to keep these accounts current to pay off my Sallie Mae loan, and have the Chase and Bank of America say either "paid in full" or "settled" and use that extra money to pay off my Sallie Mae loan. This to me would seem to benefit my credit report and score much quicker than trying to keep current. I already have a Citi card that is my fathers under my name with a limit of $5000 that has been paid on time every month since 1993 and I will reissue my Walmart card($350 limit) and Sams Club card ($620 limit) which are both positive tradelines with $0 balances and use those as my primary credit cards and make payments on time each month. Would this not greatly improve my score than just going the current route please help I need to decide by tomorrow since tomorrow is the deadline for the minimums to go up again on these two cards.
  12. Thanks Ill look into that of the Sallie Mae. But my main concern is whether paid as agreed brings the balances of the deliquent accounts to zero? And should I go that route instead of going current on the cards I already have a card in good standing that I pay every month so myfico score simulator says my score will go up to 600 if I do paid as agreed. I need advice on this!

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