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I am looking for help on what to do for a Bank of America credit card account that was charged off in December 2012. If I remember correctly, I actually paid this account off in full, but I don't remember for sure as I had a number of credit cards in bad states at that time, so one may have actually been charged off.
The status is "Closed. $1,992 written off." The comment says, "Purchased by another lender." I do not recall ever being contacted by a JDB for this account, but it may have been them that I eventually paid off in full. Though I would have thought that would have been much earlier than late 2012 or early 2013. The first month reported for this TL on my credit report is Septemeber 2009, and it is clean until January 2011. The following negative items appear from that date:
1/11 - 30
7/11 - 30
12/11 - 30
3/12 - CLS
4/12 - CLS
5/12 - CLS
6/12 - 30
7/12 - 60
8/12 - 90
9/12 - 120
10/12 - 150
11/12 - CO
12/12 - CO
I do not recall getting any notices in 2012 or thereafter. Anyway, I am guessing I need to send a validation letter. Let me know if that is incorrect. But, if it is correct, can someone point me in the right direction? I would be grateful for a sample letter. I will of course not use said letter, but it would be nice as a starting point to get my bearings and craft a letter to my specific situation. Also, how do I need to send that? Certified mail return service requested?
Any help in getting started with this negative TL is most appreciated. Really, I could use step by step instructions or a link to where to find them.
Hi CB'ers. For a brief back story, my credit journey started 4 months ago when I joined this site and I've enjoyed about 40 point increases on average for all three FICO scores since then. I'm shopping for a house in the spring (fha loan) and I need some advice to maximize my credit scores and clean up CRs in preperation. My 3 ficos were inthe 590-605s when I joined here now they're in the 640-650 range. I removed approx 9 lates/derogs, paid off 3 cc's to reduce my util to about 45% of 12.5k (still plugging away and plan to be below 20% by home loan app time), paid off 13k car loan, and got a big 15k private student loan CO settled in full to avoid being served. I have a goal to be between 660-680 (due to my ongoing credit repair laboring) by mid october and I'm fairly confident I can get there.
What I have remaining is 2 small collections ($75 and $300) I'm in the processes of PFD'ing, have about 2-3 more lates I have evidence to dispute, and here's the kicker......3 more private loan COs all around +/- 2.25k/ea totalling 7k. Based on a settlement I already did with the same OC on the other CO, and letter correspondence with them over the last 6 months, I'm fairly confident I can settle on these last 3 loans for 55-70%. Any FHA borrowing homeowner knows getting an FHA loan with COs over $2k is going to be next to impossible. That said, I'm hoping to take out a personal loan to settle these COs and clean up my reports. I intend to pay off the installment loan over the next 3-4 years (it was a student loan I intended to pay anyway, so I don't mind and it's well within my budget)
I have poked around the boards and read some threads on personal loan lenders. Places like Lending Club and Prosper seem appealing, but I would also be open to debt consolidation or settlement lenders If need be. Would anyone recommend Prosper or LC for my situation?
For anyone still wondering if this card/program still exists, it does.
Long story short, I hit the skids about two years ago, sort of the perfect storm in life, job change, more babies, and less income.
Burned AMEX for about $14K. I have since paid back ~$12K.
Got the letter from AMEX today to regain card membership as long as I pay the remaining balance.
I called to verify and all is well, the gentlemen asked what went bad after so many years of good.
I explained, apologized, and he verified the offer and that the account is still in house.
I will pay the remainder next month and get back in the boat with AMEX and pray for the magic "bad-to-positive" tradeline.
I just wish most credit companies operated this way, to me its win-win for all parties.
Just wanted to share for those mystified by the Optima/Oasis program.
Ok, I have made great progress on this thorny OC listing that has gone onto the 4th or 5th collector. The current collector has not approached me. The account is out of SOL for the CC's home state which prevails in NY. I have found several discrepancies between prior CRA reports and the information that I have accessed.
Most importantly, I found my records showing 1.) a missing payment never reported 2.) three instances of deceptive collecting 3.) an incorrect date of first delinquency and.... Drumroll....
They don't have the credit contract on my account. It was back in 2004 when just a few months after I got a Fleet credit card, Bank of America took over their credit card operations. They report the correct date of my Fleet contract but ... after hanging on with quite a few customer service/internal collection managers, they state that it was passed on to the last collector/JDB... Since I already know that their records are not in perfect order, I doubt that the JDB will even bother,since it is two years out of SOL...
Now, since their reporting states that date, and since they don't have the contract, do I just write them a 623 letter and throw in the other issues or do I just demand a copy of the contract? Do I have to ask Experian to 'validate" the information or should/can I just pound on Bank of America directly/ THIS WILL BE MY LAST OC (assuming that Dell takes a 100% pay for delete on a dead SOL>>>).. What do I need to do or have to have this be a fully documented 623 letter? thank you all. This has taken a day to round this all up so... I am anxious to send it off if ok... I have disputed this account with Experian for other reasons but I am not sure if I have to re-dispute on credit contract...