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By Norcal1916
In my second year of graduate school, I let seven credit cards charge off. The charge off dates are all between April and June 2013. I had no income at the time other than student loans and, with everything on my plate, I let them go without much thought to the consequences. I'm now done with school and will finally have an income for the first time in three years starting in mid-September. All of my loans are in good standing as well as nine other revolving accounts with low utilizations and low limits (six of those opened since May 2014).
I would appreciate advice on how to approach these charged off accounts. Two of them have since been sold to JDB's, but only one has appeared on my credit report with a collection agency (HSBC account sold to The Bureaus/Stoneleigh Recovery). The other five are still reporting balances with the OCs. I have not spoken with any of the original creditors or collection agencies.
My accounts are as follows:
B of A: ~ $2500 C/O 6/2013
Collection Agency: Client Services, Inc.
B of A: ~ $2500 C/O 6/2013
Collection Agency: Client Services, Inc.
Chase: ~$3500 C/O 6/2013
Collection Agency: United Collection Bureau
Citicards: ~$2600 C/O 7/2013
Collection Agency: Global Credit Collection
Citicards: ~$3400 C/O 6/2013
Collection Agency: Northland Group
HSBC: ~$3000 (original), now $3100 C/O 6/2013
HSBC Reporting $0 balance
Collection agency: Stoneleigh Recovery Associates
Current Creditor: The Bureaus (reporting to CRAs) since 6/2013
Wells Fargo - $1600 C/O 6/2013
Reporting $0 balance
Collection Agency: Portfolio Recovery Associates
Due to the ethical requirements of my profession, I cannot leave these accounts unpaid and on my credit reports without settling them or, preferably, having them removed entirely. How would you recommend I proceed with these?
Other info: TU and Experian Ficos are 615 and 610, respectively.
Thanks in advance for any advice!
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By FromGoodtoGreat
Help with a Capital One charge off and United Recovery Systems
My wife has a charge off with Capital one for the amount of 414.55 on a CL of 300. This is killing her utilization! We have tried to pay Capital One directly but they refuse and said that we had to pay United Recovery Systems. URS is not reporting on her reports and I do not want them to report. I want to pay this thing but I don’t want it to show up on her reports. They have been calling lately on our landline but we never use the landline or even answer the damn thing.
I know that you should always DV a CA and I understand that, but I know for a fact that she owes the crap and I am not trying to skip paying it. I just don’t want the CA to show up on her reports.
What are you guys opinion on the best course of action? DV or just call them up and pay the thing for a letter in writing that they will not report to the bureaus?
Do you think there is any chance of getting the CA to get the OC to delete the tradeline? This is a pipedream that I would jump for joy if it happened.
Any and all advice welcomed!
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By LWoods422
Hello all-
I am starting my husband and I's credit repair journey as we prepare to purchase our first home in the near future. One of the biggest mistakes we made in 2008 was purchase a timeshare. Back then we did not budget correctly and really could not afford it, I don't even know how we got approved.
Anyways, fast forward to today it is only showing up on our Experian credit report and it is in a Charged Off status showing we owe about $13K. I am going to attempt to fight this through our journey however, for you experienced brokers out there how big of an issue will this be if I can't get it removed? If I am able to increase our scores to qualify for an FHA loan will the underwriter settle for a letter explaining what happened or will they want us to pay it in full? I am in Texas btw and we purchased the timeshare in Florida. (not sure if you need that information)
I would just like to get an idea of whether or not we will be turned down everywhere if I can't get this removed. Any feedback, experience or advice is greatly appreciated.
Thank you!
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By photosofrichard
I assumed that I would have to go through a subprime lender but I applied through Chase anyway. I was approved for a loan of up to $17,000 for 60 months at 8.29%. I'm shocked by the interest rate. A dealer that I went through told me that the best he could offer me was a loan at 25%.
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By DCPenal
Would appreciate some assistance with a question or two that I do not know the answer to.
Do chargeoff(s) need to be paid if they are reporting a zero (0) balance and/or out of SOL and/or sold to JDB prior to closing?
This is not a question about a collection, specifically about a chargeoff(s).
Lets say the range is between $1-10K, non-medical, and for unsecured credit card debt specifically.
Also does this chargeoff(s) contribute to the DTI calculation?
TIA.
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