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By PS2020
I had another topic on the this subject a while back but I felt it was getting too far off the mark, so I wanted to start fresh. I'll keep it super simple though, because my current goal is to repair my credit:
TL;DR - What do I do with my charge offs/things that have been sent to collection and are well within the SOL? Pay them off ASAP? Pay in Full or go for the discounted settlements? What will let me start building up my score the quickest and allow me to distance myself from my troubled history?
I have 2 chase accounts, one is $5k+ and one is $600+, both have been charged off, both are well within the SOL (happened in 2018, SOL is 5 years in Illinois for getting sued afaik). I have a Discount tire one that has also been charged off, also well within the SOL. Now there are some other accounts I KNOW have been charged off, all around the same time, but they either show up on my eReport or not at all, but I expect them to pop up as I continue down this process, because that seems to be what's been happening anyways.
Now here's what I SPECIFICALLY need an answer on, because I felt like this wasn't getting answered: What do I do with this information? I know I owe the money, I want to improve my credit. Is it really worth going through the whole Debt Validation thing at this point? If not, than do I let's say call up Chase or Discount Tire or any of the OCs I had these debts with and talk to them? Do I just wait for the collection letter to come and settle the debt that way? Will it look better if I pay off the debt in full as opposed to going through one of these CAs, or does it not matter at this point other than getting hit with a 1099?
I have searched up and down the boards and I am having trouble finding the answers I need. I already know paper reports are worth a million times more than the ereports, I already know about credit utilization and DTI and all of that, I already know what to do to build the credit back up once I don't have to worry about the charge offs before, but what I don't know is what to do with my current charge offs.
Thank you all for your time! I apologize if my tone sounds demanding; I promise you that is not the case! I just want to be as straightforward as possible so I'm not wasting your time. I'm thankful for the advice I have been given already and as a matter of fact this board helped me get back with AMEX after the whole debacle I had with them.
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By Ilcasdy
Hi, I've gone into a bit of credit card debt that I cannot pay. 4 separate cards totalling around 25k. Amex has just emailed me saying that my account has been transferred to Zwicker & Associates for collections. I have basically no assets, just a cheap old car and household items. I moved out of the country a year ago and unfortunately have had trouble with work due to Covid and starting over here, so I ran up my credit cards. How should I respond to the coming collection letters and what are my options from here? Thanks so much.
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By Igor
Hi All - I am new here.
We are looking for help on how we can move our high APR CCs to 0% with a BT to new cards.
We have the following CCs with CL info. We are looking to do BTs to 0%. We opened a couple cards but got low CL, asked for a higher CL but were denied. We opened up US Bank cards to do BTs but got CL of $500 - 600. I tried asking US Bank to increase our CL to no avail. I thought we can leverage our open CL's on other CC, meaning I can lower the CL on a Citi card with 0% util and they would give me more but the CCC said it would not help.
One thing I noticed, we had been saying we earn $45k but we did not realize we earn $80k...
We are not sure what to do next.
I assume we should move around some CL or balances to bring the CS back up, then open a new card or raise the balance on a card with a BT offer, and do the BT.
I will look into getting the CR's to review if anything is not supposed to be there.
Meanwhile, these are the cards for me and DW.
ME, FICO 726 owe CL CL utiliz. APR % rate until Notes FICO 726 (was 750 in Nov) Bank of A 0 17200 0% Chase Freedom 9550 13000 73% 15.24 Citi AA MileUp 0 13200 0% Citi Double Cash 3600 3900 92% 0 6/16/2022 New DW - FICO 689 Bank of A 4030 6900 58% 18.99 Bank of A 4200 6000 70% 22.99 0% until Feb 15, 2021 Citi Double Cash 2430 2500 97% 0 7/3/2022 New
(Citi AA MileUp
0 19700 0%
Closed)
What can I make more clear?
TIA for all advice!
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By jwals48
Almost 40 days ago I sent in 3 dispute letters to all 3 CRA's. I received nothing back from EQ, EX sent me a copy of my report with no changes or notes, and TU deleted 4 accounts. Is there any way to leverage TU to help with the other CRA's? Thank You for any help!
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