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    MarvBear

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    • By allclear
      Hi all,
       
      I was wondering if anyone had some advice regarding the following:
       
      I recently pulled our credit and Ally Financial is showing a charge off (CO) in the amount of $997.77 for a Chevy Volt lease we had back in 2013. The amount was written off sometime in 2020 and we were sent a Form 1099-C. I spoke with Ally Financial today and was told the charges were for excess wear and tear - it was our understanding that when we returned the car this was being taken care of by the dealer - we turned the car in a month or two early with low miles and some equity in it and leased another Volt from the same dealer. The rep from Ally that I spoke with today said that even if I wanted to do a PFD I couldn't because our balance is showing as $0.00. 
       
      Sooooo… based on the above and the below example of how the account is showing on our Experian CR, what do you guys suggest we do to clean this up???
      Any help, advice, guidance would be greatly appreciated. 
       
      THANK YOU in advance!
       
      This is how it's showing on our Experian Report:
      Account Name: ALLY FINANCIAL
      Account Number: ######XXXXXX
      Account Type: Auto Lease
      Responsibility: Joint with XXXXX
      Date Opened: 5/30/2013
      Status: Paid in settlement. $998 written off.
      Status Updated: Aug 2020
      Balance: -
      Balance Updated: -
      Recent Payment: -
      Monthly Payment: $0
      Original Balance: $13,065
      Highest Balance: $0 
      Terms: 36 Months
      On Record Until: May 2024
      Payment History: Current on payments from August 2014 thru July 2017, then it shows CO (Charge-off) from August 2017 thru July 2020, and finally it shows CLS (Closed) August 2020.
    • By MidnightBluJ
      My credit score right now is 650 according to chase. I want I know if it would be better to pay off closed accounts first,  which I negotiated low interest rates for a few years ago,  or pay down the active ones first,  some of which are near max end have higher rates. 
       
      Does having these unpaid closed accounts worsen my credit, or does the fact that I am paying them monthly improve my credit? 
    • 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.
    • By Racheljp3
      Hi everyone. 
      I just have a question on deciding if I should pay this in full or over the next few month.
      I had to file chapter 13 in 2015. 
      I’ve been rebuilding since discharged in June 2019. I’ve done really good with CC’s since then. I was approved for 3k with PayPal credit. I only use it for purchases over 100 so I can get 0% for 6 months. I owe $1300 on it now. (Christmas) It will be interest free until June. 
      I needed a an installment loan so I got $3600 via Upstart. I refused more because I just need the trade line. 
      My question is do I just pay $350 over the next few months and put the money in savings or go ahead and just pay it in full? 
      The total credit lines for Credit cards including the PayPal is $8750 
      I owe less than $1400 total. 
      I’m going to let them draft the payment for the loan monthly and then just pay it in full at 13 months. 
      That’s my plan and it makes sense in my head. I just don’t know what to do about the Paypal account. Pay in full now or wait and get the extra interest from savings account. 
      any advice? I over think everything. 
    • 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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