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Making progress, please help me decide my next move...?

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You all really helped with my AMEX situation, and I have done some more work. Could someone please help me decide what to do with two remaining charge-offs? Thanks so much in advance! J

 

I just paid off all of my outstanding revolving debt, so I have zero balances on my credit cards. Once everything posts, I plan to adopt the AZEO plan at 9%. Besides the below, my only other negatives are a defaulted student loan I will soon begin paying and a $314 charge off I’ll offer a PFD FOR.

I want to qualify for a FHA loan in 12 months.

 

Do I offer settlements for these, or dispute? I’ve read the repossession dispute info found here as well as the whychat.me info but I'm still not sure how to act.

 

NCFU--NetCredit

$6690

09/2018

Charge Off

Says it has been ASSIGNED to an attorney, CA, or internal collections and “Purchased by another lender.”

 

BBVA USA

$5260

05/2019

Charge Off

Says ‘unpaid balance reported as a loss by credit grantor.”

Vehicle sold September 2019 per CarFax report. I've received no letter about the sale or resulting deficiency, but did receive some letters stating an intent to sell the vehicle to recover losses around the time of the repossession. I also don’t remember being given any chance to bring balance current, but my thinking at that time isn’t trustworthy.

 

FICO8

EQ 567

TU 589

EXP 561

 

Mortgage/FICO2

EQ 594

TU 552

EXP 574

*these scores were before paying all of my revolving debt down to zero yesterday. Utilization was 136%.

 

Thank you!!!

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40 minutes ago, L99 said:

I plan to adopt the AZEO plan at 9%

Can you tell me what this plan is?  Is it a plan discussed on another credit rehabiltation forum?

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15 minutes ago, MarvBear said:

Can you tell me what this plan is?  Is it a plan discussed on another credit rehabiltation forum?

It's standard advice...I think I just called it the wrong thing. All Zero Except One. All credit cards paid to zero, except one card on which you maintain around a 9% balance. Or I think I've seen some people say 4-9%.

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15 minutes ago, L99 said:

It's standard advice...I think I just called it the wrong thing. All Zero Except One. All credit cards paid to zero, except one card on which you maintain around a 9% balance. Or I think I've seen some people say 4-9%.

Well dang, my apologies.   One would have thought that after 17 years here I would have known that standard advice.

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18 minutes ago, MarvBear said:

Well dang, my apologies.   One would have thought that after 17 years here I would have known that standard advice.

Oh, well maybe it's not then. I'm certainly not the one to assume is not mistaken!!! 😂Maybe I read it one place and just assumed everyone but me knew it already.

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18 hours ago, L99 said:

I want to qualify for a FHA loan in 12 months.

 

Do I offer settlements for these, or dispute?

Have you talked to an FHA lender to see if you can be approved with these reporting as-is?

 

Separate issue, and more important IMO, is whether you'll be sued for these.  What are the DOFDs on these?  

 

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1 hour ago, cv91915 said:

Have you talked to an FHA lender to see if you can be approved with these reporting as-is?

 

Separate issue, and more important IMO, is whether you'll be sued for these.  What are the DOFDs on these?  

 

Hi, thanks. They are both very new. The DOFDs would be late 2018 or so. I would pay them rather than be sued, provided I have warning that that's where we are. For now, I just don't know if I should dispute them, and if so how or even how to approach them for a settlement.

I gather I should wait until 2 years out of the sale of the repossession to dispute as they have 2 years to send me the required documentation of the balance. Otherwise, if I settle I don't know if the process should be to have a lump sum ready(I don't at this time) and offer a settlement, or wait for....I don't know what.

 

And no, I haven't spoken to any lender yet. At minimum I want to wait for my scores to increase from the utilization correction from all the debt I just paid off. 

Edited by L99

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8 minutes ago, L99 said:

I just don't know if I should dispute them

If someone owed you thousands of dollars and the debt was within SOL, and they started antagonizing you by claiming the debt wasn't legitimate, what would you do?

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14 minutes ago, cv91915 said:

If someone owed you thousands of dollars and the debt was within SOL, and they started antagonizing you by claiming the debt wasn't legitimate, what would you do?

I understand what you're trying to say, but there are those who advise to dispute it and work with them separately from your CR. My question isn't a moral argument, it's about what the best strategy is from among the strategies I've read. 

Edited by L99

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59 minutes ago, L99 said:

I understand what you're trying to say, but there are those who advise to dispute it and work with them separately from your CR. My question isn't a moral argument, it's about what the best strategy is from among the strategies I've read. 

Sorry if my comments weren't clear;I wasn't moralizing.  I was pointing out the risk of disputing an account that's within SOL.  :) 

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34 minutes ago, cv91915 said:

Sorry if my comments weren't clear;I wasn't moralizing.  I was pointing out the risk of disputing an account that's within SOL.  :) 

Oh wow, then I missed your point, sorry! I hadn't thought about this at all, so thanks. I have made mistakes like this in the past and I tend to freeze trying to decide what to do.

 

So to answer your question, if someone invited me to a lawsuit I knew I could win, I'd go to court!!

 

So ok..disputing within SOL is (duh) dangerous because it draws attention to something they may forget. I'd think this could also be said of trying to settle it within SOL, although maybe some people might be willing to work it out, I have no idea. But it seems like they don't have reason to work with me.

 

So guess unless I can wait for them to be outside SOL, my only option is to call them and work out a payment plan, then? And I suppose PFD isn't going to be on the table while it's within SOL, so I'd then just be stuck with the record. But at least then it's a paid collection and won't weigh against my total utilization.

Do you agree with my logic?

 

I also need to get clear on how to conduct myself, what to say or not say. I keep seeing talk about admitting I owe the debt etc. But I haven't done any homework on that subject yet, so I will do that on my own.

 

Thanks for your time. This is very helpful.

 

Edited by L99

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13 minutes ago, L99 said:

Oh wow, then I missed your point, sorry! I hadn't thought about this at all, so thanks. I have made mistakes like this in the past and I tend to freeze trying to decide what to do.

 

So to answer your question, if someone invited me to a lawsuit I knew I could win, I'd go to court!!

 

So ok..disputing within SOL is (duh) dangerous because it draws attention to something they may forget. I'd think this could also be said of trying to settle it within SOL, although maybe some people might be willing to work it out, I have no idea. But it seems like they don't have reason to work with me.

 

So guess unless I can wait for them to be outside SOL, my only option is to call them and work out a payment plan, then? And I suppose PFD isn't going to be on the table while it's within SOL, so I'd then just be stuck with the record. But at least then it's a paid collection and won't weigh against my total utilization.

Do you agree with my logic?

 

I also need to get clear on how to conduct myself, what to say or not say. I keep seeing talk about admitting I owe the debt etc. But I haven't done any homework on that subject yet, so I will do that on my own.

 

Thanks for your time. This is very elpful.

 

I think the general consensus is that if you want to start disputing something that's within SOL, be prepared to settle in case it backfires.

 

I was just raising the general caution that if start you tearing into these TLs, know what the potential outcomes are and have an appropriate response already queued up.

 

The two creditors you named aren't exactly obscure.  I'm hoping someone will comment about how to deal with either or both of those two specifically.  There are probably old threads on each.

 

 

Edited by cv91915

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13 minutes ago, cv91915 said:

I think the general consensus is that if you want to start disputing something that's within SOL, be prepared to settle in case it backfires.

 

I was just raising the general caution that if start you tearing into these TLs, know what the potential outcomes are and have an appropriate response already queued up.

 

The two creditors you named aren't exactly obscure.  I'm hoping someone will comment about how to deal with either or both of those two specifically.  There are probably old threads on each.

 

 

Awesome. Thanks.

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