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Everything posted by willingtocope

  1. In NV, SOL on credit cards appears to be 4 yrs from last payment. The FEDERAL reporting period runs 7-1/2 yrs from "date of first delinquency".
  2. Don't. It won't do anything for your credit scores. The "utilization" factor is based on total available credit, not individual accounts. You'd be better off to simply as much more than the minimum payment as you can.
  3. Not unless the interest on the 10k card is SIGNIFICANTLY lower and there are NO TRANSFER FEES.
  4. CAs don't buy debts. Junk Debt Buyers buy debts. CAs just do the hassling for either OCs or JDBs, It not unusual for the debt owner to "contract" with multiple CAs. Sometimes, when there is a lot of money involved, the owner pits one against the other. Its also possible that what appears as multiple CAs is really just one bunch operating under different names.
  5. You may have been screwed. Did you "settle" with AMEX or firstsource? Do you have something in writing? If AMEX is still showing a balance, that's why they haven't sent the 1099.
  6. Your accounts would not be listed on her reports...but, the AU ploy won't really help you at all. CRAs know the trick and ignore it.
  7. Perhaps. All I'm saying is don't rely on what the divorce decree says...credit law, judgements, IRS, and divorce law all play by different rules.
  8. Something to be aware of...divorce settlements are not binding on 3rd parties. For example, if in the divorce, he agrees to take responsibility for the judgement, she isn't bound by that and may still come after the community property. Be sure your lawyer knows what's going on.
  9. Its possible. Some OCs don't always update when they sell an account. Also, if you're looking a credit report other than one directly from the specific CRA, you may not be seeing actual data.
  10. No...charge off does not mean write off. CO is a "charge against accrued income for P&L purposes". A write off means they have determined the debt is uncollectable by their normal methods. And remember, CAs don't buy debts. Junk debt buyers (JDBs) buy debts. CAs just handle the collection process...including suing...for either OCs or JDBs.
  11. If they take you to court and get a judgement to enforce the foreclosure, the judgement stays for 10 yrs from the date of the judgement. You might want to contact them and offer a "deed in lieu of foreclosure". The foreclosure itself is just another bad debt, but, you're better off keeping it out of court.
  12. My advice would be to use the plastic when you need to (rather than carry cash) and pay it off every month. Carrying a balance might bump your sucker score, but its effect on your mortgage scores would be minimal. Getting above 700 will be iffy with a judgement on your reports. Mortgage scores of 665 might get you refinanced...but...the mortgage underwriter will notice the judgement.
  13. Here's some interesting reading... http://ficoforums.myfico.com/t5/Student-Loans/KeyBank-Private-Education-Loan-Charge-Offs/td-p/682557 Note the post about keybank "accepting" a settlement and the reporting it as a partial payment... Sounds like they are a bona fide lender, but still are full of tricks...
  14. Creditors report to different agencies on different days of the month. No big deal. Also, CO means essentially nothing to you...its "charge against accrued income for profit and loss" purposes. Nothing here for you to use in court.
  15. Fall off date is 7-1/2 yrs from "date of first delinquency"...not charge off.
  16. There are indeed regulations...not laws...but, its questionable as to whether they apply to credit cards.
  17. I don't think there is any FDIC "law" that says when creditors must charge off a debt. There are FDIC "guidelines" that say when FDIC insured banks should CO, but I don't think even that would apply to CCs. And, an OC does not have to CO a debt before they can sue.
  18. outstanding balance of 16,800...and they'll settle for 7k...sounds suspicious...was this a government backed loan? "Paid in full" or "Settled in full"...you want words that say that as far as they are concerned, the debt is over and done with. You can ask for PFD when you talk to them on the phone and ask for the offer in writing. If it is a collector (or a junk debt buyer), they may take your 7k and then sell the balance to another junk debt buyer. You want words that say they won't do that. The best "proof" that they agree is a signed letter on their letterhead. an email might also be okay. The only way to see your FICO mortgage scores is from a mortgage lender after you apply.
  19. If...big IF...you are absolutely sure you're dealing with a legitimate bank who is legitimately the servicer of your student loan (as opposed to some bottom feeding collection agency), then borrowing $7000 to pay them off may be a good idea. Make sure you get their offer in writing BEFORE you send money, and make sure it says SETTLED IN FULL and that they won't sell the balance. You can ask for a "pay for delete", but they might not do that. However, once its marked "paid in full", a history of COs will hurt less and less as time goes by. It does seem a little strange to me that they would be willing to settle for less than the full amount...so, what is your outstanding balance? A credit union would be a good place to borrow the money...you'll probably have to move your checking there to qualify. Yes, pay for your actual, current credit scores from myfico.com. Realize that the scores you get will be the "FICO consumer scores"...these are likely to be different than your FICO mortgage scores.
  20. If your ACTUAL FICO transunion score is 810, you should have no problems getting a premium credit card. There are lots of misleading sources for credit related data. Unless you get your credit scores directly from FICO, they're either FAKO or out of date.
  21. CO is both a "status" and an "event". Once you're 60-90 days late, the CO event happens (the creditor takes a charge against accrued income for P&L purposes). From then on, the report CO status to the CRAs on a monthly basis. If you ever bring the account current, the monthly status should change...but...it won't change the history. I suggest you go to annualcreditreport.com and get copies of your actual, up-to-date, and accurate credit reports...and myFICO.com to get your actual credit scores. I suspect there might be something other than student loans affecting your ability to get a credit card.
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