Anonymous Posted June 10, 2003 Report Share Posted June 10, 2003 Hey kb,Just a quick question. I had an account with Direct Merchants that was discharged through BK in 2001. I noticed a few months ago on my CR it shows as a Charge-Off, So I dispute and comes back verified. I then faxed over all the court documents showing otherwise to the CRA's as well as the OC. I receive an updated copy of my reports and it shows correctly which is Included within BK. I just pulled my report again and it shows Charge-off, But yet the balance is $0 and also it states "ACCOUNT CLOSED BY CONSUMER" . Should I just leave this alone, Even though it's a charge-off lenders will see that there was a $0 balance and "Closed By Etc." They might get the impression that this was just reported wrong and think that it was a Pos. Tradeline. Also my Credit report shows no CA. What do you think I should do with this. Im trying to wrap up my disputes to get this Auto Loan. Thanks for your advise in advance, Or if someone else has any input I could use it. [Edit by brit2k on Monday, June 9, 2003 @ 05:44 PM] [Edit by brit2k on Monday, June 9, 2003 @ 07:09 PM] Link to comment Share on other sites More sharing options...
kb9tbq Posted June 10, 2003 Report Share Posted June 10, 2003 Originally posted by brit2k I receive an updated copy of my reports and it shows correctly which is Included within BK. I just pulled my report again and it shows Charge-off, But yet the balance is $0 and also it states "ACCOUNT CLOSED BY CONSUMER".Nope don't want to leave this one - the conculsion which will be drawn was that you closed the account before it was paid off - and that you did not complete paying it off until after charge off. So in this case (a loan officer is not going to give you the benefit of the doubt).Closed by consumer is fine for positive tradelines - but many people do close their account before having paid down. It hurts the credit to close while a balance remains.On one hand, it looks like you eventually paid - which is better then the BK, but still not good enough to leave on the credit report.Try disputing this one as incorrect status, keep at them until you get lucky for it to get bumped all together. [Edit by kb9tbq on Monday, June 9, 2003 @ 07:18 PM] Link to comment Share on other sites More sharing options...
Anonymous Posted June 10, 2003 Author Report Share Posted June 10, 2003 Right now I wan't to get my last 2 disputes done with EQ, Which should be 6/20 . My FICO score is 665 right now and the 2 items im disputing will be in my favor. In your opinion should I go for the loan after these 2 disputed items are cleared. Then after I get approved go back to the Direct Merchants account and dispute that till my face turns blue. Or will this item really hinder my loan even though my bank said I just need a FICO of 640, They already verified my Income and residence. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 10, 2003 Report Share Posted June 10, 2003 If you are not in no real great hurry on the loan, then try to finish up your disputes - but set youself a time limit (that should you not be able to get this done) to go ahead and apply for the the loan. These things definately have no guarenteed time frames for getting accomplished some people are lucky and have them off immediately while I have seen some people fighting a year later (just because they hit a brick wall with a creditor - that was always on their toes to respond). Link to comment Share on other sites More sharing options...
Anonymous Posted June 10, 2003 Author Report Share Posted June 10, 2003 Thanks KB, I'll just wait until these last two disputes expire and try for the loan. I disputed some inquiries on EX and so far they seem to be taking the 30 days, Some people have inquiries off right away so I guess it's the luck of the draw on certain things. Link to comment Share on other sites More sharing options...
kb9tbq Posted June 10, 2003 Report Share Posted June 10, 2003 You can always refinance later to improve your rates, that is what I had to do on my car loan.Believe I was paying 15%, now I have it down to 7.8% - and the personal finance company immediately called me to ask if they did something’s wrong & what it would take to save our business. I told him my new offer and he just said oh ok thanks and hung up. They were nice, but that just don't count for continuing to pay that much. Link to comment Share on other sites More sharing options...
Anonymous Posted June 11, 2003 Author Report Share Posted June 11, 2003 Did you buy a new car or was the 15% on a used. I might have to go with a Finance Company afterall unless I find a bank willing to work with me. I went back to my bank today and told them my new score and they said ohh Suntrust doesn't do any loans with BK in your past. They also stated they had a customer with a 6 year old BK with 790 FICO and they turned them down. Im just upset because before when I had the 584 FICO they just said ohh just bring up to a 640 and we will work with you. Guess they really didn't think that my score could come up almost 100 points in a month. Had another ? for you, Just received notice that EQ just changed my status on my Direct Merchants account to "Account transferred or sold" now before it showed as a Charge-Off , Then "Included within BK" . I faxed them the Court Documents showing that this account was "Included within BK" and yet they changed it for a little bit and now "Transfered or sold" I don't know what to do about this. Should I keep faxing over my Documents once a week and maybe one day they will understand that the US Federal Court documents might be right. Im just really frustrated. Link to comment Share on other sites More sharing options...
Anonymous Posted June 11, 2003 Author Report Share Posted June 11, 2003 Sory KB yet another question, I just pulled my EQ report a min ago and went up to 683 even with the Account transfered on Direct Merchants. The question I have is that when i looked at the report I still had a balance on a few accounts, They are actually all paid off and waiting for them to update but when I look at the Score Power it shows my accounts already at a 0 balance. Now one of the accounts is in dispute, Do you think that it will exclude that account in the score power. Link to comment Share on other sites More sharing options...
Anonymous Posted June 11, 2003 Author Report Share Posted June 11, 2003 <blockquote>Originally posted by brit2kDid you buy a new car or was the 15% on a used. I might have to go with a Finance Company afterall unless I find a bank willing to work with me. I went back to my bank today and told them my new score and they said ohh Suntrust doesn't do any loans with BK in your past. They also stated they had a customer with a 6 year old BK with 790 FICO and they turned them down. Im just upset because before when I had the 584 FICO they just said ohh just bring up to a 640 and we will work with you. Guess they really didn't think that my score could come up almost 100 points in a month.Well our situation was a bit different, DH bought an expensive car awhile back with a settlement from work related injury - so the car was already paid for, but I wanted to consolidate bills, his scores where suffering from the medical bills, so they said we could definately have the loan - but made it 15%.I am not familiar with Suntrust, but over the years I have delt with: AVCO which sold to The Associate which sold to Citi Financial. Also done business with Beneficial & American General (which had our car loan).I happen to be in a TU strong area where personal finance companies are concerned, Illinois here.Had another ? for you, Just received notice that EQ just changed my status on my Direct Merchants account to "Account transferred or sold" now before it showed as a Charge-Off , Then "Included within BK" . I faxed them the Court Documents showing that this account was "Included within BK" and yet they changed it for a little bit and now "Transfered or sold" I don't know what to do about this. Should I keep faxing over my Documents once a week and maybe one day they will understand that the US Federal Court documents might be right. Im just really frustrated.Transfered or sold can mean anything - not nessasarily bad in itself. Unless there are other notations with the tradeline. The reason it changed back, was that they only did a manual update & failed to make the changes in their tapes - which will always result in the information reverting to the tape info. I would not be so quick to want that bk updated with them. Anyway they are showing zero balance right?</blockquote>I am working a bit handicapped today - not my usual self (stuck in guest mode) Link to comment Share on other sites More sharing options...
Anonymous Posted June 11, 2003 Author Report Share Posted June 11, 2003 <blockquote>Originally posted by brit2kSory KB yet another question, I just pulled my EQ report a min ago and went up to 683 even with the Account transfered on Direct Merchants. The question I have is that when i looked at the report I still had a balance on a few accounts, They are actually all paid off and waiting for them to update but when I look at the Score Power it shows my accounts already at a 0 balance. Now one of the accounts is in dispute, Do you think that it will exclude that account in the score power. </blockquote>Is the account notated as being disputed, or are you waiting on an investigation?It is during the dispute investigation which the tradeline is suppressed, but if it is a notated dispute by the creditor / collection agency - then it should still be included in the score. Link to comment Share on other sites More sharing options...
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