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Strategy for Charge Off?


Nitro
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I have two accounts on my CR that are listed as charge off's. One account is a line of credit that I've had from the bank for about nine years now. I was able to pay on time every month for eight years and then my wife and I fell into trouble and got seriously behind on this payment. The other is a credit card that I've had for about six years now with the same situation. What is a good plan of attack for trying to clean these marks up? If I try "not mine" and it gets deleted I've lost an account that I had a good payment history on for a long time. Same with the CC. In terms of FICO score is it better to have them gone or try another argument. I can't see how "never late" would work. Any other strategies to get these items back into some kind of shape?

Any help for a newbie would be appreciated.

Nitro

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Hmmm...if the line of credit is from a bank, then chances are its secured against something...like your house? If so, then that's not going to be charged off.

In any case, if you only have two accounts that are in trouble...how much total? If things are back to semi-normal now, your might try talking to the original creditors and trying to work out a settlement.

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No it's not secured against anything. When I got it I had my grandfather who was a doctor co-sign for it. They never blinked an eye after that. However, grandpa passed away in '96 so they sure aren't going after him. The line of credit has about 9700 on it. The CC about 7500. I am in the process of refinancing my home right now and am going to pull some equity out to clear up this old debt. I will make a settlement with both to get out from under them. I guess I could try to negotiate a trade line with them when I do.

Nitro

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I had some financial trouble in the past and ended up being in debt to my bank for about $3000.00. I wrote them a nice letter and explained to them what happened and they replied with a letter saying that if I paid the balance then they would remove the negative mark from my cr. My point is that it is much easier to deal with the oc than a ca.

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Yep, that sounds like a plan. $17 grand or so is managable. You seem to know the drill, but just in case, here's my thoughts...

1. If possible, deal with the original creditors. Wouldn't hurt to give them a call...asking what can be done...but don't tell them you're going to refinance...and make sure everythings in writing.

2. If these accounts have been charged off, then the OC's have already been compensated for their loss by the US Taxpayer and they've sold the CA the right to continue to hassle you for pennies on the dollar. Offer the CA 20% to start, but only if they delete the TL. Again, don't mention refinance....and only deal in writing.

Good luck!

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