iamawriter Posted November 23, 2007 Report Share Posted November 23, 2007 I am new to the boards and have been reading and reading. I took the first steps and ordered my credit reports and opted out.I have a closed delinquent account with WaMu. I received a letter saying it will be charged off unless I make arrangements by November 27th. I have talked to them on several occasions (not recently) about making payment arrangements and having the account deleted once paid in full. No go. They have been adament about reporting it only as "settled". From reading here - that's about the same as "unpaid collection" or "charge off". What should I do? Do I write them promising to pay if they will report "paid as a agreed" or PFD? Do I call and try to get (another abusive) "supervisor"? Do I let it charge off if I have no success? (Note: I am living month to month, have 0 savings, no way to make lump sum payments, etc.) My ultimaate goal is a clean credit report. Link to comment Share on other sites More sharing options...
whocares Posted November 24, 2007 Report Share Posted November 24, 2007 What is the amount and do you have the ability to pay? How important is a clean report And do you have any other accounts you may be in default with? Link to comment Share on other sites More sharing options...
NewLife4Me Posted November 24, 2007 Report Share Posted November 24, 2007 What is the amount and do you have the ability to pay? How important is a clean report And do you have any other accounts you may be in default with?What kind of question are those?? The person wouldnt be here if they didnt care about clean credit and the OP already said should they pay, OP that means they have the funds ready.. Link to comment Share on other sites More sharing options...
J_Snow Posted November 24, 2007 Report Share Posted November 24, 2007 What kind of question are those?? The person wouldnt be here if they didnt care about clean credit and the OP already said should they pay, OP that means they have the funds ready..There are different things that people want to do with their credit. The very definition of a clean report is different depending on what you want to do. Do you want to buy a house? Do you want to buy a car? Do you just want a credit card line for christmas?These are different and will require a different approach to cleaning your credit.Don't be so quick to jump down another poster's throat in the future please.Thanks. Link to comment Share on other sites More sharing options...
iamawriter Posted November 26, 2007 Author Report Share Posted November 26, 2007 Good questions. I called WaMu after I posted. Total amount = $4600. They offered several "plans". One was a settlement in 6 payments. Can't afford that monthly payment but asked for 12 payments. No go. I would try (and still may) try pushing for the 12 month settlement. But since I have such a short amount of time to make a move, I might look at a reage for right now. From reading the boards, the OC may look more favorably upon me once I'm current. Who knows? We'll see....... Link to comment Share on other sites More sharing options...
iamawriter Posted November 26, 2007 Author Report Share Posted November 26, 2007 Oops! The above response was to Whocares. I thought by hitting "quick reply" my reply would follow right behind Whocares' reponse. (Learning as I go!) Link to comment Share on other sites More sharing options...
iamawriter Posted November 26, 2007 Author Report Share Posted November 26, 2007 P.S. My goal is to be able to take advantage of the falling housing prices and purchase ahouse by the end of next year. I'm aiming for a clean report, low CC balances so that I can qualify for a larger mortgage (I'm in CA ya know) and a score over 725 so that I can get a great interest rate. (Gulp!) A lot to do in just a year! Link to comment Share on other sites More sharing options...
TheRoadBack Posted November 26, 2007 Report Share Posted November 26, 2007 P.S. My goal is to be able to take advantage of the falling housing prices and purchase ahouse by the end of next year. I'm aiming for a clean report, low CC balances so that I can qualify for a larger mortgage (I'm in CA ya know) and a score over 725 so that I can get a great interest rate. (Gulp!) A lot to do in just a year!You'd be surprised what you can accomplish in a year. keep at it and you will get there! Link to comment Share on other sites More sharing options...
whocares Posted November 26, 2007 Report Share Posted November 26, 2007 Ok so it's 4600? I would continue to push for the 12 month deal...tell them thats the best you can do...would they rather charge it off or get payment in full? Any other cards your behind on? It's hard to say who they would send the debt to or if they will assign it or sell it...so getting a PFD would be a gamble...and most if the PFD's I have seen are 1 payment in full...so that might be out if reach for now.Do you have any other credit to help if this is charged off? If not maybe try to get some before it does...A House is getting harder to get and they are being very stingy about perfect credit...I wish you luck. Link to comment Share on other sites More sharing options...
iamawriter Posted November 26, 2007 Author Report Share Posted November 26, 2007 I have one charge off on my report (Merrick Bank) reported a year agom two cards that are 160 days past due (they're next on my list), two collection accounts + a BofA that's current (and closed) but reporting hecka prior lates (the collections and BofA lates are OC errors, so I'll be disputing with them.) I have 6 trade lines reporting open and current, never late. (One was closed 3 years ago but is still reporting open , but who am I to question a CRA? LOL/j/k). Also, two car loans -one open, one closed, both never late.My deadline is tomorrow (today actually by the clock). I guess it couldn't hurt to give the 12 month deal another shot! I like your suggestion about asking them about CO vs getting payment in full. (I've decided that I definitely want to avoid a CO , but they don't need to know that. )I'll be calling later today (after sleep) and keeping my fingers crossed. Link to comment Share on other sites More sharing options...
iamawriter Posted November 26, 2007 Author Report Share Posted November 26, 2007 Roadback - That's good to hear that my goal isn't totally unrealistic! (Ok - validation letter on Merrick going out tomorrow!!) Link to comment Share on other sites More sharing options...
iamawriter Posted November 28, 2007 Author Report Share Posted November 28, 2007 I had spoken to a supe who told me that I could still to the settlement after a reage so I set up the reage. (No more late or overlimit fees, but still have finance charges.) When I was setting it up, the rep told me that after the 3rd payment my account would be reported as current and that "all the past due days will come off the account." I repeated it back to her to confirm. Can you see me grinning from ear to ear? To be continued in three months.... Thanks again for all the feedback! Link to comment Share on other sites More sharing options...
Kay129 Posted November 28, 2007 Report Share Posted November 28, 2007 Good for you, that's great! I love these success stories . . . Link to comment Share on other sites More sharing options...
Recommended Posts