BofA would not agree to remove entries for 5 year old account

[Monterey 11]

Hello,

    Via phone I just offered 20% on a $4400 (before fees) account that was charged off and 1099ed 4+ years ago.  There are only two years left before the agencies remove it, but BofA doesn't want my $ to remove it.  They said they could change it to paid (slang for partial payment or some such bad reporting).

    Should I try in writing with a hope of a better Rep?

                                         Thanks, George

[willingtocope 1,336]

If they've issued a 1099c, they're pretty much no longer interested.  It would cost them money...and time...to revise the documentation they've already sent to the IRS.

 

Why do you want it removed?

[Monterey 11]

I have a low credit rating because they are reporting on it (like 2 months ago), and I want to refinance and save $500-700/ month on interest.

[TomnTex 389]

I would think if you look around you could find a lending company that will work with you and give you a great rate. Four years ago I had (2) debts that were charged off. That was the only debts I had had in many years, but they totaled up to more than $70,000. With the two C/O's of my TL I was able to get two banks that wanted to give me a loan for two hundred thousand.

I have now been approved and have a letter of pre-approval for another loan on a home in Montana for over three hundred thousand. So, moral of this is, if I can do it so can you. Good luck.

[Monterey 11]

Thanks for the encouragement. I think I will do that.  I haven't looked very hard admittedly, simply using the lendingtrees of the world.  Thanks!

[TomnTex 389]

What you don't want to do is use a bunch of single banks as that will drive down your scores with all the inquires. Use one or to mtg. brokers that can pull your scores once and shop them to several banks. To many inquires can hurt you.