Hi all...Long time reader first time poster. Could you guys take a look and give me some advice on my best course of action? This is my significant others' account. We want to look into buying a house but this is killing us. Tried disputing, no go...still paying $105 bucks a month but can't even get the d@mn thing current (it is still $4000 OVER The Limit and compounding w/ interest)...are they allowed to keep restarting that clock ("account to continue on record until 6-2009")? should I just offer settlement for deletion? CHECK OUT THAT WHACK PAYMENT HISTORY Oh they keep threating to chrage it off, would a charge off help (7 year clock) Sorry so long...Thanks in advance... FLEET CC Account Number: 43232XXXXX Status: Closed/Past due 150 days. $386 past due as of 10-2002. Status Details: This account is scheduled to continue on record until 6-2009.(???????) This item was verified and updated on 12-2001. Date Opened: 12/1996 Type: Revolving Reported Since: 07/1997 Terms: NA Date of Status: 10/2000 Monthly Payment: $122 Last Reported: 10/2002 Responsibility: Individual Credit Limit/Original Amount: $1,500 High Balance: $5,095 Recent Balance: $5,095 as of 10/2002 Recent Payment: $105 Account History: 150 days as of 10-2002 120 days as of 9-2002, 3-2002, 8-2000 90 days as of 8-2002, 2-2002, 9-2000, 7-2000 60 days as of 7-2002, 1-2002, 6-2000, 2-2000 30 days as of 6-2002, 12-2001, 4-2001, 3-2001, 5-2000, 1-2000, 10-1999, 8-1999, 5-1999, 12-1998, 10-1998, 4-1998, 8-1997
First of all, The 06/09 drop off date comes from the fact that the delinquency period which you are in now began 06/02. It appears the account had been brought to a current status in April and May 2002. If this is the case, the 06/09 dropoff date is correct as it reflects 7 years from the commencement of the last delinquency. If you're planning for a mortgage, unpaid collections, chargeoffs etc usually have to be paid before the loan goes through. So if you don't deal with it now, you'll have to deal with it then. Based on the fact that you have attempted disputing the account to no avail, settlement for deletion seems to me to be your best option. My biggest concern for you is that if you have been paying $105 a month on a $5000 balance you have been getting nowhere fast for a while now. If there was no interest or penalties it would take you over 4 years to pay it off at that rate, but going at the rate you are, if the interest is rate is 24% or more, you are just paying interest and not touching the principal at all. When you add penalties onto that, your balance is probably growing rather than shrinking each month. My point is, going at this rate to pay it off, you probably won't do it within your lifetime. And this is an important lesson to learn about dealing with ANY revolving accounts. If one can only AFFORD to make the minimum payments, he/she is probably already in serious trouble. One MUST make payments of much more than the minimum to handle their revolving credit responsibly. So, if you're able to pull together a chunk of money to settle with Fleet and get out from under this, that would be great. Try hard to get deletion of the tradeline as a part of your settlement agreement, because as it currently stands, you're going to have this on your credit report for another 6.5 years. In your negotiation you're probably going to have to convince them that you're behind with all of your credit obligations, are trying to avoid BK, there's only so much money available and it's going to go to those with whom you can make the best settlement agreements. There will be varying opinions on the board regarding your situation. My advice comes from the perspective of one who believes in paying legitimately owed debt, but negotiating with creditors for the best outcome you can. I haven't had personal dealings with Fleet, but no doubt others who have can chime in about the best way to deal with them specifically. All the best. DemPooches
Thanks Dem...So I guess we did the "wrong thing" credit wise by attempting to make good the account. Everytime we get caught up they drag us back down!!! I thought the clock started when the account FIRST when delinquent??? GEEZ...Anyone else?
