I have various debts which are small which im going to get validated and then pay whatever is left. I also have a chargeoff for a car. Its over a year ago this date i believe its around 3-5. From reading this there are some suggestions to not pay. I will be getting a promotion soon and be making more money so i figured its a good time to get my score up (average 550) . Is there a way to get it in any different standing or should i not pay it like some say. If not paying is the case can I still increase my credit score. My goal is to be eligible for a loan in the summer. Thanks oh and Hi : )
The first piece of advice I got was "if any part of any debt looks inaccurate or suspicious, then DV it, then dispute with CRAs to get them deleted." If your creditors/CAs validate the debt appropriately and verify with CRAs, then settle the matter amicably. The problem with charge-offs is that they stick to credit reports like super glue--even when paid off. The best option for settling a validated debt is to offer the CA or creditor a PFD (pay for delete) agreement. Get it in writing and signed. Then, if the creditor doesn't follow through, you have breach of contract.
What about that charge off? they dont do any deletes on those do they? Also with that chargeoff would I still be able to get a car loan in the summer if I do everything else right. I have my orchard bank card on the way. I was also considering taking out a secured loan. Take a loan out for a 1000 and then take that 1000 and put it back into the bank. Thanks for the reply : )
How long ago was the charge off? Was it a repo? Does it report a balance? I haven't had any experience with auto charge-offs in relation to buying a car, but I would imagine that a repo would be the biggest speed bump in car buying. With a mark like that on your CR, you'd be looking at high rates and short-term, high payment loans. Vis-a-vis Drivetime-esque conditions. *shiver*
It was a little over a year ago. it shows as a 0 paid off charge off?account status: Bad debt; placed for collection; skip. Also i have NO credit card debt. Most of it is like AT&T and a cingular which seems to be opened when i was 17. so that stuff should be taken care of quick the only real problem i have is that charge off. I also know i got some things that will soon go. Like a fitness account that i cancelled but sure enough a year later they called me up and i talked to mr. steroid and he explained i didnt cancell. i thin proceeded to ask him when did i step foot in his gym and why i would pay for a memebership i wasnt using. i did cancell by the way but im sure from your letters i can get that taken care of : ).
Isn't it amazing that you will always find out you "didn't cancel" a year later, when you would get no club benefit from paying? They were not interested in their claimed debt when you would have had a right to use the club, yet now they want full payment, since that cancellation just never occurred. Although you might be able to get the accounts opened when you were 17 off your reports, you may be legally liable for them, particularly if you continued to use them on reaching adulthood, or failed to dispute the contracts in a timely manner after reaching adulthood. You are an adult now. You need to be aware that if you don't both act responsibly, and CYA when dealing with all contracts, it will cost you, in higher interest, turned down loans, problems buying a house, loss of appreciation of that house, etc. Life is a business. Furthermore, even if you are in the right, fixing things after they get messed up costs more than making sure they don't get messed up.
The other thing is too I will be full time at school and ill be in manager training for work. Time is limited but hey theres 168 hours in a week less my 7 hours of sleep thats 119 hours free i have a week. so that means between work and school i should have about 60-70 hours of free time i have to clear these things up and still be a typical college kid. I would say thats a lot of time. I think others should do that math to see how much time they really have. I just want to get my credit fixed so i can invest into properties. My mother has never had much and I would LOVE to give her a home and be like mom dont worry about a think i got apartments that cover your payment. Maybe even give her here pontiac Bonneville shes always wanted.(dont know why she likes it but hey at least it isnt a BMW) Im willing to work and work hard for my screw ups. I could say i was young and naive but "excuses are the tools og incompetence....(if you want the rest pm me its a pretty good saying that my coach drilled into our heads. But yup i screwed up, and it was my fault. I was told to be careful but i wanted the stuff. Now i just want to live good and have my mother live good as well. Thanks for any help guys i REALLY do appreciate it even before i get my first loan. : )
Definitely validate. But if the car charge off is an orginal creditor (car loan bank) then they do not have to "validate." Typically OC's report "charge offs and collection agencies report collections. If it is an original creditor, they are tough to negotiate for delete because they have already written the debt off for that tax year. The next best thing is to scrutinize their credit reporting for errors. Get a copy of your FICO scores which provide more detail. Then look at every date, amount and comment and make sure there are no inaccuracies. If errors are found, dispute with the creditor first. Then dispute with the CRA within 30 days. Good luck,
