Disputed old joint line of credit from Fleet with CRA's as not mine, they notified Fleet and now the status that was dormant and simply past due since 01/98 has been updated to Charge-off. My Fico score dropped 100 points on TU for this little doozie! I was on the rise too..went from 580 to 631 in a matter of 2 months and now I'm lower than ever at 540! I don't even know how it has effected my other two scores. To scared to even look. I'm sure that Fleet will be sending a collection notice and I will have to negotiate a settlement becuz my ex is nowhere to be found to pay and it was all his spending. I foolishly put my name on a checking account with him, and now I'm suffering the consequences. Thing is, I probably should have left it alone, especially since the SOL (6 yrs in NJ) was coming soon. But I didn't do that becuz, I'm closing on a mortgage August 15th, and was told FHA would probably ask for an explanation for the delinguent account. Now if they run my CR again, this could be disastrous! I haven't slept or eaten in 2 days becuz of this. I have the money to negotiate a settlement but I don't want fleet to know that I'm trying to get a mortgage. I'm just at a lost as what to do and so heart sick! All that dedication and persevering and one false move...bang it all goes up in smoke with one stroke of a key!
If you are going to apply for a mortgage, OPT OUT. You will have collections crawling out of the woodwork if you don't.
For this item to have a 100-point hit on your FICO it would have to be showing as a very recent charge-off. I'm willing to bet the creditor has re-aged the account, which is a FCRA violation. Check the "Status Date" - if it's recent, it's probably been re-aged.
