Hi everyone, I need some help/advice or insight. I applied for an home equity line of credit yesterday and was denied because my husband had a charge off for $4,600 in Sept. 05. I had no idea what they were talking about, they said it was from Washington Mutual. I called Washington Mutual and they showed no credit card or charge off. Looking further and remember something I read in the news I found out it was a Providian card my husband had (wamu bought providian). It still didn't make sense to me because he had signed up with Consumer Credit Counseling and set up a payment plan with them to pay Providian. Providian agreed to the contract with CCC on August 19 and the first payment to them would be on Sept. 10, there is a contract signed by Providian that they agreed to this arrangement. On August 31, Providian charged off the acct. So now we cannot get the equity line and there is a awful charge off on my husbands credit. It doesn't seem right, is there anything I can do? If they would take the charge off of the credit report we could get the equity line and pay Providian the $4,6oo and be done with them. Any advice?? I don't know where to start. Thanks, Meri
Most companies charge off at about 6 months, even if they continue to own the account. How long has the account been delinquent? Whether "charge off" is accurate, when an account is included in a payment agreement thru credit counseling, I have heard that the TL is marked as such, and that that has as negative an impact on credit scores as a charge off would.
Thanks for you message. I think it was that delinquent (6 mos). I joined CCCS along time ago for some credit cards I had and they did tell me that it was a little negative looking on my credit report but not a that bad. Do you think they will take the charge off out if I pay them in full immediatelye? I have no idea if they work that way or not. I wish I could bribe them! I really want the equity line and I have a good credit score in the high 600's but with that write off on my husbands we were denied immediately. I'm so frustrated! Marianne
