My husband has an FCNB credit card that has been closed by creditor but has not been charged off yet. It is showing 120 days delinquent as of 2/01. We thought it was charged off after they closed it a few months ago or we would have been paying on it...not sure what to do with it now. If we bring it current it is still closed and will show all the recent delinquencies. I'm sure it will be charged off soon....What would be the best thing to do in regards to helping our scores?
In regard to the previous message....should he call and ask that if he brings the account current will they reopen the account? What are the chances that they will?
Look, a charge off does major things to lower your score, you want to avoid that. You need to call and see what you can do to get it current. Remember, a charge off still means that you owe the debt and the SOL runs out in about seven years in my state. Is it worth it to sit around for seven years wondering if you are going to get a judgement slapped on you? Also, if you get a judgement, it will probably happen in about six months. You can then add seven years to that date before it comes off your credit record. I think what we all need to rememberthe best thing to do in credit repair is to avoid major credit problems in the first place. I tried to just ignore my problems and make them go away and it did not work out that way
