Along with working my credit report, I have also been working on my mothers report so that she can re-finance her house at a decent rate. I have had a lot more luck on her reports than my own and for her I am left with only one derog, Cap 1 (charge off 15k) on both her EQ and TU (EXP is clean). Here is my problem. EQ is reporting the account as open, while TU is reporting the account as closed. Considering the charge off is being reported as "open" on EQ, FICO is using the 15k when it factors in balances owed compared to credit limits on open accounts. (I don't know too much about this, but think that closed is better than open, though both are bad b/c well it is a charge off). As a way of background, the SOL has past and she is about 2 years away from this account falling off. So,here is my question: since she wants to re-finance soon (June, maybe push her to July), should I stop disputing as "not mine" and dispute "closed" vs. "open"? Are charge-offs usually listed as open or closed? I know Cap 1 is one of the hardest to get the CRAs to remove, so am I wasting my time if I don't send multiple validation letters certified mail and then sue them for violations? I just don't think she would want to go the legal route. Also, I'm getting the "already investigated" frivolous responses from the CRAs, should I just be more demanding or are they any other techniques to try? I have tried disputing online to get them re-investigated, but I still get the same response. Have I told you all I'm addicted to this board, it gives me something to do while I wait for the day I can start my next round of letters.
Someone else may have a firmer grasp on this issue, but ... I *think* the unpaid balance of a charge off impacts your balance ratios regardless if the TL is open or closed. Meaning, I think "closed" accounts with balances are still included in the ratios. But also, on my reports, I'm not seeing where it is saying my charge offs are either open or closed. They just say status: charged off account. Maybe I'm reading it wrong. I know that if you are going for a mortgage, most lenders want any unpaid balances OFF your report ... paid, settled, deleted. I'm not sure if home re-finance people would want the same thing. (I am guessing this is a home refi, if its a car then I don't think this would apply at all.) Maybe someone else knows more specifics about refis. In most states, they wouldn't have to validate anyway ... its the collection agency that has to validate. (Is there is a collection agency attached to this charge off?) Sometimes Cap One will drop off when you dispute with CRAs. It has happened. Try disputing it another way ... if you have disputed it as not mine, try next time disputing that the balance is wrong or the dates or anything else you see on there that might not be right. Sometimes that will get the CRAs to look at it again. A sage person once posted here that saying the dispute is "frivilous" its just a stall tactic. Keep at it. You might try copying the letter to the FTC. The CRA might not be happy that you calling attention to them not doing their job properly, so they might clear up your dispute before you file a formal complaint against them. Just my thoughts. Like I said, someone else will probably have other advice. peace, delilah
thanks so much for all your feedback. She is looking to refi for her house this summer and this is the last negative mark on her credit report , Cap1 one charge-off on Eq and TU (deleted off Ex). The problem I have had is that credit reports have the account listed under the OC, yet a CA is trying to collect on the account. Other than receiving letters from the CA (about 4 months ago), is there is way to find out which CA is dealing with your account? Luckily in this case I know which CA, but they never respond to validation letters, but I worry about suing them and then finding out they they returned the debt to the OC or something like that. Back to the Cap1 issue, we were were to settle with the CA about 4 months ago, but we changed our minds and now would like to exhaust all our options before we settle (assuming they settle with a deletion), plus 2 years isn't that far way, especially if you have had bad credit for 5 years and are used to not qualifying for anything good.
2 years isn't that far way kewlstang | ============== But it's a long time and a lot of money if you're getting price gouged on insurance and loans. The END ************************* LB 59
ok ok you are right, 2 years is a long time, hence the reason I am going to do everything I can to get it off.
Re: Victory!!!! Just an update on my Mom's Cap1 Account. In short, it was a 15k charge-off that wouldn't come off EQ and TU. Today it finally came off both!!! (2 more years till she hit the 7 yr mark.) That leaves her credit completely clean (4 neg tradelines removed for about $30,000 in 4 months time). She can now refinance her house from 10% currently to 5.1%. She also got approved for a $10,000 credit card at a good rate. I want to thank the board for keeping me motivated while I waited to hear my results. I have learned a lot here and learn more everyday. Personally, I have 4 neg tradelines for about $4,000, but I can't get 3 of them removed for the life of me, so I'll be sticking around. Guess the process is part luck and randomness. Though soon I want to try my luck in court. (if only they would accept my settlement offers.) You can't even buy your way out of bad credit, talk about a punishment that sticks.
Re: Victory!!!! Congrats on your mom's derogs! Any tips on what you did to get those to come off? Cap 1 is notoriously sticky for some people. Good luck as you continue your efforts! peace, delilah
Re: Victory!!!! I'd love to say I had tips for Cap1, but I have a cap1 derog and can't get it off for the life of me. They won't respond to any of my letters. Somehow they responded to a letter from her and told her they were sorry but couldn't delete, but I guess they didn't verify with EQ or TU and it got deleted. I hope it doesn't come back...at least she got to refinance in the meanwhile.
Re: Victory!!!! Amish, Sorry I had missed your question. I did it both with vaildations and through the CRAs. I first sent a letter to vaildate with all her Creditors and at the same time sent letter to CRAs disputing all negative accounts. One account (First USA) came off because they couldn't vaildate and apologized for the inconvience and deleted the account (7000 charge-off). The rest were deleted/corrected through the CRAs (so they could possiblity come back). It took me about 3 rounds with the CRAs to finally get it all done. Most were very old debts (10 years in some cases but re-aged because she would make a 20 dollar payment here and there after CAs would yell at her), so I think the age of the accounts really helped.
