This is my first post, but I have been reading as much as I can for a few months. My question is... I had a Foley's account that was charged off in 10/98 for $506. I sent them a letter requesting removal from my credit for payment in full. They refused, but countered with reinstating the account in exchange for payment in full. If I do this will it extend the time that the charge off will remain? Any advice would be greatly appreciated. Thanks,
I am also new but there is a thread about this somewhere about payment on a chargeoff does not start the clock again. Maybe one of the old timers can list the thread.
shawbee, thanks for the reply. I have read conflicting posts regarding restarting the dates. I will keep reading. BackOnTrac
I was rereading your post. Maybe you can get Foleys to change the account to paying as agreed. Then it wouldn't matter because it wouldn't be a chargeoff anymore. If you want to read more about the aging of your chargeoff read the new 7.5 year reporting thread.
Re: Reinstating a charge off accoun If they "reinstate" your account the charge off notation will be gone, because you can't have an open account that's active in charge off status. Here's the trouble, your account likely has a number of lates showing on it around the 10/98 that it was charged off. Those lates will stay on your credit report until they are 7 years old, so that means 2 more years. You could pay to have it reinstated, and then try goodwill or dispute of the lates. If the SOL has expired on this debt, you can wait a month or two and send another offer to pay in full for deletion and see if they have a better answer this time. Or you can get it reinstated, close it (closed by consumer), then nutcase them to try and get it deleted (note, nutcase is for paid charge offs or other paid accounts only) Or you can just wait the 2 years until it falls off, save the $500, and just keep trying to get it removed through validation / dispute processes. If they won't do anything for you, and it's past SOL, why should you give them any money. The damage has already been done to your credit, and paying them won't clean it up. Just a thought. ChrisB
Re: Reinstating a charge off accoun I am curious if lates from 5 years ago would cost much on your fico, especially since the account might be helped with having a old tradeline. It seems that some have said on the board that when they closed a long time negative account they lost points because they were getting some credit for having that lenght of history, and that offset the cost to their fico for the lates. I myself have a 60 day late left as my only negative on experian and I still have over 700. One of my positives. is last derogatory is old or unknown. This is from 1998, an old student loan.
Re: Reinstating a charge off accoun ChrisB, Thanks for the great information! You have given me some alternative things to think about. I will keep trying the dispute method... like you said the damage is already done! I am working on getting BackOnTrac!
Re: Reinstating a charge off accoun shawbee, You have a good point regarding the length of time for that account. I had opened in in 1989 and had a perfect record with them until I moved in 1998. Somehow they never received my forwarded address and in the confusion I didn't realize that I still had a balance. Boy what a COSTLY mistake!!!! BackOnTrac
