I emailed you a couple of months ago and opened a couple of new credit accounts and stated improving my score, however I followed your site's advise and got my 3 bureaus report and now it seems I have old accounts (telephone,cellular) as charge offs and this is odd I have information on a mortgage (41000) that my father did when I was 8 years old an appears on my report as joint.Any advise??? I am closing the Cap1 card ASASP.
On freecreditreport.com it says 632 ,why???the difference. I am working for the Fed Gov't and need to raise my credit.Thanks and regards
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Dispute the account that is not yours with this and say so with circled copies of the errors.
http://www.oskie.com/credit-dispute.htm
If you pay any of these off your debt ratio goes down and it helps more if you do this
http://www.oskie.com/credit-repair-negotiate-with-creditors-remove-delete-bad-credit-collections-charge-offs.htm
Closing cap one might mean a 50 point increase.
Monday, July 30, 2007
Charge offs, Cap one, new credit cards,
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I have a charge off credit card with a company (Capital Management) claiming to represent the credit card company (Capital One) wanting to make me a deal to pay it off at half the owed amount. This is a 6 yr old charge off entry and I have been told it will go away after 7 yrs?
Also I am aware that the charge off will stay on my credit report and with a status of settled which may or may not help my score. If I pay I think it shoulf be in full but then I have to police them to ensure my credit is repaired in such a way that my score is improved or better the occurance on my credit report is gone.
I'm a little leary that they are aware of the 7 yr limit and are just trying to get what they can before they run out of time. That paying this card off which was $300 when I stopped using it and now is $1300 would be a mistake. So I have one more year or I am assumeing. How accurate is my assumption?
So My questions are:
1.) Will it go away after the 7 yrs is up - even if they are still trying to collect (AKA is 'last activety' defined as when card was used / closed or last collection activeties?).
2.) Is there any way it can come back if it does go away?
Sounds to me like you have to entries on your credit report for this one account.
If you don't know what is on your report you should get one NOW and know.
The first one will come off 7 years after the date of last activity on that account.
The second which is the collection company could last much longer unless you stop it now. I would suggest validating the debt with the debt validation form on my site under free credit help forms. Also get a credit report off of my site free by cancelling the service in less than 7 days.
How do
i ensure they will make the proper adjustments to my credit record?
Also I guess what you mean by getting worse is that they could sell the debt or get a judgement since they know were I am to serve me. That stays on for 7 yrs right?
So is those two things the reason I should take care of this when in one year it drops off?
#1 check your report and ask for written confirmation the creditor made the adjustment.
#2 yes many debt are sold to second and third parties entangling the consumer even further, Take care of business ASAP and limit exposure
Ok I got my credit report and I don't see capital management only the capital one credit card charge off. Since they represent capital one I guess thats why I do not see them listed seperately.
The amount is only $1,300. Everyone keeps telling me that no one would seek a judgement for $1300 so I'm stumped. They won't sell the debt but calim they will seek a judgement. It should fall off credit in 1 yr.
What should I do? Do you think they will still try to get the judgement?
call Capital one and negotiate a pay off and credit help plan if possible. who ever told you no one would seek a judgment for 1300 dollars has never watched judge judy. OF COURSE they will seek a judgment.
Ok I followed through and tracked down the other charge off with capital one to see what ever became of it. So in trying to find it I verified capital management as being the collectors on the other card.
turns out they sent it to court and it was dismissed for lack of prosecution.
Also there is nothing on my credit indicating a verdict.
Do I dare risk it with this other card with them? I don't have any assets they can take and seems if they will give up on 3k then they will certanly give up on $1,300.
So what do you think? What makes them decide to not persue the judgement? Did they find out I have no land, holdings etc and realize they would be throwing away their money - i'm under the impression that credit card companies don't care about teaching people lessons in credit responsability - AKA revenge?
the collection company the court ruling suggest they do not have proof for debt validation. legal chain of ownership. many times something is charged off from the original creditor and they sell it for pennies and the collection company gets whatever they can. Charged off means the original credit took a profit loss with the irs.
Well they never officially served me in person. They left it with my mother, it was not really my address but I guess it was since it was on my Florida license.
I did not appear for the court hearing and they confirmed it was capital one vs me. So they either dropped it because they could not be sure I was served or they found that their was no money to persue...I don't think this was a lack of ability to prove they owned the loan. I think they checked me out and could not find an employer (I work 1099) and no recorded wealth etc. In response they must have decided that spending money on lawyers was a waste since they would never be able to recover the lawyer expenses or the debt ( I think maybe there was just too much risk and they gave up?).
So let me know what you think, can they re-open the case or file again against me for another hearing etc in the future and if so for how long?
Also this other collection company working on behalf of capital one wants to be paid...Since they can serve me in person (they know were I live) but I doubt they would hire a local attorney to come in and represent them when they know I don't have the money to pay them or at least there is no way to get to it. So what to do?
Basically I need my last question answered, how do they decide to persue a judgement all the way?
I'm assuming they don't go in blind - for example I would not want to pay several thousand in attorney fees to recover 0..nada?
legal chain of ownership for bills due. must have signature and legal documents
So what would you do about debt #2 I have been asking about, would I be shooting myself in the foot by paying it?
it is always a good idea to pay off a bill you owe. it promotes the concept of financial responsibility.
I agree that paying it off is the way to go but not as much as financial responsibility goes.
Bad things happen to people in life and sometimes it takes some time to get things straitened out.
I have to admit that its hard to feel a sense of responsibility to people who have approached you in such a way as to cause you to lose all respect for them ( they were down right crazy rude - I thought if I was respectful and tried to negotiate etc they would be too, it was a verbal assault
:( ).
So I paid it off anyways for my own piece of mind. Thanks for the help this stuff can be tricky. . .I just hope they don't make it my responsibility to take it off the credit report - they said they would fax me something.
Once again thanks.
i would want something faxed or mailed to me with company letter head. use it to dispute the item yourself and don;t worry with what they do. http://www.oskie.com/credit-dispute.htm
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