Credit Repair

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David Sauer asked 6 years ago

Hello all — working to rebuidl and happy to say I’m on my way, having improved scores 60+ points in 6 months…scores are currently in the 580-610 range and we’re hoping to improve things enough to re-enter the housing market and obtain a mortgage. There are a few remaining questions that I hope someone here can help with:

 

Chase Bank sent me a letter in which they indicated a CO of CC debt and reporting to the IRS. The letter also stated that they would no longer pursue collection efforts. While I take this as good they aren’t coming after me, it’s still being reported as open debt on my CR and I had to pay taxes on the amount written off. I contacted TU, EX, & EQ to see if they would change the status on my accounts, but said that it was still up to Chase which apparently refuses to do so. I’m wondering at this point if I should attempt settlement/partial payment with Chase to get the matter resolved or to at least show a zero balance/partially paid. 

 

I also have an outstanding BB&T cc acount that I attempted to PFD. Unfortunately, they told the CA working on their behalf that they will not delete the account but only show the account paid in full. We are trying to save our money for a decent down payment on a new home (assuming we can get a mortgage by the springtime) and don’t want to pay more than necessary. It seems the CR damage is already done – so I’m wondering if it’s still good to pay something to settle it so it shows the account and balance is no longer active or if we should just ignore it. The outstanding amount is relatively low. 

 

The overriding question for all of our outstanding CC debt (all of which has already been reported and it almost beyond SOL) is whether it looks better to settle the account for less than full of simply move on? It doesn’t seem like a good idea to me to deplete our savings to pay off all accounts in full — leaving us with little for a down payment on another home. 

 

Any help and advise is greatly appreciated. 

 

Thanks!

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