Charge off on credit report.

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Posted by Rich F. on February 08, 1999 at 14:52:09:

Hi,

I have an almost 7 year charge off on my credit report for about$3900 on a respossed car. I am trying to get a loan for a house. Doesn't look like that is going to happen unless this charge off status is changed on my credit report.

1. I would like to settle, if possible. What can I expect them to accept less than the full amount?
2. Would they rather start payments again and will they remove that status of uncollectable...say "payment terms arranged" or something.
3. What kind of payments should I expect them to accept?
4. What is the quickest way to get this changed on my credit report besides paying the full amount. I just can't and still have the down payment for my home.
5. Any tips or tricks that I should know about before calling the bank to start a negotiating? Anything to DO or NOT DO?

Thanks - Rich

Follow Ups:

Re: Charge off on credit report. John 07:52:13 2/11/99 (1)
- Re: Charge off on credit report. J in Buffalo 14:59:05 2/27/99 (0)

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Comments:
: Hi,

: I have an almost 7 year charge off on my credit report for about$3900 on a respossed car. I am trying to get a loan for a house. Doesn't look like that is going to happen unless this charge off status is changed on my credit report.

: 1. I would like to settle, if possible. What can I expect them to accept less than the full amount? 
: 2. Would they rather start payments again and will they remove that status of uncollectable...say "payment terms arranged" or something.
: 3. What kind of payments should I expect them to accept? 
: 4. What is the quickest way to get this changed on my credit report besides paying the full amount. I just can't and still have the down payment for my home. 
: 5. Any tips or tricks that I should know about before calling the bank to start a negotiating? Anything to DO or NOT DO?

: Thanks - Rich


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