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     | Tuesday, September 12, 2000 - 08:06 am  My credit is in pretty decent shape. I have a few late payments but everything is perfect for the past 12 months. My problem is a paid chargeoff with GE Capital. It's about a year and a half old now; and, at the time I paid it, I didn't know anything about credit repair or debt settlement. My thinking then was to resolve the account and start on the road to credit recovery. Things have gone well and this is the biggest cloud hanging over me. After disputing the GE Capital account with the credit bureaus, the listing came back verified. Are there any other options? Would it be a waste of time to contact my creditor? And, if I did contact them, what should I say? My husband and I want to buy a house this spring and this confounded black mark is really going to lower my score. Please! If anyone has anythoughts or ideas, I'd sure love to hear them. I'm new here and I appreciate all of the valuable information I've received. Thanks a bunch.
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| | Tuesday, September 12, 2000 - 10:41 am I've never heard of anyone trying this but maybe if you offered to pay GE Capital extra money they might remove it. You have nothing to lose by trying. Someone there might be sympathetic to your situation.
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| | Tuesday, September 12, 2000 - 02:00 pm Eric, Thanks for the advice and you're right -- I have nothing to lose by offering to pay GE Capital more money. With a bit of luck, the might say yes and I'm no worse off if they say no. The debit I paid off was around $1500. How much more should I offer to pay? Of course, I won't pay until and/or unless I get something in writing. I'll ask that my account be listed as in good standing. Perhaps, in December, I'll dispute this item again. With the holidays in progress, maybe I'll have better luck getting it deleted. Again, thanks for your reply.
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| | Tuesday, September 12, 2000 - 06:58 pm As much as money can motivate, I do not think that trying to bribe them is going to get you anywhere. You mentioned that you are looking to buy in the spring. By that time the account will be >2yrs. It should not be a major factor in you loan provided everything else check out. The real problem that you might have is the habitual lates on the other cards depending on severity, though these will be close to 2 years old also. Assuming that you fall within the limits, you might try to apply for an FHA loan when your ready to purchase. They do not credit score but look at common sense issues. Also, with downpayments as low as 3% these are much easier to qualify for than a 97% Conventional loan. Rates are generally very close. To see the maximum amount allowed in your county, go to http://www.hud.gov/lender1.html and ckilck on mortgage limits. Make sure all payments in the last year have been on time including rent.
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| | Wednesday, September 13, 2000 - 02:13 am Challenge, challenge, challenge. I can say from personal experience that it can be done. It does take time and aggravation if done personally. Try hiring someone from Carreon & Associates or the law firm recommended from the Afterbankruptcy.org website. You have to play the odds that the minimum wage "verifiers" will leave the small tv, potato chips and fingernail painting and actually verify. Chances are that they'll just mark the input as "unverifiable" and delete. good luck.
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| | Wednesday, September 13, 2000 - 04:39 am Surprisingly enough I agree with Senator. Start disputing. If you decide to offer to pay you should factor in the possibility that they used an outside collection agency. These agencies often charge 40% of the amount collected. That would mean of the $1,500 you paid the collection agency took $600 and the original creditor took $900. In order to avoid the appearance of a bribe situation you should carefully craft your letter starting with the acknowledgement that collection agencies normally charge 40% and that you are aware that they likely took a $600 loss on you. Then offer to "make things right" ... in exchange for what you want.
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| | Wednesday, September 13, 2000 - 06:30 pm I agree with Senator that you can try and dispute it, however i would not offer to pay more than what was settled. It seems liek a waste of money. If this is the only issue on your credit you should not have a problem getting a loan at good rate. Having just approved a loan for a guy 1 year INTO a Ch13 at 8.5 w/ 3% down you small collection account shouldn't matter. Make sure you pay everybody on time in the mean time and go enjoy life.
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