Wells Fargo Auto Loan charge off

Mar 012011
 

I had two vehicles financed through wells fargo auto finance and one of the vehicles I fell behind on payments and I returned the vehicle.  I never recieved any paperwork on the repossession.  I just continued paying on my other vehicle and paid off the other vehicle.  I was told over the phone that I have x-amount of days to come up with the full purchase price of 21k.  I never did that, didn’t have the money and never recieved any paperwork saying how much I owed. Now, 2011, I read my credit bureau reports, and experian says, “current closed” payments after charge-off.  Transunion states, charge-off/payment after charge-off.  And Equifax reads current status charge-off/sold transferred to another lender in April of 2009.  What does all this mean? They never sent me anything regarding it was sold, for how much, or if I owe any money.  I don’t want to call them for fear that they will try to collect or file a suit.  Should I leave well enough alone? I’m just curious cause they haven’t made any attempts to collect the money from me or the co-signer.  also, i am wondering if the company who purchased the vehicle is a collector, i have had no new collections on my report since the wells fargo recovery.  its due to fall off in 2014, another question is, can the company who purchased the vehicle report the collection in the near future and start the whole 7 year process over again?

What should I expect?

Feb 162011
 

I had some SL 5 years ago that defaulted and have since been rehabbed over 2 years ago. Even with the loans being rehabbed and transferred to another lender with no late payments for 2 years the original loan showed 120 days late. After calling and trying to get them to update the status they refused and it was showing 4 accounts with 4 different loan amounts 120 days late. The only adverse accounts that I had on my credit were the 4 loans and 1 car loan. After disputing both through Transunion I was able to remove all of the negatives from each of those accounts. My credit score was around 602 with high usage on my credit cards which I plan to pay off fully by the end of the month. What should I expect score wise? I have about 3 credit cards all paid on time for 2 years and a car loan paid on time for 3 years along with the SL accounts that were transferred. Im pretty excited about my Fico future and trying to see what steps I need to take next.

some success!

Nov 272010
 

well i just wanted to share a little bit of good news…

 

i had a student loan that went into default, i went through the rehabilitaion program, and it was taken over by a new company. originally through AES it is not through Suntrust bank. i wrote a letter to AES requesting that since my loan was no longer with them, could they do something about the negative mark on my credit report. well, they changed the status to account  closed. transferred to another lender and instead of being listed as potentially negative, it was changed to unknown. (whatever that means) anyways, it helped my score go up 6 points. not much, but hey, i’m now 6 points higher than i was last week so i consider that a good way to go.

 

i’m still waiting for an account with RJM to be deleted. I sent them a PFD to settle and i went from owing them $200, to paying them $79.82 with an agreement to delete! they said they had 45 days to delete, so i’m patiently waiting for that to happen, but i believe that they’ll do it. can’t wait to see the score go up after that.

 

slowly but surely, i’m moving up, and i couldn’t have done it without all the great advice i get from this forum! thank you to EVERYONE who has answered my posts!

Find it in your heart to help a newbie

Oct 182010
 

I am ready to take the steps necessary to clean up my credit report and increase my score. Any advice would be appreciated.

My current score is 621.

 

I have 8 negative accounts and 9 in good standing.

My oldest account is 5 years old.

My credit usage is at 66% and will be paying this down to zero over the next 3 months.

 

Neg accts-

Discover – 30 day late payment – This is not mine. I am an authorized user.

Chase- two 30day lates from 6/2007  10/2007 and one 60 day late from 7/2007. Thsi account is closed

HSBC student loans – uugghhhh – I have 6 seperate accounts all with 3-4 lates on each. All of these accounts have been transfered to another lender and are closed.

 

What should I do? The student loan accounts are killing my credit score.

OC states on my credit report account sold to CA but OC still has balnace showing?

Aug 152010
 

Hi Guys,

 

OC sold my old debt to a CA, states “purchased by another lender “on my credit reports.  My question is can the OC and “other lender” which is a CA both still show a balance? this was done back in 04/2010 which seems more than enough time to change the balance to “0″ for the OC.

 

Thanks

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OC sells CO acct – update when paid?

Jul 232010
 

Hi, II have a CO account from 2005 – the OC sold to a CA at some point afterwards.  In 2007, I PIF with the CA.  Does the OC need to make any notation on my trade to indicate it was paid?  Right now, the only comments are :

 

“Charged off as bad debt”

“Purchased by another lender”

“Unpaid balance reported as a loss by credit grantor”

 

Also, if I asked that the paid remark be added, would that hurt me more than help me at this point (ie, does it reset a key delinquency date)??

 

Regards, cardmaster.

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