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Bummed... Have you ever had a 'charge-off'?

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My credit has me in a bad mood... thank goodness I know how to compartmentalize:).
The other day I went online to pay a bill and discovered that the "Pay Bill" option had disappeared from my account. I called the company and was told that my account had charged off only two days before. That put me in a really bad mood.
Have you ever had one of your credit accounts charge off? It's really bad for your credit, and I'm not happy that I let this happen. :frown:
 

ShadowEdge

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I can't say that I have, but I'm terribly sorry that you're dealing with that. It's easy to see how it could happen. I'm sending positive financial vibes your way.
 

Zack T

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I've had 6 cards charged off in the last 3 years, my credit score has dropped from the mid 600's down to around 470.

That's what happens when you leave your wife and try to take on all the debt from the marriage yourself + provide child support + pay your own bills on a salary that doesn't stretch that far. Have to make choices between paying rent and food, or paying for a credit card.

It sucks, but you can recover. Oftentimes you can negotiate with the settlement/debt collection agency that bought the debt for a partial payment. If you save up say 50 or 60% of the debt, you can try to haggle them to say "I'll give you this much today if we can settle it right now". It's not guaranteed but oftentimes they'll be happy to work with that because they bought the debt for less than it was worth, so as long as it still hits profit for them, they'll probably do it.
 
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