Bal due higher than original limit....how can this be?
Date: Tue, 03/17/2009 - 19:35
My husband and I are trying to buy our first home, I have a great score but his lowest is 566 so we need to take care of his past debts asap.
On the credit report that we just pulled, there is a Complete Credit Soulutions - circuit city collection-. The limit or hightest credit was $1788 but the balance owing and the past due amount is $4087. How he owe them more than the credit they gave them? What will we be responsible for paying?
Chase/CC - "collection closed - credcit grantor charge off". What does "colledction closed" and "charge off" mean. we have no clue what this is, we don't know if it was a credit or charge card...could it have been that circuit city card from above? Anyhow, again, it states that the highest credit or limit was $1100, balance owing is $1720, but the past due amount is $414. what do we actually owe? There is no phone number or addy for either of these 2 agencys, how do i get in contact with them?
one more question, My student loans are in deferment, would it raise my score if i took them out and started paying on them. Or would it be a bad thing to start paying on them when the bank looks at our debt to income ratio?
On the credit report that we just pulled, there is a Complete Credit Soulutions - circuit city collection-. The limit or hightest credit was $1788 but the balance owing and the past due amount is $4087. How he owe them more than the credit they gave them? What will we be responsible for paying?
Chase/CC - "collection closed - credcit grantor charge off". What does "colledction closed" and "charge off" mean. we have no clue what this is, we don't know if it was a credit or charge card...could it have been that circuit city card from above? Anyhow, again, it states that the highest credit or limit was $1100, balance owing is $1720, but the past due amount is $414. what do we actually owe? There is no phone number or addy for either of these 2 agencys, how do i get in contact with them?
one more question, My student loans are in deferment, would it raise my score if i took them out and started paying on them. Or would it be a bad thing to start paying on them when the bank looks at our debt to income ratio?
The debt has increased because of the interest and the late paym
The debt has increased because of the interest and the late payment charges. You can send them a DV letter to check the details of the debt.
"Charge off" means the debt is written off by the OC. Normally whenever a creditor charges off a debt, they sell it off to a CA. However, charge-off does not mean that you need not pay off the debt. Even if the account is charged off, the collection agency, that has purchased the debt can sue you to the court and bring judgment against you to recover the debt. So it is always better to come to a repayment agreement with the CA after getting the debt validated and pay it off to avoid judgment.