Re: Charge -off, collection agencies have stopped calling, now what?
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Posted by lawguy
(207.68.86.95) on March 24, 2003 at 09:08:28:
In Reply to: Charge -off, collection agencies have stopped calling, now what? posted by JT on March 23, 2003 at 08:37:32:
Its not as bad as you might think. A $1000 chargeoff is nothing these days. Most likely its too little for anybody to sue over. Also, I never had a problem getting an apartment when I had 4 chargeoffs from my college days. Like Keyser said, its a "spook story" told by the banking industry. Landlords typically look at prior rental payment/mortgage payment history, and sometimes utility. They rarely go on FICO scores alone, except maybe some big rental property companys. So long as you pay your rent/mortgage and utility bills, you shouldn't have any problem getting an apartment. And if you only have the one chargeoff, your credit will be in decent shape within a couple years. It won't be great till it comes off, but it could possibly get you a FICO over 700, depending on your other factors. (I had a FICO of 670 at one point with my four chargeoffs and several late payments on other accounts.) So just consider it a life lesson. Probably more valuable than 90% of what you learned in college. Use this to learn to make payments on time and to be responsible with your credit. You aren't "damned" for life, just a little bit tarnished at the moment...
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