@bribro wrote:Even if your credit card charge off is past the statute of limitations, I was under the impression that if you pay it off/settle your credit score would take a huge hit with that charge off newly marked as "paid." Does anyone know for sure?
If that's the case, the OP should definitely not settle with those debt collectors unless he gets something in writing before paying saying that they will not report anything to the credit bureaus. This appears to be a moot point though since the OP doesn't seem to be blacklisted.
My understanding is that since paying an old CO will update the DOLA, it will make activity on a CO appear recent and will result in a score drop. If the OP wishes to settle the CO but doesn't want to take a score hit, I would recommend waiting until the CO has completely aged off the report. Since the age of items is based on DOFD, then it shouldn't be allowed to reappear on the report. If, however, the OP wants to settle before the item has aged off, then I agree that it's important to get an agreement in writing stating that the item will not be updated with the CRAs.
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
How can a person be sure that it is past SOL? I understand that it is based on the state a person lives in. But is it based on DOLA or DOFD? Also, where can one find the DOLA and DOFD of an account?
If it does not appear on the credit report, does it automatically mean that it is past SOL?
Starting Score: EQ=665,TU=618 on Oct 9,2010
@tennisfan78 wrote:
How can a person be sure that it is past SOL? I understand that it is based on the state a person lives in. But is it based on DOLA or DOFD? Also, where can one find the DOLA and DOFD of an account?
If it does not appear on the credit report, does it automatically mean that it is past SOL?
As you stated, it is dictated based upon the state in which one lives. Generally, the "clock" starts ticking from the time of the last payment. You can google "credit card statue of limitations" to find a variety of sites that list the statutes for each individual state.
And even if an item doesn't appear on your report, that doesn't automatically mean anything. It could be that the item somehow fell through the cracks, but the state statutes would still apply.
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
@tinuviel wrote:
@tennisfan78 wrote:
How can a person be sure that it is past SOL? I understand that it is based on the state a person lives in. But is it based on DOLA or DOFD? Also, where can one find the DOLA and DOFD of an account?
If it does not appear on the credit report, does it automatically mean that it is past SOL?
As you stated, it is dictated based upon the state in which one lives. Generally, the "clock" starts ticking from the time of the last payment. You can google "credit card statue of limitations" to find a variety of sites that list the statutes for each individual state.
And even if an item doesn't appear on your report, that doesn't automatically mean anything. It could be that the item somehow fell through the cracks, but the state statutes would still apply.
If it doesnt appear on the credit report, how can one find out what the DOFD is and if SOL still applies. Any ideas?