@vonmannstein wrote:
My WF secured card just turned a year old a few weeks ago, and I was really looking forward to it possibly graduating perhaps on the next statement period. I have $1000 deposited and they also increased my limit by a bit after the 6 month mark. Well, I ended up running up 700-800 on the card at the end of the month because I was moving, thinking I could pay it all off soon...but I just got laid off on the 28th. To add to that, a week prior, the collection's agency for a almost 6 year old Chase account decided to file a judgement against me for $3000 (I think the original debt was around 1200 or so?). They refused any installment plan, and I'm not in any position to pay $3000 at the moment...so other than showing up in court and contesting the amount they are requesting...I'm not sure what else I can do about that. Honestly I should have paid it off when I had the chance, but was stupid and thought it would just age off if I let sleeping dogs lie.
So anyway, sob story aside...do you think there is any chance that WF will graduate my card if a judgement is put on my credit file? Does the judgement fall off my report at the same time as the original debt, or does it reset the clock all over again?
What state are you in? What is your DOLA on this account? What is your state SOL? What is the DOFD? And is this account currently reporting on your CR?
If the account is beyond SOL, then you need to enter a defense of estoppel by limitations (statute of limitations). Most states are less than 6 years, though a few are more (for example Ohio is 15 years).
If the SOL has expired, then you can prevent the judgement. If your DOFD is almost 6 years, then you are only 1.5 to 2 years away from it being beyond CRTP.
But my main point is that if you can block the suit and prevent a judgement due to SOL, then the CA will be much more willing at that point to accept a settlement or payment plan and for much less than originally owed.
