Hi everyone!
First I want to say that I love these forums. They've are very informative and sometimes even entertaining.
Right now I have two baddies on my reports. The one in question today is from 2001--an old catalog credit card that I made some charges to on a "no payments for six months" plan. Well, long story short, I moved before that six months was up, and forgot about the credit card and those charges. I know it sounds irresponsible of me, and it was--but in my defense, I was young, had just moved to New York, and this two days before 9/11. My boyfriend at the time was there that day, and my life was pretty darn chaotic for about a year or so after that. Anyway--long story short, I first checked my credit about a year ago, saw this old debt, and was advised against paying it because the SOL was a year from now. In fact, EX says the debt is set to fall off in April of this year.
First I want to say that I love these forums. They've are very informative and sometimes even entertaining.
Right now I have two baddies on my reports. The one in question today is from 2001--an old catalog credit card that I made some charges to on a "no payments for six months" plan. Well, long story short, I moved before that six months was up, and forgot about the credit card and those charges. I know it sounds irresponsible of me, and it was--but in my defense, I was young, had just moved to New York, and this two days before 9/11. My boyfriend at the time was there that day, and my life was pretty darn chaotic for about a year or so after that. Anyway--long story short, I first checked my credit about a year ago, saw this old debt, and was advised against paying it because the SOL was a year from now. In fact, EX says the debt is set to fall off in April of this year.
Well, Saturday I got a letter from Midland Credit Management, saying they have bought my debt, and want to settle. THREE months before it's set to fall off my reports. What would you advise I do? Do you think there's any way I should try to argue a PFD? Argue the SOL? Should I just ride it out until April, after the SOL has past? Any chance they won't report at all? Help! I want to buy a house next year, and my scores are all in the 700s. I don't want my score to plummet and reduce my chances of buying a house because of this. I just want to do whatever I need to in order to make it go away!
Thanks in advance.
ohdollypop, don't confuse SOL & CRTP. Read the newbie threads. NY has SOL of six years across the board. Double check your CRs for DOLA/DOFD.
Starting Score: 469