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Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Think I messed up bad

I paid a CO off in full in May 2007 and the last date of activity is april of 2002,,,does this mean now the time starts over from may of 07 for the SOL??? so I have to now wait till 2014?
Super Contributor
MidnightVoice
Posts: 8,154
Registered: ‎03-25-2007

Re: Think I messed up bad

In my personal opinion, paying off a debt in full is not messing up!  :smileyvery-happy:
 
The SOL does not apply, as you paid it off.  It should stay on your report 7 to 7.5 years from the DOFD
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
Rocket01
Posts: 226
Registered: ‎03-25-2007

Re: Think I messed up bad

DOFD is the key.  No worries.
Established Contributor
so_confused
Posts: 630
Registered: ‎06-20-2007

Re: Think I messed up bad

Your good to go...! congrats on the pay off! one step closer to ???
9/18/08 TU=707 EQ=706 EX=702
Valued Contributor
Boswd
Posts: 1,065
Registered: ‎04-26-2007

Re: Think I messed up bad

No, you are mixing up   the State's Statute of Limitations and the CRA's allocated reporting time.   Two different situations.  
 
By paying on an old debt yes it does start the states statute of limitation ( of how long they can legally sue you in your state)  but since you've paid it off in full it makes it a moot point
 
The Credit Reporting Agencies  will keep on  for 7 and half years of you DOFD whether or not you've paid, are paying or going to pay in the future.   once it has reached 7.5 years it should automatically fall off. 
 
 
Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Re: Think I messed up bad

thanks u guys and this board are awesome
Valued Contributor
Boswd
Posts: 1,065
Registered: ‎04-26-2007

Re: Think I messed up bad

Oh by the way how did you make out with the BofA secured credit card?   Success?
Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Re: Think I messed up bad

yea I got approved I put 1000 on the card to show a High limit,,,im sure my score will go down in the begining but approve later,,,,that makes my second card. actually thinking of getting another secured card to show that I have 3 revolving CC accounts...... Im trying to put myself is as good position as I can to purchase a home in March of 08....
Valued Contributor
Boswd
Posts: 1,065
Registered: ‎04-26-2007

Re: Think I messed up bad

You know what might be the best thing to do since you are working on cleaning up your report to get a mortgage?   Print out a copy of all three of your Reports with scores.  Do this so you don't get a hard inquiry, and bring them down to your local bank, mortgage lending division and just talk to the mortgage lender and have him/her advise you on what you can, should or shouldn't do and  what will it take to get the best rate so forth and so forth.   You have to remember in some circumstances what looks good to FICO may not look good to a prime mortgage lender.
Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Re: Think I messed up bad

very good point

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