02-20-2013 02:23 PM
I have an old cap1 account. Date of last activity is November 2006. At the time I stopped making payments, the balance was a little over $2200. They still are adding fees and the balance is now over $6500. Can they do that? Does that affect the DOLA?
This account should fall off my CR at the end of this year. Will I have to take any action at that time to ensure that it is removed from my CRs? Or will it happen automatically? I want to be sure to not wake the sleeping giant!
02-20-2013 04:25 PM
The date of first delinquency is the date you want to go from. Your EQ report will have it on there. First time the account was 30 days late and never paid on after that. I would assume it will be close to your DoLA as well.
Yes they can charge interest on the account if it was in the written agreement when you signed the contract.
What state do you live in? The SoL is the important date for you. If you are passed the SoL then you should be ok. I would not wake the giant up and would wait until you know it is past 7 years +180 days from the DoFD.
02-20-2013 05:08 PM - edited 02-20-2013 05:10 PM
OC accounts dont "fall off" or get deleted based on expiration of any of the credit report exclusion periods for adverse items reported on the account.
Account deletion will only occur if the OC voluntarily deletes the account. If all adverse items are excluded, you then have a positive account, at least from the perspective of its showing in your CR.
Each adverse item has its own exclusion date. DOFD only applies to a charge-off reported by an OC. The date of any monthly delinquency establishes its individual exclusion date at 7 years thereafter.
The CRAs go by the date of the adverse item....DOFD if a CO, or date of monthly delinquency if that is the item, and calculate the exclusion date, which is 7 yrs plus 180 days from DOFD for a CO, and/or 7 years from date of delinquency for monthly lates.
The requirement is upon the CRA to exclude after those dates. There is no need to request in advance. If any item continues to be included in any CR they issue after that date, formal complaint of their violation of section 605(a) would be the recourse. Violation would be on the part of the CRA, not the creditor, if they provided the accurate date of the item.
02-21-2013 07:49 PM
Wow,that's a lot of info! Thank you!
I am in TX and I believe SOL is 4 yrs, so they have no way of coming after me for the amount due now, right? This account is listed as a CO.
So basically, I need to wait until 7 yrs plus 180 days (approximately May 2014) and if it is still on my CR at that time I can contact them about removing it due to violation of section 605(a)?
Credit AccountCap One
No contact information provided by Equifax
|3 times (Apr 2007, Mar 2007, Feb 2007)|
|120+ days past due|
|The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.|
02-24-2013 07:25 PM
This account is past the SOL of TX, it is however within the CRTP. What this means is they cannot take you to court and get a judgement. It can still report to the CRAs because it is still within the CRTP. The clock for this is set by the DOFD which I could not determine by that listing. I do know that it would be the same or before the DOLA so it could be before Nov. 2006. So it could be a little earlier.
Also the CRTP does stipulate 7 years +180 days from the DOFD, but often the CRAs don't include the +180 days and it's just the 7 years so this is close to becoming a zombie debt.