Hi All,
I have a Carmax repo for $7k. DoLD was 7/2009. They sent a settlement offer in 2010 for $4k. I didn't have the funds at the time. Is like to have a clean profile and have savings that could pay this debt. I'm concerned that I would be waking a sleeping giant by reaching out to them. Is this account still negatively impacting my score? If I PFD and they refuse, and update the status to PAID (if I pay 1/2 the amount owed) could that give my score a bump?
I have a Carmax repo for $7k. DoLD was 7/2009. They sent a settlement offer in 2010 for $4k. I didn't have the funds at the time. Is like to have a clean profile and have savings that could pay this debt. I'm concerned that I would be waking a sleeping giant by reaching out to them. Is this account still negatively impacting my score? If I PFD and they refuse, and update the status to PAID (if I pay 1/2 the amount owed) could that give my score a bump?
Starting Score: 474
How is it currently reporting?
It depends. is it past the SOL of your state?
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
It's reporting as a repossession 90+ days late (25 times) as of April 2014. DOLA is June 2009.
Does the SOL go by state the debt originated in? Currently I'm in Indiana.
Does the SOL go by state the debt originated in? Currently I'm in Indiana.
How long has it been for you? I know it looks terrible to have open negatives, so I am curious if I should pay it (attempting PFD) or wait patiently.
I hope SOL is not IN because the SOL for written contracts is 10 yrs vs 5 in my old state. Going by 5 yrs would make it outside next month.
Can anyone confirm this? I found it in another thread with Gdale6:
"Typically where you live now however if the SOL ran in another state you would use what are called borrowing statutes... A lot of judges dont like other states SOLs in their courtrooms but the borrowing statutes is what gives you power.."
"Typically where you live now however if the SOL ran in another state you would use what are called borrowing statutes... A lot of judges dont like other states SOLs in their courtrooms but the borrowing statutes is what gives you power.."
Most commonly they bring suit in the county you live in now. Whether they were to use one states SOL or the other would be up to the judge.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.