Newbie looking for help...PLEASE!!

[aubie]

Hey guys, another newbie here looking for help in cleaning up my credit. I have been looking at these forums for about a week and finally gotten up enough guts to post and seek help. Like many, I was really careless with credit when I was younger, but now that I am a little bit older and wiser, I am looking to clean my mistakes up. I am also looking to buy a house next year. I need help with where to start with this cleanup.  I have a couple of baddies on my credit and currently my EQ Fico is 578 (TU FAKO 648/EX FAKO642). Please see the baddies that I have on my Equifax Report below: ?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" />

Okay, here are my questions. I open these accounts in the state of Alabama, but currently reside in Georgia. The SOL is Alabama I believe is 3 yrs and in Georgia it is 4 yrs. Am I outside of SOL with these accounts?  If I contact the CC, does that simple phone call/letter restart the SOL? I don't have a lot of money to pay for any of these, so I was wondering if I should just let them fall off or try to make some kind of arrangements to pay. I also see an account in collection with Security Credit Services, is there anyway to find out the OC without contacting Security? I called Equifax and they did not know what my DOLA was or the original creditor for this account. How do I find out who the OC was if it is not on my report? Now I know I have asked a lot of questions, but I am really PUMPED about getting my credit clean and joining the 700 Club! Thanks for all your patience and advice.

BE BLESSED!

BANK OF AMER
ICA
XXXX 07/2002  $0  09/2007  $0  CHARGE-OFF $0  Bank of America

4060 Ogletown Stanton Rd
Newark, DE-197133102
(800) 421-2110

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $0   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/07  Balance: $0   Date Reported: 09/2007  Amount Past Due: $0  Date of Last Payment: 06/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 10/2005  Months Reviewed: 62  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $2,893   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 01/2005  Comments: Charged off account  

4060 Ogletown Stanton Rd
Newark, DE-197133102
(800) 421-2110

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $10,200   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/06  Balance: $0   Date Reported: 07/2006  Amount Past Due: $0  Date of Last Payment: 10/2003  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 04/2004  Months Reviewed: 26  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $10,133   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 10/2003  Comments: Charged off account  CHASE

PO Box 15298
Wilmington, DE-198505298
(800) 955-9900

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $5,700   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/06  Balance: $0   Date Reported: 11/2006  Amount Past Due: $0  Date of Last Payment: 01/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 12/2004  Months Reviewed: 23  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $8,250   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 06/2004  Comments: Charged off account  LVNV FUNDING LLC

PO Box 10584
Greenville, SC-296030584
(866) 464-1183

Account Number: XXXX  Current Status: COLLECTION ACCOUNT  Account Owner: Individual Account.  High Credit: $11,703   Type of Account : Open Credit Limit: $0   Term Duration:   Terms Frequency:   Date Opened:   Balance: $12,928   Date Reported: 06/2008  Amount Past Due: $12,928  Date of Last Payment: 06/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported:   Months Reviewed: 14  Creditor Classification: Financial  Activity Description: N/A  Charge Off Amount: $0   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Factoring Company Account (debt purchaser)  Date of First Delinquency: 04/2003  Comments: Collection account  SECURITY CREDIT SERVICES

2623 W Oxford Loop
Oxford, MS-386555442
(866) 699-7889

Account Number: XXXX  Current Status: COLLECTION ACCOUNT  Account Owner: Individual Account.  High Credit: $9,078   Type of Account : Open Credit Limit: $0   Term Duration:   Terms Frequency:   Date Opened:   Balance: $9,705   Date Reported: 06/2008  Amount Past Due: $9,705  Date of Last Payment:   Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 02/2008  Months Reviewed: 4  Creditor Classification: Banking  Activity Description: N/A  Charge Off Amount: $0   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Factoring Company Account (debt purchaser)  Date of First Delinquency: 06/2004  Comments: Collection account  

[Anonymous]

yawn1419 wrote:

Hey guys, another newbie here looking for help in cleaning up my credit. I have been looking at these forums for about a week and finally gotten up enough guts to post and seek help. Like many, I was really careless with credit when I was younger, but now that I am a little bit older and wiser, I am looking to clean my mistakes up. I am also looking to buy a house next year. I need help with where to start with this cleanup.  I have a couple of baddies on my credit and currently my EQ Fico is 578 (TU FAKO 648/EX FAKO642). Please see the baddies that I have on my Equifax Report below: ?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" />

Okay, here are my questions. I open these accounts in the state of Alabama, but currently reside in Georgia. The SOL is Alabama I believe is 3 yrs and in Georgia it is 4 yrs. Am I outside of SOL with these accounts?  If I contact the CC, does that simple phone call/letter restart the SOL? I don't have a lot of money to pay for any of these, so I was wondering if I should just let them fall off or try to make some kind of arrangements to pay. I also see an account in collection with Security Credit Services, is there anyway to find out the OC without contacting Security? I called Equifax and they did not know what my DOLA was or the original creditor for this account. How do I find out who the OC was if it is not on my report? Now I know I have asked a lot of questions, but I am really PUMPED about getting my credit clean and joining the 700 Club! Thanks for all your patience and advice.

BE BLESSED!

BANK OF AMER
ICA
XXXX 07/2002  $0  09/2007  $0  CHARGE-OFF $0  Bank of America

4060 Ogletown Stanton Rd
Newark, DE-197133102
(800) 421-2110

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $0   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/07  Balance: $0   Date Reported: 09/2007  Amount Past Due: $0  Date of Last Payment: 06/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 10/2005  Months Reviewed: 62  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $2,893   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 01/2005  Comments: Charged off account  

It appears DOFD is 2005, which means it will remain until 2012. It also appears they have sold the debt since it is showing a $0 balance.

4060 Ogletown Stanton Rd
Newark, DE-197133102
(800) 421-2110

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $10,200   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/06  Balance: $0   Date Reported: 07/2006  Amount Past Due: $0  Date of Last Payment: 10/2003  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 04/2004  Months Reviewed: 26  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $10,133   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 10/2003  Comments: Charged off account  

DOFD appears to be 2003, meaning it will remain until 2010, possibly first part of 2011. It also appears to be sold as it is showing a $0 balance.

CHASE

PO Box 15298
Wilmington, DE-198505298
(800) 955-9900

Account Number: XXXX  Current Status: CHARGE-OFF  Account Owner: Individual Account.  High Credit: $0   Type of Account : Revolving Credit Limit: $5,700   Term Duration:   Terms Frequency: Monthly (due every month)  Date Opened: 2002/06  Balance: $0   Date Reported: 11/2006  Amount Past Due: $0  Date of Last Payment: 01/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 12/2004  Months Reviewed: 23  Creditor Classification:   Activity Description: Transfer/Sold  Charge Off Amount: $8,250   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Credit Card  Date of First Delinquency: 06/2004  Comments: Charged off account  

DOFD appears to be 2004 and it appears to be sold as well. It should remain until 2011.

LVNV FUNDING LLC

PO Box 10584
Greenville, SC-296030584
(866) 464-1183

Account Number: XXXX  Current Status: COLLECTION ACCOUNT  Account Owner: Individual Account.  High Credit: $11,703   Type of Account : Open Credit Limit: $0   Term Duration:   Terms Frequency:   Date Opened:   Balance: $12,928   Date Reported: 06/2008  Amount Past Due: $12,928  Date of Last Payment: 06/2005  Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported:   Months Reviewed: 14  Creditor Classification: Financial  Activity Description: N/A  Charge Off Amount: $0   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Factoring Company Account (debt purchaser)  Date of First Delinquency: 04/2003  Comments: Collection account  

Do you know who the OC on this is? It shows DOFD of 2003. The amount is close to the 2nd account you listed, DOFD is the same year.

SECURITY CREDIT SERVICES

2623 W Oxford Loop
Oxford, MS-386555442
(866) 699-7889

Account Number: XXXX  Current Status: COLLECTION ACCOUNT  Account Owner: Individual Account.  High Credit: $9,078   Type of Account : Open Credit Limit: $0   Term Duration:   Terms Frequency:   Date Opened:   Balance: $9,705   Date Reported: 06/2008  Amount Past Due: $9,705  Date of Last Payment:   Actual Payment Amount: $0   Scheduled Payment Amount: $0   Date of Last Activity: N/A Date Major Delinquency First Reported: 02/2008  Months Reviewed: 4  Creditor Classification: Banking  Activity Description: N/A  Charge Off Amount: $0   Deferred Payment Start Date:   Balloon Payment Amount: $0   Balloon Payment Date:   Date Closed:   Type of Loan: Factoring Company Account (debt purchaser)  Date of First Delinquency: 06/2004  Comments: Collection account  

Same DOFD as Chase is listing above. Amounts are fairly close. If I had to guess I'd say Chase is the OC.

You can be sued in either state, AL or GA.  SOL goes from DOLA, this could be date of last payment, date you last used the card, etc.   Each state is different about what does/doesn't reset SOL.

I believe GA or AL one is the state where making a payment doesn't reset SOL unless you send a note with it. Don't quote me on that. Google is your friend. Find the state governments website and search those as well.

[aubie]

Sidewinder

Thanks for the information. I do see that my BofA account was sold to LVNV, however on my EQ Report, LVNV is showing Date of last payment 06/2005 (NOT TRUE), however the OC BofA is showing Date of Last Payment is 10/2004 (TRUE). Is this something to be alarmed about? Can they report this inacuracy? How do I challenge this? Like you, I believe that the account purchased by Security Credit Services was purchased from the OC Chase. Knowing all of this, the SOL in the state in which I opened these accounts is 3 yrs and is 4yrs in my current state. Am I outside the SOL for these accounts? What do I look at to measure that?  Thanks again for all of your help. I apologize if I seem clueless, but I am very new at this and need help. Can you please suggest a course of action?

Thanks!

[CreditBob]

This is a lot of information. But here is what you can do. As the negative accounts age and get older they become less of a negative impact on your fico score. So you need to be patient as well as making sure that you have accounts that are current & paid on time. Keep your revolving balances low below 9% of utilization. Do not apply for any new accounts if you can.

[Anonymous]

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yawn1419 wrote:

Sidewinder

Thanks for the information. I do see that my BofA account was sold to LVNV, however on my EQ Report, LVNV is showing Date of last payment 06/2005 (NOT TRUE), however the OC BofA is showing Date of Last Payment is 10/2004 (TRUE). Is this something to be alarmed about? Can they report this inacuracy? How do I challenge this? Like you, I believe that the account purchased by Security Credit Services was purchased from the OC Chase. Knowing all of this, the SOL in the state in which I opened these accounts is 3 yrs and is 4yrs in my current state. Am I outside the SOL for these accounts? What do I look at to measure that?  Thanks again for all of your help. I apologize if I seem clueless, but I am very new at this and need help. Can you please suggest a course of action?

Thanks!

---

IMO, ignore what they report on the DOLA field.

Generally, SOL starts counting from the DOLA, which is generally the date you made the last payment or the date you last used the account. If you haven't done anything to reset SOL, then you can be fairly safe in starting the counting from that date.

If you made your last payment/used your card last on or before 10/2004 and you haven't done anything to reset SOL, then they have up until the last day of the month of 10/2007(using 3 years) or 10/2008(using 4 years) to file suit. However, I see the date of 10/2003 not 2004. So, you may be out of SOL on that account.

It is becoming more and more common that CCC are suing for "breach of contract" which generally falls under written accounts SOL, instead of SOL of open accounts. Written normally carries a longer SOL than open accounts do.  It has been challenged and won a few times.

Have you had any contact with the CA on these accounts? If not, you know you haven't done anything to reset SOL since they have gotten the accounts.

You can call the OC and ask them when you made the last payment or when you last used the account. This is what a friend did to find out the DOLA.

[aubie]

Sidewinder

Thanks again for the response and advice. I have not been contacted by any of these CAs (LVNV OR Security Credit Services. Just to be clear, if I am concerned about being past SOL, I should be looking at the DOFD and not DOLA to determine? EQ has N/A in the DOLA field on all my accounts!  Also, I currently have NO revolving or Mortgage credit. The ONLY two pieces of credit I have are installments accounts (Student Loans - NEVER BEEN LATE) and (Car Payment - NEVER BEEN LATE). I am looking to boost my FICO to at least 610 (currently 576) by November. How do I do that with so little credit? Do you reccomend me applying for a credit card(s) with a modest balance and keeping the utilization under 9-10% as a waly of boosting it. If not, what do you reccomend?  I have been approved for a credit card with my credit union with a $3000 limit. Should I accept it?

I can't say thank you enough for you patience, time and responses!!!

[aubie]

Credit Bob

Thanks!!! All I have in the way of credit is two insallment accounts (student loan - never been late) and (car - never been late). I am trying to get my Fico to 610 by late November. It is currently 576. I have been approved for a CC with my credit union with a limit of $3000, I wasn't sure if I should take it or not, but how can I really show that I am a good credit risk if I don't really possess any. 

As always, thanks!!!