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Contributor
elleng81
Posts: 100
Registered: ‎12-10-2012
0

Trying to understand SOL, DOLA, etc.

Hello. First let me start this by saying I am very excited to finally be getting my act together... I just hope at 31 it isn't too late!!

My first CC was a Famous Barr (federated holdings) store card from 1999. I was irresponsible in college (no surprise there...) and defaulted on the card. It was sent to collections and I was sued. I now have a judgement on my credit dated 2/2006 for $967. I was contacted in 2009 by a CA and offered to settle with three payments of $258. I finished paying in 8/2009. My credit report now shows a Macys card (they purchased famous in the early 2000s) with a $0 balance, DOLA of 8/2009 and a monthly payment of $258. So my questions are... is there a way to get the judgement removed? Or at least a way to show a $0 balance? Or will it fall off? Is that Macys line on my credit hurting me? My current FICO score is 589... but I have student loans that are currently being 'rehabbed' and still reporting behind and a 120 late on an auto loan in January 2012. I have been ontime with everything since January. And my current utulization on my ccs is 64% but they will all be paid off by mid-january.

Any help is appreciated.... I really need to move and would love to be in a new home by summers end.

Thanks!!!
~ellen
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Trying to understand SOL, DOLA, etc.

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Who sued per the judgment? The CA? The OC?

 

The judgment should fall off early in 2013.

 

Is the open date for the Macys from 1999?

 

 

Mega Contributor
RobertEG
Posts: 18,445
Registered: ‎03-19-2007
0

Re: Trying to understand SOL, DOLA, etc.

The judgement is required to be excluded after 7 years from date of entry of the judgment, unless renewed.  Being paid, it cant be renewed.

 

Collections become excluded after 7 years plus 180 days from the DOFD on the OC account upon which the collection was based.

No dates of later activity are relevant to the exclusion date of a collection.

 

The current delinquency on the auto loan has a 7 year period, but if still delinquent, additional delinquencies, a charge-off, or a collection could be added, beginning a new date for each.  I would address that one as a priority.

Contributor
elleng81
Posts: 100
Registered: ‎12-10-2012
0

Re: Trying to understand SOL, DOLA, etc.


llecs wrote:

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Who sued per the judgment? The CA? The OC?

 

The judgment should fall off early in 2013.

 

Is the open date for the Macys from 1999?

 

 


Thank your for these links!

Per the judgement, Federated Retail Holding sued me. And yes, the open date on the Macy's card shows 1999.

Contributor
elleng81
Posts: 100
Registered: ‎12-10-2012
0

Re: Trying to understand SOL, DOLA, etc.


RobertEG wrote:

The judgement is required to be excluded after 7 years from date of entry of the judgment, unless renewed.  Being paid, it cant be renewed.

 

Collections become excluded after 7 years plus 180 days from the DOFD on the OC account upon which the collection was based.

No dates of later activity are relevant to the exclusion date of a collection.

 

The current delinquency on the auto loan has a 7 year period, but if still delinquent, additional delinquencies, a charge-off, or a collection could be added, beginning a new date for each.  I would address that one as a priority.


That is great to hear about the judgement!! That means this February!

I actually have no collections on my credit report. The CA that I worked with for the Famous Barr/Macy's account was never reported on my report, thankfully.

 

The auto loan isn't delinquent. The last date of delinquency was 1/2012 and I mispoke, it was 90 days not 120 days late. I have been ontime ever since.

 

I think the student loans are going to be the death of me before they get sold to an actual lender, not a CA. The CA isn't showing up on my credit report, just that I am delinquent with the US Dept of ED...


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