Credit One?

[lithium78]

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@MarineVietVet wrote:

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@lithium78 wrote:

I thought collections fall off your report after seven years.

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It's true that the CRTP for collections is 7-7.5 years from the DoFD but that is just the reporting time period. That doesn't erase the debt itself. Even if the debt can't be reported it is still owed and collection efforts can continue.

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So, the collection efforts can continue but they can't actually do anything to make you pay it at that time, right?

[MarineVietVet]

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@lithium78 wrote:

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@MarineVietVet wrote:

 

So, the collection efforts can continue but they can't actually do anything to make you pay it at that time, right?

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That depends on the SOL of the state where you live. Some states have a SOL of up to 15 years depending on the type of debt. For example Ohio has a SOL on written contracts and promissory notes of that full 15 years. This means that in some cases the SOL is still in force long after the CRTP has expired.

Each consumer needs to check the SOL laws in their particular state to be sure.

[germaine47]

The CO off happened in 1989 I dont remember owing on this CC for Citibank.  LVNV sent me a letter for approximtely 9,000 and settling for 2500.  I checked to see if I have any Judgements pending and there are none. Should I send a debt validation letter before the 30 day period is up.

[MarcinXP]

If someone sends me a 23 year old debt collection, I would simply type big LOL on 8.5 X 11 and send it back to them....I mean really? I would just simply state that you don't recall having a debt from 23 years ago, however the SOL in your state is XX years and please no longer call or mail me any info about this debt.

[Creditdreamer]

@ MarcinXP: How has Credit One been for you?

[germaine47]

I just received  Credit one in the mail the 2nd week of February in which the payment was due for March 1st. I I have already paid the annual fee. It takes one week before your funds are available once you pay, but there is a charge if you want them available to you immediately.  I am not going to charge no more than $30 to the account and pay immediately since the interest accrue immediately.  However, my initial credit limit is $1000.  

[lithium78]

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@germaine47 wrote:

I just received  Credit one in the mail the 2nd week of February in which the payment was due for March 1st. I I have already paid the annual fee. It takes one week before your funds are available once you pay, but there is a charge if you want them available to you immediately.  I am not going to charge no more than $30 to the account and pay immediately since the interest accrue immediately.  However, my initial credit limit is $1000.  

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Unfortunately, they charge a minimum of $1.00 in interest, so you'll have to be really quick to pay your balance or they'll hit you with it.  You literally have to pay it the very day that the charge posts so they don't squeeze you for that $1.00.

[LS2982]

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@MarcinXP wrote:

If someone sends me a 23 year old debt collection, I would simply type big LOL on 8.5 X 11 and send it back to them....I mean really? I would just simply state that you don't recall having a debt from 23 years ago, however the SOL in your state is XX years and please no longer call or mail me any info about this debt.

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[germaine47]

Thanks you guys for the encoragement,  I will keep you posted on the saga of Credit one and LVNV.

[MarcinXP]

@CR

I like my credit one card just fine. Here are some quick pros and cons as well as neutrals

Neutrals

Simple website and payment option.

Payment posts in 24-48 hours but available credit becomes available in 10 days...Neutral for me since I don't use this card that often.

Pros

They give credit to people that they normally don't

They post to CRs quick..all 3 CRs

They give CLIs and somewhat are more generous than CAPONE where its an act of god,

Cons

Interest is charged from day 1 of purchase

After first year the annual fee is almost $150 a year since its going to be like $12.95 a month

Bottom line it works for me now in the rebuilding stage

I have another 9 months before monhtly fees take place..If they give me decent credit line and I don't have any prime cards then I will keep it for utillization purposes...if I have a decent rebuilder than its going to be closed since it served its purposes