@Carpediem24 wrote:Hello,
I opened a credit card with $500 CL back in 11/2007 with National City Bank in Michigan. I was a student back then, stupid and irresponsible. I couldnt pay the balance that has now come up to $850. The last activity on this card (120 days late) was in March 2009. I am hoping that in less 2 years (7 years from 03/2009) this negative entry will fall off my report. I have, since then, had a good credit history of paying more than 12 accounts with revolving debt and an auto loan that started at $17000 and is now at less than $7000. My credit score has climbed to being just shy of 700, which started at 560.
Yesterday, the 19th of May, I suddenly get a mail from a collection agency about this. The letter has a service date of 11/2007 even though the last activity on my CR is 3/2009.
Should I take it seriously in terms that the Statute of limit has passed or not (2007 vs 2009). Secondly the bank that gave me the card has since been acquired by PNC in New Jersey and they are listed as the original creditor in my CR. The statute of limit for MI and/or NJ is 6 years which is passed based on the date in the collection letter. Can this restart the 7 years time on my credit report now? Is paying it off in my credit's interest or am I harming it more by restarting the activity on the CR.
Please help! Should I even speak to them and negotiate a lower amount or pay-to-delete or something?
The date of last activity does not set the clock for the SOL nor the CRTP. The DoFD does. That is when the account went in arrears and was not brought back current. So without looking at a good pull of your CR, it's difficult for me to tell the exact date of this.
Have you pulled your reports from www.annualcreditreport.com ?
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.
@Carpediem24 wrote:I have pulled my report in the past. However I dont have access to it right now. I had a paid subscription with Idenity Guard, which I cancelled a month ago.
The first '30-days-late' was 02/2008. Then I again paid for a couple months and then 6/2008 was the last payment done, according to myfico report.
Does that help?
02/08 would be the DoFD if you never again brought the account current, did you bring it or was it current in 06/08??
DoFD is a 30 day late that leads to CO.
@Carpediem24 wrote:Thanks for your responses gdale6 and bdhu2001
My 30 day late was 7/2008 that was never brought back to 'current'. So 6/2008 was the last payment done.
So do I wait for another month before writing them a mail to stop calling me because 7/2014 would be 6 years (SOL for NJ is 6 years)? Also, could you be kind enough to direct me towards that nicely worded mail you mentioned?
Can they still report it to the credit bureaus? How can I stop that? I am planning to buy a car in 09/2015 and I dont want this monkey on my back. So what is the best course of action for me to keep my credit file clean? I dont have any other baddies apart from this. I had 'too many inquiries' last year but it'll fall off eventually, definitely before 9/2015.
Thanks again, in advance! God Bless
If the DOFD was 6/2008, then it can be reported on your credit reports until 6/2015, but the company reporting has 6 months to remove it. So really, it can remain until 12/2015. If you want it removed earlier, however, wait until you are SOL, then try asking the CRA(s) reporting for an early exclusion. I think that's what it's called, maybe another member can elaborate on that a bit better. I've seen people get their negatives removed even 6 months before the 7 year CRTP mark, but that may or may not work. It depends. You could definitely have it off your back by the time you wanna get your car. Not guaranteeing it, but since the 7 year CRTP date is 6/2015, you could ask the CRAs nicely to remove it before then. 
As for the C&D, If you haven't talked to them already, wait until next month, in my opinion. Best not to stir the hornet's nest when you are less than 30 days away from it being a time-barred debt. 
@xaiduz114 wrote:
@Carpediem24 wrote:Thanks for your responses gdale6 and bdhu2001
My 30 day late was 7/2008 that was never brought back to 'current'. So 6/2008 was the last payment done.
So do I wait for another month before writing them a mail to stop calling me because 7/2014 would be 6 years (SOL for NJ is 6 years)? Also, could you be kind enough to direct me towards that nicely worded mail you mentioned?
Can they still report it to the credit bureaus? How can I stop that? I am planning to buy a car in 09/2015 and I dont want this monkey on my back. So what is the best course of action for me to keep my credit file clean? I dont have any other baddies apart from this. I had 'too many inquiries' last year but it'll fall off eventually, definitely before 9/2015.
Thanks again, in advance! God Bless
If the DOFD was 6/2008, then it can be reported on your credit reports until 6/2015, but the company reporting has 6 months to remove it. So really, it can remain until 12/2015. If you want it removed earlier, however, wait until you are SOL, then try asking the CRA(s) reporting for an early exclusion. I think that's what it's called, maybe another member can elaborate on that a bit better. I've seen people get their negatives removed even 6 months before the 7 year CRTP mark, but that may or may not work. It depends. You could definitely have it off your back by the time you wanna get your car. Not guaranteeing it, but since the 7 year CRTP date is 6/2015, you could ask the CRAs nicely to remove it before then.
As for the C&D, If you haven't talked to them already, wait until next month, in my opinion. Best not to stir the hornet's nest when you are less than 30 days away from it being a time-barred debt.
Actually if it went 30 late in 07/08 that is the DOFD, what Xaiduz is saying here is pretty sound, I would definitely wait till SOL passes before sending off any C*D letters dont want to stir the nest at the last minute and end up with a lawsuit, SOL also goes from DoFD. Max reporting time is 7.5 yrs from the DoFD for CRs.