I know I'm right!!

[irish_girl]

I have a Cap 1 CO that says the DOFD is 5/02. I know this is not right. The ONLY time I used this card was either in late 2000 or early 2001. This would put the 7.5 year mark to just about now. I can't find any old CRs or bills, but I know this 5/02 date is incorrect. I don't want to wake a sleeping giant, but I want this off my CR. It's KILLING MY UTIL. It had an original balance of $200, and with fees and interest, it's showing at $992. Funny thing is...we were suckered into a "rebuilding your credit" seminar at a local hotel, paid $200 for a secured card and only charged $20 in gas. THAT'S IT!!!

I thought I had cancelled the card due to the high fees, but apparently not: We were young and naive, thinking that a little plastic card would solve all our problems. Lesson learned.

I live in FL, but back in 2000-2001 I lived in IN. Which states SOL do I use? Should I DV? It's not been transferred to a CA, and I haven't heard from them in many, many years.

Any help is appreciated. Thanks.

Message Edited by irish_girl on 07-17-2008 07:54 PM

[Anonymous]

Go by the ugliest SoL to be on the safe side. CAs/creditors can sue according to the state that you either incurred the debt in or the state you currently reside in.

That would be 5 years for Indiana and 4 years for FL ... I'd go by the IN SoL to walk on the safe side of the street. But bear in mind, per IN AND FL SoL, SoL is reset by making a payment -- in IN, merely admitting to the debt in writing is enough to reset the SoL, too.

[Anonymous]

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irish_girl wrote:

I have a Cap 1 CO that says the DOFD is 5/02. I know this is not right. The ONLY time I used this card was either in late 2000 or early 2001. This would put the 7.5 year mark to just about now. I can't find any old CRs or bills, but I know this 5/02 date is incorrect. I don't want to wake a sleeping giant, but I want this off my CR. It's KILLING MY UTIL. It had an original balance of $200, and with fees and interest, it's showing at $992. Funny thing is...we were suckered into a "rebuilding your credit" seminar at a local hotel, paid $200 for a secured card and only charged $20 in gas. THAT'S IT!!!

I thought I had cancelled the card due to the high fees, but apparently not: We were young and naive, thinking that a little plastic card would solve all our problems. Lesson learned.

I live in FL, but back in 2000-2001 I lived in IN. Which states SOL do I use? Should I DV? It's not been transferred to a CA, and I haven't heard from them in many, many years.

Any help is appreciated. Thanks.

Message Edited by irish_girl on 07-17-2008 07:54 PM

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You can be sued in either state. You need to find out of the state you moved from tolls SOL and what resets SOL.

Did you make any payments at all?

If you were to be sued, could you PIF? If so, you don't have to be concerned about SOL.

Make sure you are looking at DOFD and not Date 1st Delinquency reported(I think this shows on EQ reports)

You can't DV a OC, they aren't required to comply.

Does it show a drop date on your reports?