Trying to understand SOL, DOLA, etc.

[elleng81]

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

[llecs]

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?

[RobertEG]

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.

[elleng81]

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@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.

[elleng81]

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@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.

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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...