The question is - If my SOL expires next year and I would like to negotiate paid charge offs for deletions, how much leverage do I have? What % should I start off with?? I plan to use the letter Kristi posted (it's excellent). I have a Sterling ($700), Cap One (~$700) and Providian ($2,400) that are all charged off from 1996. My credit for the last two years has been excellent on the two cards that I do have but I am still getting turned down for credit. No lates and all accounts under 30% of credit used. Thanks in advance for any help.
Reporting vs. SOL Elizabeth: Perhaps you could clarify something for us, just to be on the safe side? When you refer to the SOL expiring are you under the impression the SOL is synonymous with the 7-year reporting period? If so these are distinct issues whereas a statute of limitation (SOL) only applies to the length of time a creditor may litigate for recovery, and has nothing directly to do with reporting. As far as the reporting statute goes, your still under (FCRA) pre-amendment jurisdiction so caution dealing with these debts is strongly suggested. Correspondingly, while Kristiâ??s letter is certainly helpful (I like it myself) itâ??s not a fix all for every situation. What I mean is, depending on your credit goals you may be far better off waiting until the reporting period ends in two years (or thereabouts). Keep The Faith, Anthony Villaseñor, CreditDefenses.com
RE: Reporting vs. SOL Anthony, what do mean about "pre-amendment jurisdiction." I have forgotten the details but I recall it was thought that the bureaus generally followed the new laws in all cases.
RE: Reporting vs. SOL CreditDefenses.com wrote: "while Kristiâ??s letter is certainly helpful (I like it myself) itâ??s not a fix all for every situation. What I mean is, depending on your credit goals you may be far better off waiting until the reporting period ends in two years (or thereabouts)." In what type of cases would you prefer the latter? Thanks. Saar
Pre-Amendment Meaning John: What I meant was as a precautionary statement because, as you know, a CRA only reports information given to it by the subscriber. Certainly while the CRAs â??generallyâ? follow the new rules, itâ??s not them I had in mind here. Technically, the 455-day rule may (read is said, MAY) apply by some subscribers not CRA (15 U.S.C. §1681c(c) (2) to extend the reporting period. You see there appears to be a trend developing among some creditors/agents that tends to use the 455-day rule to, effectively, reset the reporting period. Granted not ALL of them are doing it but who knows who â??theyâ? all are, and for that matter how pervasive the trend has become. This re-set method could very well be an anomaly, but Iâ??ve notice more and more creditors attempting it (read: I said â??attempting itâ?). It has me a bit concerned; yet time will tell if this trend moves into something more sinister. I mentioned this to Elizabeth simply to error on the side of caution, so to speak, because Iâ??ve not been able to determine how successful such subscribers have been. Keep The Faith, Anthony Villaseñor CreditDefenses.com
Depends On Oneâ??s Goals Saar: What I meant was that if a person were in a position to wait a few months, or even a few years; say, before their personal (credit) goals called for making a major credit purchase. Then Kristiâ??s letter has little present-value, unless one just desires to clean their credit report for itâ??s own sake. In my opinion, the longer one can let a sleeping dog (charge-off, collection account, repo, etc.) rest the better. Certainly from a moral standpoint itâ??s better to pay a debt, but my aim here is a focus on reporting. In short, using Kristiâ??s letter, or something similar, truly depends on oneâ??s personal financial goals. Keep The Faith, Anthony Villaseñor CreditDefenses.com
RE: Depends On Oneâ??s Goals I Agree with that Anthony. Why would one want to wake the dead if you are not being sought out? Many times, people dispute items for no good reason and wake the dead. However, if you are trying to obtain some personal credit goal then that is where disputing and negotiating come in. CreditDefenses.com wrote: ------------------------------- Saar: What I meant was that if a person were in a position to wait a few months, or even a few years; say, before their personal (credit) goals called for making a major credit purchase. Then Kristiâ??s letter has little present-value, unless one just desires to clean their credit report for itâ??s own sake. In my opinion, the longer one can let a sleeping dog (charge-off, collection account, repo, etc.) rest the better. Certainly from a moral standpoint itâ??s better to pay a debt, but my aim here is a focus on reporting. In short, using Kristiâ??s letter, or something similar, truly depends on oneâ??s personal financial goals. Keep The Faith, Anthony Villaseñor CreditDefenses.com
RE: Trying to Fix my Credit I am trying to attain personal credit goals - the first being to be able to rent any apartment I choose and can afford (my negative credit will affect this I am sure), purchase a new car and I am sure before 2 years buy an condo or house. The total amount of debt is not large and some of the credit agencies still send me letters every once in a while. I am able and willing to pay them, however, I would like to be able to negotiate a deletion for each. The most important thing here is that my career is on the upswing and I really want to be able to take advantage of the current job market. All large (and most small) corporations check your credit for executive level jobs as part of the application process and these charge off look horrible and I am sure would jeapordize any job offer. As I said my credit for the past 2 years (well two years will be official in February) has been excellent!!! I want to be able to move on with my life! BTW, Kristi, I joined Junum through Carreon and Associates and am now awaiting my report from all three bureaus.
RE: Trying to Fix my Credit Certaintly,an upswing in your career is an excellent reason to rehab ones credit. You seem to have your priorities in line. Congrats on rebuilding! Kristi Elizabeth wrote: ------------------------------- I am trying to attain personal credit goals - the first being to be able to rent any apartment I choose and can afford (my negative credit will affect this I am sure), purchase a new car and I am sure before 2 years buy an condo or house. The total amount of debt is not large and some of the credit agencies still send me letters every once in a while. I am able and willing to pay them, however, I would like to be able to negotiate a deletion for each. The most important thing here is that my career is on the upswing and I really want to be able to take advantage of the current job market. All large (and most small) corporations check your credit for executive level jobs as part of the application process and these charge off look horrible and I am sure would jeapordize any job offer. As I said my credit for the past 2 years (well two years will be official in February) has been excellent!!! I want to be able to move on with my life! BTW, Kristi, I joined Junum through ....
