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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Tue Jul 22, 2008 6:04 pm
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| Hey Cm, I did a little checking and found that it is suppose to vary by state. Some start SOL with the 30 days and others with the 180. It doesn't give where you can go to get those listing. It just says refer to your state SOL rules. Where could I get PAs. |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 364
4810 Magic Points
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Wed Jul 23, 2008 9:03 am
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I tried to find somewhere that gave a firm answer (Google seems to have failed me ) and the general opinion I saw was this:
When does the Statute of Limitations start?
You might be asking yourself, "It has been such a long time since my "open account" has had any activity. When does my Statute of Limitations started ticking." The statute of limitations (SOL) is calculated by:
Take the date you last made a payment and add 6 months to this date.
Add the number of years of the statute of limitations in your state.
Example:
You last stopped paying on a credit card on Jan 15, 2001. The statute of limitations for credit cards (usually regarded as open accounts) in your state is 6 years.
The date at which you are "safe" from having a creditor sue you over this debt is:
Jan 15, 2001 + 6 months = July 15, 2001.
6 Years + July 15, 2001 = July 15, 2007
Therefore, a creditor cannot sue you for this debt after July 15, 2007
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Pesonalized credit repair advice in the forum:
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Fri Jul 25, 2008 12:02 am
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| I'm sure you are absolutely correct their good natured. Wouldn't I have recieved some kind of letter of phone call by now if they had done anything. I was thinking mine expired in May. Hopefully I am correct and they aren't doing anything else cause that was the last one I had to worry about. |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 364
4810 Magic Points
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Sat Jul 26, 2008 12:33 am
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Just keep an eye on your CR I am sure that GN is correct that they would have tried to contact you if they were going to attempt to collect. Many times when CAs buy debt they buy it in chunks with many other ppls debt. Occasionally, accounts slip through the cracks and the CAs miss their chance to sue or, the account was sold without enough proof to win a small claims case. Other times the amount due just isnt worth filing a suit and paying someone to show up at the courthouse to argue with you.
_________________
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sun Jul 27, 2008 12:40 am
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| Thanks. I am going to check my CR here shortly cause at the end of July I have one that is suppose to fall off and I want to make sure that it does. Hopefully this is a nightmare that will soon be over. |
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erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 573
-53 Magic Points
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Sun Jul 27, 2008 3:12 pm
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| Won't you be a happy camper, the long wait is finally over. good job. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Mon Jul 28, 2008 2:33 pm
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| I sure will. Plus the stress of worrying about the SOL. Had I not run into such misfortunes as of late I would have gladly paid them to go away. |
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erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 573
-53 Magic Points
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Tue Jul 29, 2008 3:02 am
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| Now once you are out of this mess, try not to get back into it. You have learned a hard lesson as we all have. Stay away from the credit cards. LOL |
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Tue Jul 29, 2008 11:56 am
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| That is actually my goal. Get rid of the couple cards we have. We will keep the discover because it seems a major credit card is always needed,whether it be for car rental, equipment rental or emergencies. All I gotta get rid of is Lowes and discover. Those were aquired from falling short on money to complete our home so we could move in. Someday I want to look back and say "glad that is over with" |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Tue Jul 29, 2008 11:57 am
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| That is actually my goal. Get rid of the couple cards we have. We will keep the discover because it seems a major credit card is always needed,whether it be for car rental, equipment rental or emergencies. All I gotta get rid of is Lowes and discover. Those were aquired from falling short on money to complete our home so we could move in. Someday I want to look back and say "glad that is over with" |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 364
4810 Magic Points
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Wed Jul 30, 2008 7:09 pm
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While I can understand why you would want to get rid of all of your cards after bad experiences; I will advise that you still keep some tradelines open to maintain a good credit score. Credit is becoming more and more important everyday for jobs, and housing in addition to finicail needs.
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 573
-53 Magic Points
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Thu Jul 31, 2008 10:16 am
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I agree, just take the best ones and keep them.
How many credit cards should one have at any given time? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Thu Jul 31, 2008 12:26 pm
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| This is what I heard and I do agree. We have a couple dept store crds like Lowes and sears. I want to be rid of those two just because it is too easy to use them. Basically anything we would buy there at this point would be a want and not a need so I don't want the temptation. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California
29555 Magic Points
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Mon Aug 04, 2008 6:59 am
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What I think is that using multiple credit cards actually increases our problem because it becomes very difficult to keep track on our spending. Moreover we need to pay annual fees for all these cards which add to our debt. So I always prefer to use only two credit cards. If you have too many credit cards, what I think is that you can close the newer ones rather than closing the older ones because the old ones add to your credit score.
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