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Another FREE credit tip! 12/7/09

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Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1271 Magic Points

 
Posted on Fri Dec 11, 2009 1:18 pm  

When you apply for a card, whether online or on a paper application, you have already signed their contract. Collateral is not necessary.

In terms of the credit cards' collection activity, you must ask them to stop calling or contacting you in writing to get that handled, but be aware that doing so heightens the likelihood of a civil action (suit) against you.

Setting up a payment arrangement with a collection company does not establish a new date of first delinquency, and as such, does not change how long it can be reported, or collected upon. HOWEVER, an agreement with a collection agency to pay is now a new agreement for which you could potentially be sued if the terms are not complied with.

I've seen collection agencies set up payment by check or draft, and establish the dollar amount in such a fashion as to make any breach of the agreement a 'theft by check' criminal offense. That way, any stopped/interrupted payment can be used to impose criminal charges, thus increasing their leverage against you.
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Fri Dec 11, 2009 1:29 pm  

Wow. Theft by check, I never heard of that one. I really appreciate the knowledgable advice you give here at the forum. It sure does set a few things straight.
Here is a question that I never got a straight answer to. When does the SOL clock truly start ticking? Some will say it is the date of the first missed payment, others say it is six months after, and lastly I have heard that it is from the date the credit card company charges off the debt. What is the real answer to this?
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1915 Magic Points

Subject: credit tip
 
Posted on Sat Dec 12, 2009 12:13 am  

WOW!! I didn't know all of that! Yep..I can see how that can be a crime. But,..what if you DON'T agree to the terms that THEY set up. Can they STILL pull 'drafts' from your bank account?
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1271 Magic Points

 
Posted on Sat Dec 12, 2009 3:07 pm  

The date of first delinquency, that led to the current charged-off/collection status is what starts the clock. Nothing else even matters......
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Sat Dec 12, 2009 3:17 pm  

That's helpful information, DOC. So...all of the CA's that are collecting on old debts, that appear on my CR, I REALLY don't have to worry about? I THINK that's what you're saying.
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1271 Magic Points

 
Posted on Sat Dec 12, 2009 3:19 pm  

per the SOL, yes....
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



123 Magic Points

 
Posted on Sun Dec 13, 2009 12:52 am  

Sd, You are here in PA like me. The SOL is 4 years. You have to make sure that your date of first delinquency is over four years. I myself am glad just to have that cleared up. I kept getting different answers.
Now lets get an answer to another one..how about the responsibility of an authorized user? Some say you are responsible and others say no. What is it? (yes this is still over that other account that I have not heard anything thankfully)
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1915 Magic Points

Subject: credit
 
Posted on Sun Dec 13, 2009 11:36 am  

Usually on accounts you MAY have an 'Authorized User', but, you would have to have a 'primary' person, on that account, as well, to ADD the 'Authorized user'. For EX: I have a CC. I can (but I wouldn't....not now, anyway!!LOL) put my son on it as a 'Authorized User'. However..I'm the 'primary' person who is still responsible for the bill.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



123 Magic Points

 
Posted on Mon Dec 14, 2009 11:29 am  

Wow, you are taking a bit of a chance on putting your son on your card. How old is he? Just remember to keep an eye on your statements and never give complete access to the card. I am not saying your son would charge the card to the limit. I am just saying be careful. How many times I read on here that a scenario like this happened when the parent least expected it.With close monitoring everything should be fine.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



436 Magic Points

 
Posted on Wed Dec 16, 2009 1:33 am  

Well in the end you will be the one that is responsible for all the charges, he won't. He is only an authorized user, so he can charge it up and feel no reprecussions if the bill is not paid.

I hope that he is responsible enought to know that having a credit card is a privilidge and not a right.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1915 Magic Points

Subject: debt
 
Posted on Wed Dec 16, 2009 6:46 pm  

yep...it's almost like C-Singing for something, for your family. If they don't pay for it, you have to. if YOU don't, 'they' will come after YOU......and then, possibly damage your Credit.
vidasandi



Joined: 10 Feb 2010
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Posts: 4



75 Magic Points

Subject: credit
 
Posted on Wed Feb 10, 2010 12:50 pm  

yes that is true, by paying off accounts in collection does not help the credit score immediately, but it does have an impact on the overall credit standing after a considerable amount of time. The reason for this is because the source of the money needs to investigated, and whether this is a consistent income, by which it has been paid, or it a loan taken to pay it off. So in a way not really paid off , only changed hands. And hence companies that give credit take this factor very seriously.
So it's good you've paid them off, but now you need patiance for the results to show on the score!
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



436 Magic Points

 
Posted on Mon Feb 15, 2010 1:15 am  

So what you are saying is that it is not a waste of money, I was disappointed when I paid off four old debts in one year and it did not impact my score at all. Still today, when I apply for credit I am questioned about those accountts, even though they reflect paid in full, they are still in the negative colum of my report, so they will continue to haunt me until they age out and fall off which is sometime in the next two years.
Doc

Doc

Joined: 02 Dec 2008
Doc's page
Posts: 178
Location: McKinney, TX


1271 Magic Points

 
Posted on Thu Apr 08, 2010 12:53 pm  

Again... Paying off collections has NO IMPACT on credit score... NONE. Nada! Zip. Zero. Zilch!!!!!!!!!
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
Liz
Guest






Subject: old debt
 
Posted on Thu Apr 07, 2011 11:06 pm  

I live in the state of NY, I had a car that was totalled in an accident. This was about 13 years ago. everything was paid off or so I thought. They keep selling the account and I have to keep clearing it. Now after several years they sent me to a collection agency trying to get money. I know I don't owe but can't prove because it was so long ago. what is the stature of limitations to collections.

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