Internet's first get-out-of-debt community - 136,000 members

Posted: Wed Mar 22, 2006 11:04 am Subject:

Not a problem at all! Smile

numommy · Posted: Sun Mar 26, 2006 7:05 am Subject: denied secured credit card

I have recently begun to clean up my credit which has been ruined by credit cards I received over ten years ago (I was irresponsible and didn't pay them)and a repossession five years ago (which was immediately paid). I recently paid off a debt that Associates had "charged off" and sent to Midland Credit Services. I applied for a Secured credit card through my bank (where I have a checking acct. and debit card) and was denied! I thought I was almost guaranteed a secured card since I would be the one supplying the funds! I don't know how to go about rebuilding my credit since I thought that would be a good start. Also, the "charge off" card that I recently paid the balance due for (I sent the payment about a week ago) hasn't yet appeared on my credit report, so should I have waited to apply for the secured card after the account was shown as paid? How long do I have to wait until I can re-apply for the secured card?

Posted: Mon Mar 27, 2006 8:23 am Subject:

numommy,

There is no specific time limit for the creditor to update your credit report. However, you can request them to update your file as early as possible. If they don't, you can dispute it with credit bureaus.

Now, if you pay a charged-off account, it is most likely to be reported as paid charged-off. If you wish to get it reported as paid, you have to contact your creditor to finalize it. Keep us posted.

numommy · Posted: Mon Mar 27, 2006 12:46 pm Subject:

I posted on another part of this site about the charged-off account I had w/ Associates that Midland is now handling. I was told it was a very bad idea to pay this off b/c the account is over 10 years old and hasn't been active for several years. I was told Midland cannot legally collect on this account any longer. B/C of this, I called and had my check for $1200 I sent to them last week cancelled b/c it has not gone through yet. Now what? I believe this account is on my report, but how do I get it off of my report? By paying it to Midland I guess it's very negative b/c it just allows the negative mark to stay on my report for 7 more years. I am at a loss as to how to go about paying off my debts! I have the funds to do so now, but who do I contact about my rights and getting debt free and on how to regain good credit? (I live in MN.) My credit stinks so bad I can't even get a secured card!! I really want to fix this!

Posted: Tue Mar 28, 2006 11:32 am Subject:

indebt. · Posted: Tue Mar 28, 2006 12:03 pm Subject:

I wound up calling Midland and was told they are still able to collect on the account until April 2007, and come to think of it the last time any payment was made or contact with Associates was made was probably around '99 or '00. She then told me it would be a good thing to pay this off b/c they report it as being "paid in full" on my report and it will look better now that I have paid it, even though I only paid half the balance b/c of the settlement offer. She assured me it will appear as if I paid the full balance, though, which was about $2500. I then requested a letter be sent to me that the payment was made (I made a one-time payment of $1200) and she said they always send a payment confirmation letter w/i 30 days. (By the way, I reversed the cancelled check after I talked to Midland and just paid the darn thing). So that's where I stand now. Also, I have Capitol One listed on my credit report from another card I had years ago (I only had 2 - thank God!)and would like to pay this off. The last time any payment attempt was made on this account was about 4 years ago. Should I just call Capitol One to set up a payment plan, and by setting up payment will this help my credit? Or will I be 're-starting' the clock on this account?

Posted: Tue Mar 28, 2006 4:38 pm Subject:

If you pay it off with one payment only, chances are your creditor will not restart the clock and it will get off your credit report on the scheduled date.

There are two types of SOL, one is applied to debt collection and the other is meant for credit reporting. SOL for debt collection is the time frame after which the debt is declared to be uncollectible. It varies from state to state. It is counted from the date of last activity seen in your account.

The SOL for credit reporting agency aka seven year reporting time is same for all the states and it is counted from the date on which an item enters your credit file.

indebt... · Posted: Tue Mar 28, 2006 8:49 pm Subject:

Could you please remind me what SOL stands for?

Posted: Wed Mar 29, 2006 11:13 am Subject:

SOL stands for statute of limitations.

indebt!!!!. · Posted: Thu Mar 30, 2006 1:18 pm Subject:

So about my Capitol One account... would it be ok to call them to set up payment arrangements or would I be restarting a clock somehow? This account was listed on my report under Capitol One, not a collection agency, and the last time I attempted to pay on it was about five years ago. Would this be a good thing on my report if I set up payment arrangements - I know that's kind of an obvious answer, but I just don't want to re-open something or get another negative strike on my report.

Posted: Thu Mar 30, 2006 1:23 pm Subject:

hey there. This late in the game, I'm not sure if you want payment arrangements or not. I'm not telling you not to pay your debts, not at all, but making payment arrangements, will surely start the clock all over again. Its better to pay it off in one lump sum, you should get a 'paid as agreed' or 'paid charge off' (depending how they're reported it for the past five years). The only way to NOT restart the clock, is a one lump sum payment. a payment plan or payment arrangement will reage the debt.

in debt · Posted: Thu Mar 30, 2006 2:14 pm Subject:

Hmmm... I just can't afford to pay off another bill with one lump-sum payment right now. The balance due on this Capitol One account is $1200, so I thought I could pay monthly until it was paid off. I'm worried about even contacting CO because I don't want my inquiry on the account to "restart the clock".

Posted: Thu Mar 30, 2006 2:21 pm Subject:

Do what you think is right. I have read alot of post from people here about still getting sued and carted off to court AFTER the SOL was out and the judge ruling for them to pay. So when it does go out of SOL, you could still have to pay it. So maybe you should make payment arrangements. It will restart the clock but you will still get a 'pays as agreed' or paid charge off when you're finished. If you don't want to take a chance on getting sued and all that, maybe you should talk to them about payment arrangements. anyone else here want to jump in and share? shirley

indebt* · Posted: Thu Mar 30, 2006 4:03 pm Subject:

Part of me is so anxious to pay this off, but I don't want to get ahead of myself. Who wouldn't want to wait until the SOL is up and hopefully not have to pay, but the fact is I want to be responsible about this and clean up my credit as fast as possible. I fsomeone else has an opinion about contacting Capitol One after five years of non-payment, I would love to hear it!

in debt! · Posted: Sat Apr 01, 2006 9:42 pm Subject:

Does anybody have any advice about contacting Capitol One to pay off a credit card after almost five years of non payment? Will it restart the clock or look ok on my report?

Posted: Mon Apr 03, 2006 10:33 am Subject:

In debt,

It seems that you have made the last payment towards this account 5 years ago. So a single payment will restart the clock.

Is it appearing in your credit report? What is the status? Please update us.

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