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Open-ended account SOL


lapoolboy
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I had a HSBC NV credit card with a $300 limit back in High School - over 3 years ago. SOL on open-ended accounts in La is 3 years. It is listed as a revolving account opened in 12/2001 with date reported of 5/2005 and $0 balance. It has been listed as charged-off. DOLA is listed as 11/2002. So, if the SOL is indeed 3 years, I should just wait for it to fall off next month? Now, some CA called A&S Collection Associates has a listing for what I believe to be the same account. It is listed as an open account from Orchard Bank. Date opened is N/A it says and date reported is 8/2005. It shows a balance past due of $1338. The DOLA with the OC and the CA are both the same (11/2002) but the balances are very different. The OC reports it as $824, the CA reports it as $1338. How in the world can a credit limit of $300 exceed $1300 now?!?! Apparently, HSBC charged it off in 5/2005 and the CA got ahold of it in 8/2005. What is my best course of action on these?

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It's not going to fall off your report after the SOL. It just means they can't legally force you to pay them after that date. For instance if they try to sue for it, you'd win the suit. They'll stay on your report for another 4 years.

Obviously the CA is adding in their own fees (probably way beyond the legal limit they're allowed). How'd Orchard come up with $800 on a 300 limit account? 3 years of late fees?

Basically you need to follow the usual steps with these I think. DV the CA, dispute with the CRA. After the SOL date you can send the CA a cease and desist letter, which would stop them from harrassing you, but not remove their tradeline from your report.

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