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AMEX DOLA May 1999, Settle?


cr8tive
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I have an outstanding amount that was Charged off $8,898 with AMEX. The account was open 1997 but DOLA is May 1999. This is the biggest amount in my credit report and I want to get rid of it for obvious reasons. The account was open in MI and now lives in OH. The SOL is different for both state. MI is 6 years and OH is 15 years. Which SOL applies to me??

Should I ignore this charge off and hope it will drop off my credit report in May 2006? We're planning on getting a construction loan by Dec 2006.

FICO scores:

TransUnion

622

Date: 1/3/2006

Equifax

655

Date: 1/5/2006

Experian

675

Date: 1/3/2006

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There is some discussion about whether the CC SOL for Ohio is really 15 years. Some people say that its 6. So that a MAYBE.

Another MAYBE, is that technically, when a CC sues, they're supposed to do it in the jurisdiction where the account was opened...in other words, MI. So MAYBE, the MI SOL applies.

I'm guessing that you should just lay low until the debt falls off. It will fall off in May...doesn't mean they can't sue later...just that it won't show up on your reports.

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No, the OC can sue wherever the debtor resides. My understanding is that the creditor can use the longer SOL if the debtor relocates to a state with a longer SOL so long as the debtor moved prior to the natural expiration in the former state. It may be best to fly low until they come knocking!

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