DV Is it Too Late

[Sobe420]

I recently applied for a mortgage. I was told no twice due to my credit, which I thought was getting better. I was approved for a car loan, credit cards, and cell phone. When I recieved my CR there was a lot of old things on it and things I did not even recognize or remember getting letters for collections or anything.

So, my question is if I start DV on the CA will it open a new can of worms for me since I have not heard from these people or will DV be beneficial to me? Like I said some of the companies I have never heard from or gotten letters.

[nascar]

If I start DV on the CA will it open a new can of worms for me since I have not heard from these people or will DV be beneficial to me? Like I said some of the companies I have never heard from or gotten letters.

You might get some of both. Some will drop off quietly and one or two may try to collect from you. Tread lightly around the ones that can still sue you successfully.

[Sobe420]

OK, how do I figure out which ones can sue me succesfully or is that part of DV?

[torikid]

If they are still within SOL, they can sue you.

[Sobe420]

Ok Well I am in Fl and according to this SOL is 20 years. My CA are not that old..maybe at the least 1 year at the most 8 years. So whats the best way to go about this? DV or try with CRA first?

[Blu]

I thought the SOL in FL is:

4 years for oral agreements and open accounts

5 years for written contracts and promissory notes

Someone please correct me if I am wrong?

I would DV and dispute with the CRA's at the same time. Send DV cmrrr. Regardless of SOL, the very old accounts (8 years) shouldn't even be on your credit reports anymore. They drop off after 7.5 years. I would be careful with the ones that are still in SOL. I would DV/dispute with the ones that are out of SOL first.

[divemedic]

I thought the SOL in FL is:

4 years for oral agreements and open accounts

5 years for written contracts and promissory notes

You are close.

4 years if not based on a written instrument, and on store cards

5 years if it IS based on a written instrument

I don't know where the OP got 20 years from

[Blu]

You are close.

4 years if not based on a written instrument, and on store cards

5 years if it IS based on a written instrument

I don't know where the OP got 20 years from

Thanks divemedic. I don't know where OP got 20 years from either ...

[Sobe420]

Sorry everyone I got 20 years from judgements. I have no judgements on my CRA. But I was looking at the wrong thing.

So, Florida is 4 years oral; 5 written; 5 promisorry; 4 open ended. So that is from the date it was last reported on the CR or from when the date it was opened?

Example; since it is 2007. Any account opened 2002 and below is out of SOL? Again depending on the account. Any written account 2002 and less is out of SOL? Any oral open ended open 2003 and older is out of SOL?

[Blu]

I'm pretty sure it's 30 days from the last payment made. For example: say you made the last payment in Feb xxxx year, then count from March to current year/month. That'll tell you whether it is in or out of SOL.

[Sobe420]

OK here is a quick example:

Southern Management Open Date 10-01 DLA(05-02). This was an apartment complex saying I owe them $50.00. So I am sure this would fall under written since I had a lease. Technically this is out of the SOL?

[Blu]

OK here is a quick example:

Southern Management Open Date 10-01 DLA(05-02). This was an apartment complex saying I owe them $50.00. So I am sure this would fall under written since I had a lease. Technically this is out of the SOL?

I would say it's out of SOL.

Good luck on your credit repair! Remember to read as much as you can and keep yourself informed.