Can someone clear this up, the more I read the more i get confused?

[lucky3]

OK what is OOS, SOR.

Also SOL question.

If i change states does SOL start over.

And where can i go to check states guide lines for SOL. Have heard that some states give an extra 180 days past SOL to OC or CA. I live in AK 3 years now was in NC.

SOL for AK is 3 yrs on open ended accounts

SOL for NC is 4

also do CA fall under open ended accounts like CCs

[stefdr]

Huh?

[lucky3]

Take it from your response that this was stupid post and i apologize to all for posting it. Im just getting started on trying to fix my mistakes in the credit world, and some of this stuff is confusing the **** out of me. Sorry getting a little frustrated. WIll be more clear in future postings.

[stefdr]

No it was by all means not a stupid post, its been a long day for me. Sorry if my response implied that. I work a job where I see acronyms all day and it starts to fry brain cells after a few hours.

As for your SOL question, it depends on the type of account, but the SOL should be for the state you live in. Sometimes a CA will attempt to use whichever SOL is longer. There is a sticky on the site here that lists SOL's by state and type of account.

[Ahntara]

OOS = Out of Statute (that one's a guess)

SOR = Statute of Repose, only two states have this law. Basically means that expiration of SOL also extinquishes the underlying debt. It's also state law.

"...if I change states...'

SOL is state law, and thus is specific to your location. Some state's statues do indeed allow the time period to "toll" (stop) if you move out of state and later return. You would have to pour over your state's statutes to find out if this is the case for you. Most consumers keep it simple and refer to laws of the state they currently reside in, since this is (most likely) the statute you would be sued under. There is a sticky at the top of the page with state SOL's.

"...some states give an extra 180 days..."

You're confusing SOL and Reporting Period.

RP is established by the (federal) FCRA. If an account defaults (becomes a collection or CO) RP may be extended by the 180 day period typically used by creditors to CO their accounts. This has nothing to do with SOL.

[lucky3]

OK, thank you all that cleared up alot. Im just trying to make sure that im in the clear with the whole SOL thing. All my bad credit is credit cards. I got like 4 or 5 when i got out of high school was doing good for like two years then hit major rough patch in life when me and my wife sepearated for a while. But now im trying to fix our credit from all the mistakes we made from being young and dumb. All of them are charge-offs.

I have opened two new lines of credit thanks to the military. Without that as my occupation i dont think it would have happened. Gonna use it to help me out to strenthen credit for when i get out.

One line of credit is a loan that i paid on time for 18 months which i just paid off, then i just got a HSBC card with 300 CL. Score is 621 on Equifax.

But anyhow not to babble on, all my cards are default around same time 2002, 2003 time frame. So that puts me in clear of SOL.