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negotiating $20000 with CA


iamomeed
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update.....

My credit is slowly improving, they were between 680 and 720 on the 3 CRAs a month ago.  I havent paid or negotiated at all just waiting for SOL in August 

I bought a new car 3 months ago and they did about 15 inquiries on my report that hit me about 10 points.

Transunion, right now, is my highest and they show no collection or anything about 720.  The other 2 still show the collection from the JDB.  I applied for a mortgage just to see what they'd say.  They didn't really care about the collections because of the age.  I got denied because some of my accounts have a note that said "in dispute."

I called the 3 CRAs and asked  if they could remove the disputes they said OK.   I was actually surprised how nice they were.

according to credit karma my score dropped 20 points on experian to around 660 after they removed the disputes I havent checked the other 2 yet.

Thanks for reading

 

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On 5/11/2016 at 6:45 PM, iamomeed said:

I called the 3 CRAs and asked  if they could remove the disputes they said OK.   I was actually surprised how nice they were.

according to credit karma my score dropped 20 points on experian to around 660 after they removed the disputes I havent checked the other 2 yet.

I would guess the reason the score dropped after the dispute comments were removed is likely due to the TL being "updated" by the CRAs and making it look like a more fresh credit activity.

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The accounts related to the disputes may have been older accounts with long histories.  I had one that was 17 years old but was just recently became a problem.  When I beat the JDB and they removed their entry, it removed the original account to and that caused my score to drop.

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  • 2 months later...

Guys, Chase Bank is the OC and has a 3 year SOL being headquartered in Delaware.  Portfolio is aware of this 3 year statute rule and has no intentions of suing you. Send them a cease and desist and call it a day.

side note: Discover, B of A, Chase and Cap1 are all based in Delaware. If you live in a state with an SOL greater than 3 years, and have accounts with the above banks or any other bank based out of Delaware, the cardmemember agreement is governed by the rules of the state of  Delaware. 

 

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On May 7, 2016 at 9:57 PM, nrgins said:

Actually, if he pays them it'll be on his account for 7 more years, since the 7-year clock starts on the date of last activity, and the payoff would be the last activity. So he'd actually be adding 5 more years to the item staying on his credit report.

Not true if a payment is tendered for settlement.  The 7 yr rule still applies. 

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2 hours ago, inegoti8 said:

side note: Discover, B of A, Chase and Cap1 are all based in Delaware. If you live in a state with an SOL greater than 3 years, and have accounts with the above banks or any other bank based out of Delaware, the cardmemember agreement is governed by the rules of the state of  Delaware. 

Not exactly.  For the shorter SOL to apply the state the consumer resides in must have a borrowing statute that allows for using the laws of the state listed in the card agreement.  Many states do not have this.  For example if you live in GA they have a 6 year SOL and no borrowing statute so regardless of what state is listed in the card agreement the 6 year SOL will apply if you are sued in GA.  

 

 

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5 hours ago, inegoti8 said:

Guys, Chase Bank is the OC and has a 3 year SOL being headquartered in Delaware.  Portfolio is aware of this 3 year statute rule and has no intentions of suing you. Send them a cease and desist and call it a day.

side note: Discover, B of A, Chase and Cap1 are all based in Delaware. If you live in a state with an SOL greater than 3 years, and have accounts with the above banks or any other bank based out of Delaware, the cardmemember agreement is governed by the rules of the state of  Delaware. 

 

@Clydesmomis correct.   In order to apply the SOL of another state, the state in which one has been sued must have a particular statute that allows for another state's SOL.  Even then, it must be determined how one's courts have interpreted that statute.

TX does not appear to have a borrowing statute that would apply to credit cards.

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Nearly all of the top credit card issuers name the state whose laws should apply to their card agreements.

Judges deciding specific cases may interpret state laws differently; those court rulings may then be overturned. Judges also may rule on which state's law should apply -- the one where the consumer resides, or where the card issuer is located. Recently or within the last 3-4 years NY decided to apply the state laws with the shortest SOL and many other states have followed suit.  I would check recent case law to see if there has been any change.

I haven't had any issues getting cases dismissed in states other than CA. 
 

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On 7/28/2016 at 8:48 PM, inegoti8 said:

Nearly all of the top credit card issuers name the state whose laws should apply to their card agreements.

Judges deciding specific cases may interpret state laws differently; those court rulings may then be overturned. Judges also may rule on which state's law should apply -- the one where the consumer resides, or where the card issuer is located. Recently or within the last 3-4 years NY decided to apply the state laws with the shortest SOL and many other states have followed suit.  I would check recent case law to see if there has been any change.

I haven't had any issues getting cases dismissed in states other than CA. 
 

I will just say; Anyone following this advice without having a written borrow statute in your state's law is a fool.

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1 hour ago, fisthardcheese said:

I will just say; Anyone following this advice without having a written borrow statute in your state's law is a fool.

This newbie has been posting bad advice all over the forums.  Based on a couple of his posts talking about thousands of accounts settled etc  this is clearly a debt collector spewing this garbage.

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Update......

Not much has changed.  The debt is still on EX an EQ.

I tried using a free debt repair service called "collection shield 360" 3 months ago.

They sent all the letters from their lawyers . Today On their portal they wrote "verified "

I'm not sure what that means yet. I haven't called.

I called the jdb to check DOLA. They said July 2010.

I tried to get a mortgage and was denied from chase and Churchill.  They said I won't qualify for an fha due to this debt.  

 

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28 minutes ago, iamomeed said:

I tried using a free debt repair service called "collection shield 360" 3 months ago.

That was a HUGE mistake.  All that did was put a frivolous dispute in there under a veiled legal threat that simply made the JDB dig in their heels.

Debt repair services are nothing more than a scam.

29 minutes ago, iamomeed said:

They sent all the letters from their lawyers . Today On their portal they wrote "verified "

I'm not sure what that means yet. I haven't called.

That means the JDB verified the trade line as accurate and you debt repair service accomplished nothing.

30 minutes ago, iamomeed said:

They said I won't qualify for an fha due to this debt.

They are correct.  A 20k debt that could be a judgment is a huge barrier to a mortgage.  Now that the JDBs know you want a mortgage you can expect that trade line to stay until the bitter end.  You lost your negotiating leverage once you apped for the mortgage.  The creditors pay the bureaus for lists of consumers who app for mortgages and car loans and then compare it to their accounts.  Once they know a consumer wants serious credit like that they have the leverage to get more money out of them so that they can buy a house or get a new car.

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