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sol and chapter 13
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Posted by pam (66.61.64.205) on March 22, 2002 at 10:04:34:
I have several questions: 1.) I understand the sol in my state is 6 years. We filed Chapter 13 in 1995. We dismissed it in 2000 (not discharged - long story) - Basically we saved up enough money to pay everybody off ourselves, which we did, except for one old credit card accout - Citibank. The account has not had any activity since spring 1995 (it's not even listed on any of the three credit reports). The courts never paid them a dime, since it was 'unsecured' debt. All our secured debt we paid off (we paid off early ourselves becasue we knew we were moving and needed to get a new mortgage, which we did)...Anyway, last night we get a call from a lawyer with Citibank saying he was going to sue us for this 800.00 old debt. I know the sol is past, but since were in chapter 13 from '95 - '2000, and it wasn't discharged, does that work AGAINST us? Because from '95 - '2000, citibank could not legally collect from us because we were in chapter 13 - does that waive the SOL on this? Again, no payments or any activity on the account since early '95. I *will* say that our case was structured so that they never would have gotten a penny anway - had we discharged through the courts, the courts would have just waived this account off anyway....the case was structure primarily for the secured debt only - which, again, we paid off ourselves, and paid off 1 year earlier than planned by the courts! So, can this guy really sue us???? 2. Credit Reports. Last summer we did indeed move and were able to secure a new mortgage at a fairly good rate (our score last summer was 659)...We also had some rental property that we refinanced last summer. We haven't had any other new credit since '93 (obviously because of the chapter 13 in '95)...Well, we know we need to rebuild our credit, so this past February we applied for a credit card and also for a home equity loan (to purchase a vehicle - home equity made sense to us since we put $50,000 down on our $200,000 house - from a tax standpoint that makes more sense)..Anyway, we were turned down by both. I really don't care - it's not that big a deal, we just thought we should try rebuidling our credit. I mean, we've lived without new car loans and credit cards since '93 - I can live without them now :) But what REALLY makes me mad is that those two inquiries have brought my score down to a 507 (I just checked my reports last week - we have 507 on transunion, 595 on experian, and 607 on equifax) - WHY????? Last summer they were ALL in the 630-660 range...We've not been late on ANYTHING, no new collection accounts, nothing..SO you would think the scores would be going up - not down!!! How can two inquiries bring it down so much??? This seems so unfair? The reason I worry, is that my husband may be transferred next year, and we may have to move again - and now we may not be able to get a mortgage loan if we need it - yet, we are doing everything right - we have no debt at all except the primary mortgage and the rental (of course, we had that same debt last summer - we had the primary on our old house and and the mortgage on our rental last summer too - yet last summer, we had higher scores!!) - what gives? I am the same person I was last summer, with the same amount of debt (two mortgages) - nothing else - no lates, no collections....nothing. So why are the scores going down!! Any ideas??? Thanks, Pam
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