jmcd37

Hello all, I'm just about ready to apply for a mortgage. I am a member of several credit unions that offer competitive mortgage products. I also plan on contacting a mortgage broker recommended by a friend who's worked with him recently. Is there any potential issues I should be aware of if I apply for a mortgage though both the credit unions and a mortgage broker?

In my experience with the NY 5 years on paid chargeoff/collections anything that was removed was an item that was legitimately paid by myself. The NYS Statute doesn't specify who the account needs to be paid by and I was never to find any caselaw on it. My inclination is that if push came to shove, a judge would interpret an account bought by a JDB would be considered sold rather then paid and would have to remain on for the full seven years. Any account that's sold needs to show a $0 balance since the original creditor has sold any right they have to collect the debt. You no longer owe the original creditor anything.

Does the status indicate it was paid or is sold/transferred? Paid should be removed after 5 years in NY. Sold/Transferred should not. If TU wants to remove it after 5 years, who are you to argue with them?

Call back and demand a supervisor. I called Cap One since the transfer offer wasn't showing on their balance transfer website and the initial rep I spoke to told me the offer was in error and it would only be for 6 months. I pressed the issue and got a supervisor who informed me that as long as the transfer posts by April 24th, it will be honored.

Congrats.. you do not see many of these types of offers in todays credit card offers that are sent out.. You must be someone who has perfect credit and are not seen as a risk to Capitol One.. I would like to get an offer such as yours. Take advantage of it.... Maybe someday I will get the same offer... My credit isn't perfect. Middle 600s to low 700 scores for me and I got the same offer.

I got the same offer in the mail yesterday and plan on taking advantage of it.

1 account with the new account replacing the old

If the original tradeline is marked as paid and not as settled and the DOFD is past 5 years, I'd send in a dispute in writing to the CRA. NY does have a borrowing provision in its laws in regards to SOL for legal action. Since the VA laws give a shorter time period they apply. If the debt was incurred in a state with a longer SOL then NY then the NY SOL of 6 years would apply.

One of my local credit unions is Prime+0 but it has minimum rate of 6% so currently its above prime right now.

here's the part I use in my foad letters after detailing how I became aware of the account: Since you are in the business of debt collection, I’m sure that you are aware of the laws regarding statutes of limitations in regards to both legal action and reporting to credit reporting agencies. This alleged debt is well beyond both. This letter serves as notice to fully cease and desist all contact with me in regards to this alleged debt. You have already violated section 1692 f of the Fair Debt Collection Practices Act. Specifically you are in violation of the parts forbidding unconscionable means to collect or attempt to collect. I have little doubt that any judge or jury would consider an attempt to collect on a debt that is years beyond the statute of limitations for reporting and legal action conscionable. Be aware that I will not hesitate to invoke my rights under the protections offered to me by both state and federal laws.

Chase checking is free with direct deposit and a transfer from my ING account qualifies as direct deposit.