How to Get a Credit Card Judgment Off of My Credit Report

[needhelp122682]

My question involves collection proceedings in the State of: Illinois

I hope someone can give me some direction because I'm lost. I had a credit card before I was 18 which I was really responsible with for many years. After many years my credit limit actually went up to ~25,000 because I had great credit and was paying it off all the time.

Well in dec 2008 I lost my job and I was off work for 18 months. In that time I racked up that credit card and after awhile couldn't pay for it. I thought for sure I would get a job so I had no worries about using it...but boy was I wrong.

It was about 2 years ago that I got the summons for a judgement on the case. I didn't go because I was embarassed and wasn't sure if I was going to go to jail (I was trying to get a job not go to jail!). I didn't feel like I would have much to offer than I don't have any money and I'm trying my best to make ends meet. I'm not sure if that was a mistake but it is what it is at this point.

I recently had to apply for a car loan since I was in a wreck a few weeks ago. Seeing as I've been working on paying off alot of my outstanding loans I figured my credit would be decent (not great) but it was terrible. They said it was because of the civil judgement. This judgement was showing in the amount of $5,200 which I think is pretty fair in comparison to what I owed. In reviewing my credit it said that this was a closed and done settlement as of Jan 1 2012.

I've been much more fortunate in the last year with finally getting a decent job and getting other debts paid off and I am just about ready to approach taking care of this one so I can get it off of my record. Can anyone let me know if this is even possible? Should I try and contact the bank and see if we can figure out some sort of plan to get this resolved? Is it even worth me putting effort into this or do I just need to deal with the fact that my credit is shot for the next 7 years? Any information on this situation would be really helpful because searching on google has not given me much information.

Thanks in advance for your time.

[jk]

to deal with the fact that my credit is shot for the next 7 years?

seven years?

a judgment will remain on your credit history as long as it is active.

The Fair Credit Reporting Act [15 USC Section 1681c]
(a)Information excluded from consumer reports...
(2)...civil judgments...that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

a couple sites I checked showed that to be 20 years.

can you explain what this means:

In reviewing my credit it said that this was a closed and done settlement as of Jan 1 2012.

[needhelp122682]

Thanks for the response. I don't remember the exact terminology but I'll see if I can pull it up again and find out what it was.

- - - Updated - - -

Ah that was it...its a charge off.

[jk]

a charge off of a account is different than a judgment. A charge off is simply the creditors accounting action internally for tax purposes. It does trigger the beginning of a 7 1/2 year reporting period for your credit report but since there is a judgment, it is meaningless.

[needhelp122682]

Good to know and thank you. With all of that in mind how do I go about trying to resolve this? I'm trying to be responsible after hardships and want to get this taken care of in case I do end up selling my home or need to get another vehicle or whatever it may be I can be on the mend?

[needhelp122682]

Thanks. I guess the reason I came here was I didn't know if I needed to call a lawyer.

[Mr. Knowitall]

You don't need a lawyer to contact the judgment creditor to work out repayment (be it in full, in an effort to negotiate a smaller lump sum that they'll agree - in advance and in writing - to accept as full satisfaction of the debt, or to try to work out a repayment plan (which again should be in writing).