So I have an interesting situation. I have been working on my credit for the past four years. I got into a lot of trouble in my twenties with credit so I didn’t use credit for years. I then had severe medical issue five years ago which caused me to only have medical debt on my credit reports. After my medical issue, I decided to get serious about my credit. Since I didn’t use credit for years, the only negative showing on my report was medical.
However, I had a judgement against me in my twenties (it was in 2001/2002) which was an auto repo from Oldsmobile. They garnished my wages and then just stopped the garnishment on their own (it still remains unpaid today). I don’t know why they stopped the garnishments. Now, at that time in my life, I just didn’t care or think too much about it. So now I’ve gotten my FICO 8 scores to 686, 746 and 681 (would be higher but I have a couple medical collections left on two reports and I paid off my only installment loan). Perfect credit in last four years – utilization at 3%, I’m in with big banks (Chase, Discover), 100% of on time payments for four years, one paid off car loan in good standing, decent 401K, pension, 3 months of reserves in savings, same job for four years.
I didn’t realize judgements could renew until reading these forums. Would Oldmobile renew a judgement if they are out of business? I was told the creditor has to go back to court to renew the judgement. How can they if they aren’t in business? It’s no longer on my credit report and they haven’t contacted me. I’m not being garnished.
I read that in Illinois, “a judgment is valid forever. However, judgments may only be enforced for seven years from the date of the entry of judgment or the date of the judgment’s last revival.1 A judgment need not be revived before it becomes dormant, but once dormant cannot be enforced until revived and all judgment liens based on it expire. While a judgment may be revived at any time before the expiration of its 20-year life, it cannot be revived after 20 years, unless the revival proceeding was initiated prior to the expiration of the 20-year period.”
Would this prevent me from getting a mortgage? I’m thinking of moving out of state so I would get a mortgage out of Illinois. I also read that judgements aren’t enforced out of state.
I’m afraid of waking a sleeping giant by contacing the courts. Any thoughts would be appreciated. Thanks.