2006-06-13 09:57:43 · 12 answers · asked by ramzi602001 1 in Business & Finance ➔ Credit
Unless you are about to buy a house it will be used against you. You have seven years to pay it off. Some times before the seventh year comes up the collection agency sell the debt to another collection agency for the same price of the debt or higher.
LC
2006-06-20 06:11:45 · answer #1 · answered by littlebit 5 · 0⤊ 0⤋
Each state has a statute of limitations on old debt. After a finite period of time, you legally do not owe the money. But one phone call, one payment; any activity by you will start the clock over again.
If the debt was charged off in 2000, it must be at least 7 years old now. Find out your state's limits and then you can request the credit reporting agency to remove it.
Just don't call the creditor or collection agency!!!!
2006-06-17 17:14:06 · answer #2 · answered by Paula M 5 · 0⤊ 0⤋
If there is still a balance on the account then NO. You may have the best intentions of paying off old debts but if you do, then the bad credit from that time up until now will affect your credit score VERY negatively. it's better to leav eit alone and count your blessings. And another thing; things don't leave your credit after 7 years. They will follow you forever, it's just that after a certain amount of time they don;t affect your credit score, but they certainly never go away.
2006-06-13 17:02:00 · answer #3 · answered by Thank You..Come Again 2 · 0⤊ 0⤋
Depends on if they keep updating on your credit report. Pull an updated report and see when the last time they filed with the credit bureaus. If it has been over 2 years since they have then don't worry about it cause it will come off in 2007.
2006-06-13 17:02:41 · answer #4 · answered by Shelby L 1 · 0⤊ 0⤋
Wow, ever since 2000, your credit score's been dropping. If you plan on doing anything that checks your credit, like buying a house, a car, and just about anything else, you'll want to take care of that soon.
2006-06-13 17:03:05 · answer #5 · answered by Kyle 3 · 0⤊ 0⤋
If you don't pay off past debts nothing really will happen until you try to take out credit or loans. Before they will let you do that you will have to pay the debt off.
2006-06-13 17:00:55 · answer #6 · answered by cutie pie 5 · 0⤊ 0⤋
It will be dropped off of your credit report after 7 years.
2006-06-13 17:02:50 · answer #7 · answered by TexanCris 2 · 0⤊ 0⤋
Was is charged off in the sense of they dropped your balance and you closed the account... or charged off due to bankrupsy?
2006-06-13 17:01:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
They only stay on your credit for 7 years. I would wait. Sometimes those creditors forget all about you, too.
2006-06-13 17:01:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If it is going against your credit report/credit rating, then yes you should be extremely worried about this.
2006-06-13 17:01:08 · answer #10 · answered by shoe2222 4 · 0⤊ 0⤋