I have an unpaid credit card from about 5 years ago. I was very irresponsible then, but now, I don't know which credit card it was or how to contact them. Does it ever go away and if so, how long. I've heard 7 years, but I'm not sure.
2006-08-11 08:00:32 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
There are two different types of statute of limitations (SOL)
One is a reporting SOL (credit reports) and the other is the collecting SOL.
With credit cards, both SOL's start running the first time you became 30 days late and never brought the account current.
The reporting SOL is 7 years from that date.
The collecting SOL depends on your state statutes.
If you are still within the collecting SOL for your state, unless you want to pay the debt, don't do anything on that account. Don't dispute with the credit bureaus. Don't send letters (or call) to the original creditor or collection agency.
2006-08-11 10:06:10 · answer #1 · answered by echo 7 · 1⤊ 0⤋
Yes... 7-10 years.. however... you can start rebuilding your credit and have it perfect within a 4 years after bad credit.
Two or three years after you've filed bankruptcy, you'll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.... I learnt all about credit from my source below
2006-08-11 08:10:23 · answer #2 · answered by Anonymous · 1⤊ 0⤋
From 7-10 years depending on what the "bad thing" is. It has nothing to do with bankruptcy. You have the option of writing 100 word statement to each of the reporting bureaus explaining why you were negligient with your payment. It's helps a little when your credit reports are reviewed. Request copies of your report from all agencies and review to make sure it's on there. Then you can also try to dispute the item. This will give you more information on who holds the debt etc.
2006-08-11 09:16:30 · answer #3 · answered by SAL 3 · 0⤊ 0⤋
10 years
2006-08-11 08:03:11 · answer #4 · answered by Michael S 3 · 0⤊ 1⤋
7 years for a credit card, if you do nothing. You can also dispute and seek validation if you want to work on improving your credit. If for some reason the trade line does not come off after 7 years, you simply dispute it with the credit bureaus as "obsolete".
2006-08-11 09:13:14 · answer #5 · answered by bella_4624_19 4 · 1⤊ 1⤋
Seven years is pretty accurate but depending on the company it can be refiled on your credit report year after year. What happens is the collection agencies buy the account and they get a % if the overdue bill if they collect on it so it can hang around if it's a substaintial amount.
2006-08-11 08:06:29 · answer #6 · answered by sheri g 1 · 0⤊ 0⤋
I always thought 7 years. Is the 10 is for a bankrupty?
Also the older a problem is the less importance a lender will place on it.
2006-08-11 08:07:11 · answer #7 · answered by TC 3 · 0⤊ 0⤋
7-10 years very long
2006-08-11 08:05:37 · answer #8 · answered by 4ever21 2 · 0⤊ 0⤋
7 to 10 years depending on what is on it. Go to: annualcreditreport.com
2006-08-11 08:02:51 · answer #9 · answered by littlebettycrocker 4 · 0⤊ 0⤋
It will not go away till you pay on it.after that 7 years.
2006-08-11 08:04:52 · answer #10 · answered by lost in love 2 · 0⤊ 0⤋