i didnt pay my credit card bill for 5 years. when can i apply new card? will my records erase? when?

Answer 1

it will disappear 7 years 1 day from date of last payment

Answer 2

After 7 years 1 month from your last payment, the (probably) charged off debt will be erased from your credit report.


Have you actually looked at your credit report? The card may not even be on there. Check your credit report from all three bureaus and see what your credit is really like.


There is a stutute of limitations on the debt with only a limited number of years they can legally collect it as well. It varies by state. This is different from being reported on your credit report.


You can most likely apply for and receive a credit card from some place like Household Bank, which will give you a small limit and an annual fee. The limit goes up and the fee goes down as your credit improves. There are other credit card offers for "bad credit"


There are also secured credit cards as well if you need one to rent cars or such, and no one will give you one.

Answer 3

You can apply for a new card now... Try a company that caters to people with damaged credit (Orchard Bank). This will help you build up your credit score (make sure you pay it on time and do not run the card up to the max).

Another thing that you can do is get a secured credit card. This essentially means that you have to put up a sum of money to secure the credit card that will be issued. This will also help you reestablish your credit.

Since it sounds like this 5 year old credit card is still on your record, why not attempt to pay it off. Call the creditor to see if they will settle the debt with you in exchange for a letter stating that your debt has been settled. Once you get that - you can send a copy to each of the credit agencies that lists this negative entry on your report. This will improve your credit and you may be able to get a normal credit card (even if the interest is a little high).

Best wishes!

Answer 4

Keep in mind, the answers you were given concern how long the debt will show on your credit report. The specific company that extended you credit can continue to hold the unpaid debt against you for as long as it pleases.

If you failed to pay your Visa card, and seven years later apply for an Amex card, the Visa card issue cannot be reported to Amex. But if you apply for a Visa card after seven years, Visa can use the fact that you previously did not repay as a factor in denying you credit.

The seven year rule/law governs credit reporting, not using past experience with a customer to make a lending decision.

Answer 5

normally 7 years