how long does it take for your credit to be erased because i owed about $7000 in credit card debt about 7 year

Question

how long does it take for your credit to be erased because i owed about $7000 in credit card debt about 7 years ago..dont your bad credit goes away after 7 years by itself ...or do i have to file bank ruptcy or something like that? what should i do ,,,im hoping my bad credit just goes away so i can start everything over...and this time i will be more careful with my credit..any body know what should i do with my situation because i do not want to pay the money i own since its been like 7 years that i could not use a credit card

i owe $7000 and have stopped paying my debt for about 7 years now...will my credit go away soon after 7 years..or do i have to file bankruptcy and will i be able to start all over becuase i want to apply for a credit card. i really hope my bad credit will go away after 7 years ..and if it did go away how can i find out if it did...?can any credit experts tell me.

Answer 1

Credit cards only remain on your credit reports for 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.

That date "cannot" be re-aged !!!

As far as erasing the debt, collectors can still try to collect on it.

If you are still within the collecting SOL they have a legal right to do what it takes to collect, including suing.

If you are outside the collecting SOL, they can still legally try to collect but they cannot legally sue.
Though it would be illegal for them to sue, many times that does not stop them and they may still sue.

If you are out of the collecting SOL and make them aware of it, they probably will not sue. If they do, you would have a counterclaim against them for filing on a time barred debt.

You might click on my profile and do some reading on the sites I have listed, such as the FDCPA etc. There is also a link that shows all states collecting SOL's, look yours up.
Credit cards are always open accounts.

Answer 2

Bad credit won't be erased until the debt is settled somehow. As long as you are reported as owing money, that won't be dropping off your credit report anytime soon. Your options are to make payment arrangements with them, or yes, you could file bankruptcy and include it in the debts you owe. Bankruptcy may stump you credit-wise, but it's far better than leaving that $7000 sit there uncollected.

Answer 3

It takes 7 years for collections to fall off your credit report, but depending on which state you live in, the creditors still maybe able to sue you. Check the link below for your state's statute of limitations length.

Answer 4

You're a prime example of what happens when you do not assume financial responsibility. Who is supposed to pay for your mistakes? There are things you can do to help yourself like save to your savings account and pay off your debt. Banckrupsy has a very long record also, so if you think that it's the easy way out... think again.

Answer 5

You need to check and see if the entry is till on your credit report, if it is, dispute it and then they have 30 days to respond or it will be removed.

Answer 6

It's great that you paid items off, however, it may still show as 'history' on your credit report.