These are very important questions because I am now trying to repair my credit so I can buy a home but am not too familiar with the credit game. And I only have two things in my credit now.
1. How long can a creditor hold you in collections for?
2. and if they remove you for some reason ( pulled out my report the other day and they are no longer there, and I haven't paid it yet) can they report you back into the collection agencies?
3. Anyone have any tips on how to improve your credit?
2007-03-20 12:16:44 · 2 answers · asked by Sonnys Wifey 1 in Business & Finance ➔ Credit
The collecting SOL for credit cards in Washington is 3 years.
The collecting SOL for written accounts - bank loans etc is 6 years.
http://whychat.5u.com/States/state-wa.html
The first poster gave a very good answer for your other two questions.
2007-03-20 12:53:01 · answer #1 · answered by echo 7 · 0⤊ 0⤋
If they fell off your credit report they must have been "charged-off" for 7 years. That is the max a bad debt can stay on your credit report. They CAN NOT put it back on after that even if you never paid for it. They can call you and ask you to pay but can't sue you or report it to credit without them having you sign a new contract. As, far as buliding up your credit goes, start off with a small credit card and make your payments on time every month. Make sure to ALWAYS keep the balance under 50% of the credit limit. Once you go over 50% of your credit line, your score WILL drop. If you can't afford to pay off your credit card under 50% of the balance you can open a new card and keep a zero balance provided that the limit is higher that half of your other card. Revolving Credit rating is important to credit scores and they tally ALL of you revolving debt balances combined not just each individual card.
2007-03-20 12:28:11 · answer #2 · answered by Millionaire in training 4 · 0⤊ 0⤋