I has credit card debt from when I was in college, about 8 years ago now.?

Question

Will it help my credit score if I pay it off now, or has the damage already been done and there is no need to. (P.S. I have not paid on it for 8 years)

So should i call the creditors to have it removed from my credit report? By the way, I live in Oklahoma.

Answer 1

DO NOT PAY IT. it can legally only remain on your credit report 7 years from default.. If you pay even 1 cent the timer starts over again..

If it is still on your credit call the credit bearau and Insist it is removed...

EDIT.. JAS is WRONG.. It can NEVER stay on your credit for 20+ years.. Always only 7. that is FEDERAL LAW ..fair credit reporting act.. she is refering to the fact that if the creditor got a judgement (which they only bother to do if it is a large amount of money) he can collect from you for a number of years (in most states they must sue you within 4 -7 years or the statute of limitations runs out) then if they sued you and won they can renew the judgement every ten years (they hardly ever do this as by that point they have sold the debt to a collections agency for pennies on the dollar)
However that has nothing to do with your credit report.. after 7 its removed.. period.. only bankruptcy stays for 10. It is NEVER wise to pay old debt.. especially if its over a year or 2 as credit reports rate most recents events first. by paying you are making it recent and carry more weight.. a fresh paid collections account is way worse then an old unpaid one..

EDIT:

NO do not call the creditors for any reason in some states just talking to them can start the timer over. and they will likely start sending collection letters again (even know you do not have to pay and they can't sue you at this point)

call Experian, transunion, and equifax. the three major credit bureaus to see if it is still on your credit report (just add a .com to each to see them online).. if it is contest those items as outdated and have the credit beurau remove them. feel free to email me from my profile if you get confused. you can also get a free copy of your credit report as required by LAW at

https://www.annualcreditreport.com/cra/index.jsp

that will give you a free copy of all three. good luck

Answer 2

I agree with everything Guru posted. (except Ok judgments are 5 years/renewable)

I also agree that you should check your reports to make sure it has been has been longer than 7 years since you defaulted.
Then if it has, send a dispute to the CRA's and demand deletion.
If it has been 8 years since you made a payment, it should have been deleted a year ago.

Be very thorough and check for possible re-aging of the account. If it has been 8 years and it is still reporting, I wouldn't doubt that it had been illegally re-aged.

You are definately past the collecting SOL if you live in Ok.
If the creditor or collector is continuing to try to collect, I would suggest sending them a SOL letter informing them that the debt is past the collecting SOL and no longer legally collectible.

The general SOL letter templates that you may find on the web would probably be based on TILA (truth in lending act).
Since you live in Ok., you would have to replace the TILA references with the Ok Consumer Credit Statutes (Ok. exempted itself from the TILA)

You might click on my profile and do some reading in the last link I have listed. Learn about SOL letters (and how to fit the Ok statutes into the SOL letter), Ok. SOL and consumer credit statutes, possible credit report re-aging and disputing with the CRA's, etc., etc., etc.

Answer 3

look at essential things to keep in mind so as a student doesn't get bogged down by the credit card debt.

Build a habit of shopping around for things more so for student credit cards:

When you enter a college there are numerous credit card companies waiting to offer you a credit card. Look at each one of them, it might look as time consuming initially but it will save a for you over the college years. A student credit card with lowest APR and other fees will be suitable. Look for rewards that bring additional savings to you. Remember money saved is money earned.

Budget your expenses:

Making a budget is what everyone should learn in early life. The sooner this habit is imbibed, more rewarding the financial future becomes. Budget out your expenses, and eliminate the wastes. Being frugal is not good but being wise helps.

Stick to your budget:

There are temptations to spend more and there will always be. Getting lured into these temptations is a sure shot way to run into credit card debt. Remember every purchase that you make with a credit card is a loan and has to be repaid at the end of the month with interest.

Spend some cash:

Avoid the habit of paying for everything with a credit card. This will accumulate a large credit card debt, on the other hand if you decide to pay with cash for certain items, it will keep your budget intact and promote financial discipline. Since you are spending only from what you have, not borrowing. Read more from: http://www.credit-card-gallery.com/article/249,Student_credit_card_5_tips_to_stay_out_of_credit_card_debt_and_build_a_good_credit_history

Answer 4

It depends on what state you live in. For instance if you live in NC, then you can have it removed from your credit after 7 years. But if you live in Ohio - forget it, it will remain with you for somewhere around 20 years. You might want to chat with a bankruptcy attorney or do a search on google. Or post what state you live in and someone here will probably know what the statute is in that state.

Answer 5

THE FIRST REPLY IS CORRECT. GET A COPY OF YOUR CREDIT REPORT AND LOOK AT THE DATE LISTED FOR IT TO DROP OFF GO TO WWW.ANNUALCREDITREPORT.COM ITS TOTALLY FREE. IF YOU CALL THEM TO INQUIRE OR DISPUTE ANYTHING ON YOUR REPORT THAT ALSO RE-STARTS THE TIMER.

Answer 6

check out this link:
http://www.seguingazette.com/story.lasso?tool=print&ewcd=e11e4fae920e2e6a