I have some old debt on my credit should I ...........??

Question

just let the 7 year period run out on them since they're so old or what? I don't use any of my credit anyway as I pay cash for everything and my husband's credit is excellent. So we just use his I'm a stay at home mom so don't really care. What you think?

Answer 1

No you should pay them off. Credit is valueable. You should pay them off and start building your credit together.

You need your name mutually on you finances with your husband. God forbid anything happended between you two but without co-mingled assetts it will be hard to argue for your 1/2.

If you just let them run out the 7 years starts after they stop trying to collect. So it wouldnt fall off your credit for about 15 years. You and your husband split you have wrecked credit and cant prove you 1/2 of the wealth.

Answer 2

ok i see your point...but, knock on wood... what happens if your husband dies? you cant always rely on someone else. you need to pay it off and build it back up. its not easy and its not fun but you are a mother that needs to look at the all around picture

Answer 3

Check you state to see the statute of limitations on the debts.  Go from you date of last payment.  If it has been longer then the statute then they cannot collect on the debt.  If they try to sue you it will be thrown out, just use past the SOL as your defense.  If the debts are not large they probably will not sue you anyway so I would just wait and see.  You will always have an option to settle the debt if they try to sue you anyway.

http://creditcardwarehouseonline.com

Answer 4

They might take you to court. All that interest adds up.

Answer 5

If they are very small amount, wouldn't you rather pay them off, so you don't have to live in fear?

I certainly would.

Answer 6

Pay them off.  You never know what circumstances may arise where you will need your individual credit.

Answer 7

Yes you can let the reporting period run out and just fall off your credit report but you must remember this, a states statute of limitations on seeking civil judgment in a court of law is different.

You should be more concerned about that auto repossession, it could just pop up again and you might receive a summons to appear in court.

Example:  The following states have a 10 year SOL to collect on written contracts.  

Wyoming

West Virginia

South Carolina

Indiana

Iowa

And these are just a few of them.

You should check your states SOL to see if you are safe from any further collections on that car.  Here is a link to find your states information

http://www.bcsalliance.com/statute_of_li...

Hope this answers your question

Answer 8

You had the opportunity to spent that money. You really should pay.

Answer 9

Well, this question is one of just a fewww    I will not be my usual self    a total JERK!

    1st a 7-year period is a bit of a misnomer.    All creditors have the right  (in most states) to continue to request the courts for an extension, of a judgment and can extend out as long as that creditor “PAYS” legal staff to show up in court. (Most do not) The ones that do are ONE big pain in the butt.  

1.5 Judgments, understand? “Judgments” ?? are   usually the only time $$ is spent for a creditor continue to  ding  your credit report

  2nd Good job keeping your credit separate from your husbands.   Continue to do this until yours is repaired. When your credit score is ONLY 35 points below him, then you may can come out of the closet and have joint credit. Don’t hurt his credit till yours is acceptable, (I think you already understand this and GOOD job)

2.5 > god, I really want to start my smarts butt comments.

2.75 > I wont.

3rd  Use an online credit report agency. I use freecreitreport.com    Its not really free, but you can pay the $30 and see all 3 of your credit reports. MOST OF ALL they have tools you can use to start disputing your negative credit (YES) even if you owe they and you screwed up!

4th   No more, I must go back to beenig a   JERK  (check-out my questions)