Should I try and build new credit when I have old debt in collections?

Question

I have some really old debt in collections from 2002. I was told by several people to just let that debt fall off my credit report since the Statute of Limitations is like 7 years.

What I want to know is, can I go out and get a secured credit card so I can start improving my credit?

Would this even be worth my time to start now, like, will my credit score go up even though I still have the old debt on my credit report?

Thanks for all the help!

Answer 1

It really takes 7 years plus 6 months to fall off. At this point in time do not admit to it nor make a payment because that will reset the clock, besides you are past the statute of limitation. Getting a secured card will help your score will initially go down but if you are responsible it will help.

Answer 2

http://www.myfico.com/

Answer 3

Their are lot of websites offering free credit reports . you can try them .

(link in the source can help)

Answer 4

DO THAT IF YOU WANT. I HAVE 5 CREDIT CARDS  AND 1 ATM CARD AND 2 DEBIT CARDS

Answer 5

Depending on what the old debt is, it may not fall off in 7 years.  If they are still attempting to collect from you, it can stay on your report for a very long time.  Get a copy of your credit report and it will show when it will potentially be removed from your report.

And yes, start rebuilding your credit.  You want your positive credit postings to outweigh your negative postings.

Answer 6

AY0116, I recommend you visit a local credit restoration company. http://www.tipstoimprovecredit.com They should have some programs for you.

Answer 7

It Sounds like you are really screwed up by this problem. Hope you could get good luck here.http://debt-relief.expertips4u.info/debt...

Answer 8

you really should pay off the old debt and get the new credit card.  You shouldn't just ignore debt that you have