Statue of limitations for credit card debt. Please help!!?

Question

I have credit card debt from when I was 18. (I'm now 26) I live in new york and the statue of limitations is 6 years. I want to purchase a new car and just have a clean slate and I don't know how to go about this debt. I know they can't legally contact you after 6 years....does this still remain on my credit report and should I contact each company and negotiate a deal...(in writing of course). I'm unsure of what to do. Please help??

Answer 1

A charge off stays on your credit file for 7 year.  You can request your free credit reports from annualcreditreport.com or call them toll free

@ 1-877-322-8228 for all 3 free reports.

Answer 2

Get copies of your credit reports and see what's on them.  Bad debts should remain on your credit report for 7 years although if a judgment was rendered against you, it will be there longer - 10 years and can be renewed for another 10.  Once you find out where you stand, ask again.

Answer 3

Statute of limitation is different in every state but credit reporting IS NOT.  Negative credit will remain on your report for 7 years .This is calculated from the 90th day you were late on payment.  If it has been 8 years (as you indicated) it will no longer be on your report. Credit companies can (and will) still contact you for the debt you owe even after the statute of limitations has expired.  If you write them a cease and desist letter they are required by law to stop contact but they may still take you to court if they choose to.  Most companies will not go through that trouble because if you prove in court that the statute of limitations is up they will not be able to collect.

Answer 4

Well it actually depends on the date of last activity/delinquency of the debt.  Anytime you make a payment on the debt the 7 years restarts.  It doesn't matter if the account is 7 years old.  Its from the date the delinquency is reported to the bureau.

Answer 5

Regardless of the statute of limitations which goes by state law, your past indiscretions fall off of your credit report after 7 years per federal regulation of the credit reporting agencies.. The car dealer will probably check nothing but your credit report.

Before applying for a loan, check for yourself what is on your credit report by visiting http://www.annualcreditreport.com

That being said, you do know what a horrible idea it is to take out a loan on a depreciating, consumable asset????? Don't do it. Save your money until you can actually afford a car.

Answer 6

I believe credit card debt falls off your record in 7 years.  If it is over 7 years old, you don't do anything about the debt.  Pretend it doesn't exist.  First thing to do, is to see what exactly is on your credit report. The federal trade commision makes the big 3 agencies provide a free annual report to any who request it.  This report will not provide a credit score, however, will liste all delinquincies, defaults, late payments and such.  I pasted the link below.  

https://www.annualcreditreport.com/cra/i...