 When paying off a credit card, is it better to close out the account or keep it open? |
| I got a loan to pay off all my debt and am not planning on using any of the cards ever again. Which looks worse on my credit: keeping the cards open but not using them, or closing them out ... |
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 What happens to an existing car loan if I were to buy another car? |
| I bought a car in 2003 and owe about $8000 on it but am thinking of buying a new one. What will happen to my existing loan if I were to buy a new car? I would still owe that right? Would they just ... |
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 Craigslist Scam? |
| Hey everyone, i sold a phone on Craigslist and a buyer was interested so he sent me an email saying that he would send me a check for $2,500. What i am supposed to do is cash the check, take $200 ... |
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 Can someone give me some suggestions on how to get a collection agency off my back? |
I have a collection agency thats bugging me on paying off my Visa credit card and at the present time, I just don't have the funds or anyway of paying it off...
They keep calling me ... |
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 What is 28% of $200.00? |
| I have a credit card and Iam also trying to figure out how much I will owe If my APR is 28% and my balance is $200.00.... |
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 Credit cards? |
| if i had a credit card, would i be charged interest even if i didn't spend anything on it?... |
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 What is it with all the stuff about paypal? |
have i missed something??
Additional Details
it's doin my head in ... |
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 Are there any credit card companies that will let a 17 year old sign up for? |
Are there any credit card companies that will let a 17 year old sign up for?
If you know of one please leave their website address below.... |
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 I have no credit rating how can i get a credit card? |
| i cant get a card anywhere because i have no credit rating. how can i get a credit rate when nobody will give me credit. what do you have to do!!!... |
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 Aren't credit card companies some of the biggest crooks around? |
| I just went over on my credit card by a few dollars because the company decided to give me a 34 day billing cycle this month. My interest was 181 and I only had 177 available credit. I paid enough ... |
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 How do I pay off $190000 in studen loans? |
| So, when I took out $175,000 in student loans to get through lawschool, pay back didn't seem like it would be a problem. However, I have graduated to a bad market and with substantial health ... |
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 I owe $100,000.00 on 22 credit cards. However, I can't afford to pay them. What legally can they do to me? |
| I know they can sue me in civil court and get a judgement against me for the owed amount plus other fees. I wouldn't even be able to pay the judgements! Will the judgement cause me to have my ... |
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 Are there credit cards for people with bad credit? Where do I get one? |
| My life is more established and I would like to get a credit card. However, I have bad credit, is it possible to get a credit card? Any suggestions...?... |
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 Clearing off credit cards - please help? |
| basically i have a credit card with vanquis bank I have used up my limited of £1000k, i pay off only the interest everymonth of £50, i am planning to pay off £800 the end of this month will my ... |
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| Is a credit score of 551 bad and can i get a car loan with it? |
| is a credit score of 551 bad and can i get a car loan with ... |
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 Do anyone out there think Salute Visa is a Scam??? |
| I applied for this card three months ago and never received any letters of approval or anything, than when I call the customer service reps all tell you something different. I even asked for an ... |
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 Can anyone stole money from my bank account? |
| i had received a mail that i am eligible for receiving 15 million dollars from some . i had given my account name & bank account no ( personal details also)to that person for transfer of funds. i ... |
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 Does anyone really think we are headed for a cashless society? |
The ceo of VISA wishes that by 2012 the US becomes a cashless society. Is this really possible? The US coin mints and currancy printers are owned by the government not banks.
Even though I... |
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TwoRedLove | Credit card debt that is 6 years old? |
should i pay it off ( the $2,000) or not? is there a statue of limitations on credit reporting? if yes, how long is it and should i just wait it out or would i still be responsible for this old debt? |
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Studly
|
Between the totally incorrect answers (such as zsleonard1997's), and the guilt trip responses like Kzlot's and lockerridge (can you hear the violin's playing in the background?)...what a bunch of nonsense!
So lets give you the facts.
For the past 6 years, the collection agent has trashed your credit history. In my opinion, you have done your "time" so you don't owe them a dime.
As Echo already explains, you may have gone over the "statute of limitations". If so, the creditor can no longer sue you for the debt. If they do, you can file a motion to dismiss based on the expiration of the SOL.
You don't give us the state you live in. Each state is a little differant.
So go to the link below and read up. It explains very clearly about the SOL and credit reporting time, and lists each state's SOL.
DO NOT pay the bill off, or even talk to the creditors about it.
Contact me if you need more info. or help |
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echo
 |
There are two different statute of limitations (SOL) that you should be aware of.
There is the reporting SOL and then there is the collecting SOL,
The reporting SOL for credit cards starts the first time you became 30 days late and never brought the account current leading to the charge off. The reporting period runs 7 years. The reporting period "cannot" be re-aged.
The collecting SOL depends on your states statutes. Some states start at the same time the reporting SOL starts. Other states have a last action statute where the SOL starts from the last payment or charge.
The length of time for a collecting SOL depends on which state you are in. Once the SOL runs in your state, you are no longer bound to pay, but, that doesn't mean a collection agency cannot call or write and demand payment. They cannot legally sue you if you are past SOL, but that usually does not stop them from trying to sue.
Check out the site I've listed. Click on Forums and do a search for your states SOL. |
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Lee F
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From what I have read in columns on MSN (Money), you are still "responsible" for the debt, BUT -- paying a debt off which is that old will do absolutely no good to fix your credit report. A debt gets listed on credit reports as 30, 60, 120, 150, and up to 180 days old. After that, the creditor writes it off as a bad or uncollectable debt, and it is so noted on your credit reports. Paying off this old debt can certainly ease your conscience, and yes - it would be the "right thing to do," if you can well afford to do it. But -- paying it off will in no way erase any bad marks on your credit reports with Trans Union, Equifax, and with Experian. If no bankruptcy is involved, bad credit reports go back for seven years. If they appear and they are older than that, you can ask the credit reporting bureaus to remove them. Good luck! |
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kzlot
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Are you stupid or something? Of course you should pay it off!
If you had lent this amount from someone else, would you even consider the same question?
It's not like the credit card companies are the evil guys forcing you to spend money on things you can't afford. You signed up with them, used more money than you had, and now you have to take consequences for your actions. Pay it! |
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Dangerous Danny
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I dont know exactly how it works but I was sued over a similar amount. They froze my bank account and I had no choice but to pay, I later found out that the next step was going to be wage garnishment. If you have a bank account be careful, if you are going to wait it out I think its 7 years but dont quote me on that one. If they havent bothered you already its probably because it would cost them more money than it is worth to come after you. If it has been 6 years you might be able to wait it out, but your credit line will be messed up. I advise to call them and make payment arrangements, sometimes they will work out a sensible payment plan with you. But its your decision, think it over carefully. |
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lockerridge
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Did you get the 2000 dollars worth of merchandise or cash that you are being held responsible for?
If you did then you think about what you should do.
As an integrity value point to you.
If you didn't then as the answer that was first said leave it alone, the credit card company has already written you off as a bad debt. It will go off your credit report in one more year. But the write off as a bad debtor wil be visible for 10 years, in my state it is anyway. |
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searay092003
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if the debt is in your name you are responsible for it until it is paid off or cleared by bankruptcy. I cannot believe your credit isnt ruined already if you have not paid on 2000 in debt for 6 years. |
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Da Whispering Genius
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I believe that Credit Reports "recycle" every 7 years, so a delinquency over 7 years will not affect your score, but bankruptcies stay on the reports for more than 7 years.
Someone out there should have a more specific answer for you --good luck. |
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Dennis O
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forever, pay it off and be done with it, you will be happy later in life |
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Waine
|
Hi, if I were you I'd pay it just because I always
pay back what I borrow as a man of integrity money isn't worth
anything compared to my own values, however I'll
post you some links which should have what you are
looking for, from the Law's point of view:
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck! |
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gum s
|
yes, pay it off immediately
Credit cards are a great source of availing credit to meet your requirements. But they can lead to a debt trap from which you will find it difficult to come out. Hence you need to keep a close watch on your credit card expenses minutely |
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zebo007
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Don't pay it, it won't increase your fico score. Leave it alone after 7 years it will disappear |
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Vadalia
 |
Yes, pay it. However, talk to the collection agency who's got the debt and get (in writing) and agreement to take it off your credit report once you've paid it. |
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min0hki
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This sounds backward, but it is better to NOT pay it.
Leaving it for another year will make it disappear.
Paying it will make it show up as a "paid collection" (or similar) for another 7 years.
It is better to have it disappear than to have the "paid collection" still show up.
Weird, huh? |
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zsleonard1997
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The problem is that if you don't pay it off some other compnay with come through and purchase your account and try and make you still pay for it. Now if you don't pay them it will go back on your credit report and stay for 70 10 years as another delinquint account. A debt can stay on as long as the company keeps selling or trading your debt. and they will do it right before your 7 year deline is to take place.
Yoiu might be able to get them to reduce to 1000 and it will be considered a settlement and that will look better than nothing at all. And soemtimes they will give a few months to pay for it |
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