Need some help :S
Date: Wed, 06/02/2010 - 01:30
Hey all, currently I have a a 575 credit score. I have had credit cards in the past 2005 - 2006. When I had these cards I was only 18, and didnt have a sense of money management. I didnt pay any of the cards back, and till this day I still havent paid anything back.
Today I am trying to get things right with my finances. I have been doing alot of research and I have read paying these debts today could actually hurt my credit score and lower it significantly even though it is already low. Than I have read about the "Statute of Limitations" for my state. It signifies that 4 years is the max a debt collector can sue / hassle. So I obtained a copy of my credit report and found I have 4 currently open accounts that are report delinquent activity / "KD" on my credit.
I called one of the companies "Midland Credit" and talked to someone about verifying my debt. The person said that they bought the account in 2007 in which was the year my card defaulted. The person also told me that the card account was opened in 2005. I am lost here because I didnt pay any payments to the card there is no way it took 2 years for Citi to charge-off the account. I am thinking that "Midland Credit" is throwing me for a loop and actually renewed my debt. There account showed up on my credit report just last year (2009).
So my question now is, do I pay everything back? or do I wait just under a year and tell them the Statute of Limitations has expired on my debt(s). Any feed back or advice is greatly appreciated.
Today I am trying to get things right with my finances. I have been doing alot of research and I have read paying these debts today could actually hurt my credit score and lower it significantly even though it is already low. Than I have read about the "Statute of Limitations" for my state. It signifies that 4 years is the max a debt collector can sue / hassle. So I obtained a copy of my credit report and found I have 4 currently open accounts that are report delinquent activity / "KD" on my credit.
I called one of the companies "Midland Credit" and talked to someone about verifying my debt. The person said that they bought the account in 2007 in which was the year my card defaulted. The person also told me that the card account was opened in 2005. I am lost here because I didnt pay any payments to the card there is no way it took 2 years for Citi to charge-off the account. I am thinking that "Midland Credit" is throwing me for a loop and actually renewed my debt. There account showed up on my credit report just last year (2009).
So my question now is, do I pay everything back? or do I wait just under a year and tell them the Statute of Limitations has expired on my debt(s). Any feed back or advice is greatly appreciated.
Well, regardless of SOL, if you borrowed the money, ethically, y
Well, regardless of SOL, if you borrowed the money, ethically, you should repay it. My advice would be to contact the original creditor(s) and try to negotiate a pay for delete settlement. If they go for it, you could pay this off at a lower amount, clearing your credit and your conscience at the same time.