getting rid of an old debt on my credit report

As the SOL is over, the creditors won't be able to sue you for the debt. However, the unpaid debt, like any other negative item, it will be mentioned in your credit report for 7 years. With time, the negative affects of this unpaid debt will be reduced. I don't think you will be able to dispute it. However, if you start payments, the SOL will restart once again and in that case the creditors will be able to sue you.

thanks for the response.

should i make a statement about it for those who come looking on there? i've got to get a credit card to help rebuild my credit, but i'm afraid that someone seeing that might be turned off.

i'm not going to start up payments again, but i would like to have it closed somehow since it's listed as open.

also, i'm wondering if i should just go ahead and apply for the card(s) and hope for the best or is there something else i should do?

Wait one minute, please. Regardless of SOL, it will still stay on your report for 7 years. I don't suggest you go reminding anyone of your debt. Just let it fall off on its own.

thanks.

i've learned my lesson the hard way about keeping old debts alive and won't be repeating that mistake.

the main thing i want to know is if i should make a note on it or something when applying for a new credit card.

i haven't had any credit cards for years because of trouble i had with them early on, but i need one now to help rebuilding and for business.

should i be worried about the open accounts that are SoL reached? or is it beyond anything i can control and apply hoping for the best?

thanks in advance.

SOL doesn't really matter much where you credit report is concerned. I would leave it be, honestly. What's the SOL in your state?

SoL is 3 years and it has been nearly 5 years.

I guess I just deal with it, then, and hope it doesn't hurt too much.

I just feel like some statement should be made or something, but i guess it doesn't matter.

Expiration of SOL has absolutely nothing to do with credit reporting or deletion.
The credit report "fall-off" dates are all pegged to the date of the relevant delinquency/derog. SOL is only a matter of consdieration in a court of law. And expiration of SOL does not, in most states, preclude legal action. It is a grounds for legal defense that must be raised in court. Exiration of SOL is not something that just happens at some date, and can be determined independently from your credit history It must be proven in court. In most states, making payments does NOT reset your SOL. But that is a matter for the judge to determine in court.

Until the credit report deletion periods have expired, the derogs will remain in your CR for 7 to 7 1/2 years from their relevant date of delinquency, regardless of any SOL issues. Any future prospective creditor will probably do a pull of your CR during their evaluation process, and the appearance of an unpaid debt will almost certainly be a killer.

well that's a bummer.

how do you fix that then?
i mean, what can you do to rebuild it? you have to start somewhere.

do i just have to wait till the 7 years is up or will some credit card company be willing to take a chance on someone in my situation?

Though a negative item will remain in your credit report for the next 7 years, you can definitely take steps to improve your credit score. You should pay off your other debts on time so that your credit report does not have any further late payments mentioned on it. Once your payments are current, you'll find that your credit scores have started improving.

The past couple years everything has been paid up to date, payments made on time.

Of course I don't have anymore credit cards and I don't have any outstanding loans (except my college loans).

I guess I should pay to get my credit score just to find out what it is. I wish I didn't have to pay for it,

Get one of those 30 day free trials somewhere and then cancel it.

just checked....607. could be a lot better, but could be worse for sure.

Nervous as can be, but I need to do something. Supposedly using up to 15% of my available credit could raise my score up 35 points. using up to 25% could raise it 33%, i believe. I don't think that keeping it under that is going to be a problem considering how long I've gone without using one.

Do not buy into the whole use this much to improve your score. Use only what you have to then pay it off as soon as possible. If you have available credit use it and pay it off that's fine.

Try Orchard Bank. They started me out with a very low limit but once you show them you pay your bills on time they will increase your limit!

what you said about orchard bank agrees with other things i've heard about them.

i'll have to give them a whirl.

how low of a limit?

i also have an add for a pre-confirmed minimum $300 limit visa from capital one, but the APR is 23.9% with a $75 fee unless they give you a $400 limit in which case the fee is $99, both of which are added right away.

is this similar to the orchard bank offer?

That's a HORRIBLE offer!!!

i'm kind of stuck without a lot of options, though. not sure what to do.

Can I ask a question? Why are you so gung-ho about getting a new card? If it's for purposes of rebuilding, then just get a secured card. A low limit card like that with a fee AND a 24% interest rate is just a crappy deal, in my humble opinion. I mean, how far is a $300 (well, $225 after the fee) line of credit going to get you anyway?