Line of Credit
Date: Mon, 01/09/2006 - 18:42
Hi DaisyLine of credit is referred to open ended accounts li
Hi Daisy
Line of credit is referred to open ended accounts like credit cards, overdraft credit accounts, and home equity lines of credit, store revolving accounts and other similar credit accounts.
The sol on the line of credit is the same that applies to the SOL of credit card debts because it is a part of it only.
Statute of limitations in Florida is 5 years based on the date of last activity. Since your account last became delinquent in 11/1999, you are out of the legal collection period.
After knowing the similarity between the two, talk to your credit card company and ask them to provide legal reasons on why you should pay the debt. Though, I must say that paying the debt will improve your credit ratings, but you have the rights to make a decision by yourself.
