I%26#039;m a little concerned and confused. I%26#039;ve been trying to sort out my debt and went online to get my credit report on Trans Union and I see credit cards on there from 1997 and 1998. When do these drop off? I%26#039;m trying really hard to get back on track here. My twin sister opened the same credit cards when we were young and stupid and she decided to file bankrupsy a couple years ago. Her credit is back on track and mine is still horrible, and she had way more debt than me. I%26#039;m thinking I should%26#039;ve taken the easy way out like she did. She can get new credit cards now and everything and I can%26#039;t even open a bank account at Bank of America! It%26#039;s embarrassing. It all started when we started college and they offered us credit cards at 18 yrs old. What 18 yr old wouldn%26#039;t be thrilled to have what we thought at the time was %26quot;free money%26quot;? Anyways if anyone can also let me know what banks in New England would accept someone with not so good credit. I%26#039;m moving there in a couple months.
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
Well first we need to correct some people here as they obviously do not understand what they are talking about.
Dan - There most certainly IS a statue of limitations on debt. This is the length of time a creditor can legally sue someone to collect the debt. Once the SoL has passed the debtor no longer has a legal obligation to repay the debt.
Here is the link listing the statue of limitations.
http://www.creditinfocenter.com/rebuild/...
Stephen - The 7 year reporting period actually begins with the delinquency that triggered the default or %26quot;charge off%26quot; and this cannot be reset at all.
Bdancer - For like the hundreth time, it%26#039;s 7 years, not 7 1/2. This is clearly outlined in the FCRA.
Satin360 - You actually gave a good answer and I just wanted to correct one thing. Those companies that cost so much money do what is called debt validation and can easily be done on your own. You can check out the links in my profile for more information.
I was going to address the question but I see Sunflow has actually beaten me to it and given a great answer. Bravo for her!
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
Credit only stays on for 7 years. It is illegal for them to try to keep %26quot;updating%26quot; the same credit line after that time. Many companies do this in order to keep it on your credit report so you can pay up even after the Statute of Limits. Look at FCA and use it to be on your side. Also, many credit reporting companies don%26#039;t fully investigate inquiries by the consumer. They just ask the %26quot;creditor%26quot; if it%26#039;s true. Many show only a computer printout and cra%26#039;s accept it. This isn%26#039;t acceptable b/c anyone can make a printout. It maybe necessary to get a lawyer. Dispute companies asking for a copy of the original contract, not a printout. Hope it helps.
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
Some bankruptcies stay on your credit report for 10 years.
Negative credit card information only stays for 7 years -- but it is 7 years from the last activity, not from when you openend the account. For example, if you opened the card in 1997 but kept using it until 2003, it would stay until 2010.
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
I have a twin sister, too and we both made financial mistakes when we were young. We both learned from these mistakes and now we%26#039;re responsible 30something year olds :-) However, she got her act together before me. What I did is obtained free copies of all my credit reports and disputed what should not be there and paid those that were still within the statutes of limitations for my state. Those that were close to the 7 year mark, I left alone since it was going to be removed anyway. I read everything about credit dos and don%26#039;ts which I have linked below and my score tripled in less than a year.
The Fair Credit Report Act (FCRA) states that all credit older than 7 years should be removed from credit reports. If they are older than 7 years, you need to dispute it with the credit bureaus (get copies of your credit report from all credit bureaus including Equifax and Experian) to have them removed.
Are your credit cards paid for or are they collection accounts? Are they still active or closed? Sometimes they are renewed again if you attempted to pay them with a collection agency. However, if they are collections account and the oldest date is 1997 and 1998, they should be off your credit report since they are only supposed to be on your credit report for 7 years. You can dispute with the credit bureaus to remove it (see sample letters linked below).
Additionally, I%26#039;ve read that many financial experts recommend that you don%26#039;t pay old collections accounts because it can ding your credit score. Read %26quot;When paying bills can hurt your credit score at http://articles.moneycentral.msn.com/Ban...
I left some links for you which I hope helps you. You can start today by learning all about credit and how to fix it yourself and in no time, you will have good credit. It took me six months to repair and rebuild my credit and in a year my score tripled. I wrote letters, disputed, started a folder to keep organized, opened two secured credit cards and was determined to have good credit and I did it. It took patience and lots of effort, but it%26#039;s worth it. Good luck to you and know that this situation is fixable. It just takes work and effort on your part.
P.S. Do NOT listen to the recommendation of declaring bankruptcy. This is NOT the solution. It is the very LAST resort, so try fixing your credit first and dispute what is wrong. Declaring bankruptcy will be on your record for 10 years and it is such bad, irresponsible advice. I know it%26#039;s overwhelming and confusing, but have patience and read the links below to learn. Take it day by day.
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
Negatives stay on your credit report for 7-1/2 years from the date of first delinquency, not the date opened. If these items are older than that, dispute them with the credit bureaus as being beyond the reporting period.
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
crazyjes is right on the money. But I believe bdancer2 just made a typo error when she answered..
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
Hi,
I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It%26#039;s legitimate.I came across this company on NBC News.Check it out here:
http://doiop.com/creditsolution2
How long can a credit card company stay on your credit report? I opened the accounts in 1997???
You obviously still owe money on said credit cards. Until you pay it back or seek protection (in the form of a bankruptcy) from your creditors, then these cards will appear on your credit report.
There is no Statute of Limitations on credit, as far as I know, meaning that credit won%26#039;t go away with time. (Looking at it from the perspective of your creditor, wouldn%26#039;t you be upset if you lent someone money (expecting them to pay it back as part of the terms of the loan) but this person legally was able to get away with not paying you back because the loan was x number of years old?)
The easiest way to get out is to declare bankruptcy, but you then have to go through legal proceedings to determine if you qualify. Also, if you get a bankruptcy, it will show up on your credit report for a certain number of years (I believe it%26#039;s 7 years), which limits your ability to apply for new lines of credit. If you are at all able to pay back the credit cards in full, then you should. If not, then, and only then should you file for bankruptcy.
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