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Statute ran out


mkr_00
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I have a 5 year old $5000 credit card from college. The statute of limitations has run out in TX. Would I be better off paying and having a paid charge off, or waiting 2 more years for it to be deleted? Also I am trying to pay off my old debts. Is it better to pay the older ones or the newer ones? Is it better to pay of small ones or save and pay off large ones? Thanks for any info.

Keith

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keith,

what is your objective? By that I mean, are you trying to clean up your credit because you want to make a major purchase soon or you simply want to repair your credit?

If you can wait two more years why not wait to do that. making a payment now would only re-start the DOLA (Date of Last Activity) from the date you make the payment and would stay on you CR for 7 more years from there, with the negative mark. Not sure you would like that.

Do you have any collections or are all these charge-offs? If the SOL has passed on these debts, why do you want to re-start the DOLA? Again I'm not sure what your aim for paying them are.

If you have not already tried, dispute them as not mine with the CRAs, there is a possibility you might get some deletions that way.

If you have collections, you can always DV the CAs. Once paid, they will all re-start your DOLA, a paid collection is just as bad as an un-paid one.

I would say if you must/have to pay, pay the more recent ones first, those whose SOL has not ran out.

BRB

Again all to this depends onyour main objective

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That being the case, certainly try disputing the TLs with the CRAs, if they are unable to verify (which they are not more often than they are, especially with it being that old) you could get them off your CR sooner than the 7 year. I've had mine dropped that way and they were 5-6 yrs old.

Give it a try, you have a good chance at it, the worst they could say it yes it's urs, plus you only have 2 more years for it to fall off naturally anyhow.

Disputes usually take 30 days from date of receipt plus 5 days for the CRA to respond back to you. If they don't repond to you within that time frame, they HAVE to delete the TL.

Also keep in mind that although a CO is negative, it has been on you CR long enough to be part of your overall score calculations, so might be a good idea to add a positive TL or two to counter balance it/them.

Check out the dispute sample letters on this site, that should get you started :wink:

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