Is the Statute of Limitations on credit card debt, determined by the state you currently live in or where the debt originated?
I have a debt that I stopped paying on in Jan 2002. I acquired the debt while living in Texas and stopped paying it while living in Texas. my husband is military so we have lived in Missouri for the past 4 years.
The SOL for TX is 4 years for open accounts (credit cards) and for MO it is 5 years. either way, the SOL has run out on this debt, however I am still wondering which would apply to us since we are military? we claim TX as our home/residence.
Thanks!
Your credit score is a number based upon your credit report. as you grow in life you will find that it is one of the most important number affecting life and finances. The higher the credit score, the better it is. A higher score can help you find loans with low interest rates and quick turnaround times for approval. The more you understand your credit score and the factors that affect your credit score the easier it will be for you to keep your financial health in order. The following 5 critical factors affect your credit score in a major way. by knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum. get all information about it at: http://www.credit-card-gallery.com/artic…
Hi,
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There is no SOL on credit card debt. that is a myth. it is your debt and will be forever.
An old unpaid credit card debt is usually sold to a collection agency that will try to collect and/or sell it to another collection agency. it could haunt you forever.
The right thing to do is pay it.
Good luck.
Edit: So it's not a myth? How do you explain this http://answers.yahoo.com/question/index?…
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You should get some Live 105 hosts to do IAMAs.
Housing is more affordable now than it has been in nearly two decades, between the low interest rates, and fallen prices.
Alternative medicine has its place. The key breakthroughs on vitamins and anti-oxidants and other critical factors in health have come largely from that community. You're a fool if you simply ignore it. And, oh yes, let's thank the mainstream financial gurus, from Harvard and the Ivy League for their top performance this decade for looking out for our interests. Their stewardship at Goldman Sachs and Lehman Brothers and AIG and City Bank have been so important to our financial health.
Also overlooked is the impact of ultra-low interest rates, courtesy of the Federal Reserve, helping to finance it all.
That is one of the worst things you can do. Student loan rates are very low compared with consumer credit rates. Even if you have an introductory rate of 0%, the rate will go up and at that point, you have no way to convert that debt back to student loan debt. Also, student loans don't affect your credit score the way that credit card debt does. Don't do it.