Re: What does statute of limitations mean?
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Posted by JKelly
(151.197.123.138) on June 05, 2004 at 12:18:44:
In Reply to: What does statute of limitations mean? posted by Lost in Space on June 05, 2004 at 12:09:56:
SOL is the time a creditor has to sue in order to collect on the account. SOL varies with each state. Negatives (charge offs) will drop off your CR after 7 years, starting with date of first 30 days deliquency. If you want a good interest rate, then I would say that you MIGHT be required to pay off any negatives that show on your credit report. Nothing is written in stone. People can do with get mortgages with negatives on their credit report. Not at the best interest rate though. NEVER never pay a CA. Paying a CA will seal the negatives on your
CR for a longer period of time.
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