No, you are mixing up the State's Statute of Limitations and the CRA's allocated reporting time. Two different situations.
By paying on an old debt yes it does start the states statute of limitation ( of how long they can legally sue you in your state) but since you've paid it off in full it makes it a moot point
The Credit Reporting Agencies will keep on for 7 and half years of you DOFD whether or not you've paid, are paying or going to pay in the future. once it has reached 7.5 years it should automatically fall off.
yea I got approved I put 1000 on the card to show a High limit,,,im sure my score will go down in the begining but approve later,,,,that makes my second card. actually thinking of getting another secured card to show that I have 3 revolving CC accounts...... Im trying to put myself is as good position as I can to purchase a home in March of 08....
You know what might be the best thing to do since you are working on cleaning up your report to get a mortgage? Print out a copy of all three of your Reports with scores. Do this so you don't get a hard inquiry, and bring them down to your local bank, mortgage lending division and just talk to the mortgage lender and have him/her advise you on what you can, should or shouldn't do and what will it take to get the best rate so forth and so forth. You have to remember in some circumstances what looks good to FICO may not look good to a prime mortgage lender.