@Tink1o5 wrote:
Ok so I have quite a bit of debt, i wont get into the story of how i have so much, but i do know that the 7 year statue of limitations is coming up in 2 years (approx) and will be "falling" off my credit report. Will this help my credit score at all???
statute of limitations, SOL, is a legal term in regards to the time limit they can sue you and win on a debt. This varies from state to state..
The credit reportimg time period, CRTP, is roughly 7 1/2 years from the DOFD on a collection debt (there are different time periods for different debt)
"falling off" debt doesn't mean uncollectable, just means the account will not show on your report. They can come after you for it past this time period.
Yes, if negative entries fall off, your score should increase but negatives are not the only thing that impacts scoring. Payments, util, credit mix all factor in
-scott
Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Starting Score: 559