Probably a stupid question...

[Anonymous]

I am rebuilding.  I have 4 credit cards, a vehicle loan, a student loan all in good standing and I have the utilization down from 94% to 30%, working on that 9%.  I own my own home, and I'm in no need of getting my credit built up extremely quickly, but in the next 2-3 years would like to buy a new home.  

I have 2 collections for returned checks and am wondering about the SOL.  This is for my state..

Oral Contract: 3 years

Written Contract: 6 years

Promissory Note: 5 years

Open-Ended Accounts: 3 years

Which does a bounced check fall under?  Just trying to decide if I should let them fall off, or pay them?  They are set to be on my credit until July 2016.  

Thanks!

[dashpt]

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@Anonymous wrote:

I am rebuilding.  I have 4 credit cards, a vehicle loan, a student loan all in good standing and I have the utilization down from 94% to 30%, working on that 9%.  I own my own home, and I'm in no need of getting my credit built up extremely quickly, but in the next 2-3 years would like to buy a new home.  

I have 2 collections for returned checks and am wondering about the SOL.  This is for my state..

Oral Contract: 3 years

Written Contract: 6 years

Promissory Note: 5 years

Open-Ended Accounts: 3 years

Which does a bounced check fall under?  Just trying to decide if I should let them fall off, or pay them?  They are set to be on my credit until July 2016.  

Thanks!

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Hello....I'm not sure which SOL time frame the bouned checks fall under but looking at what you wrote and your last question me personally would let them just fall off since your not looking to use your credit until the next 3 years.....just my thoughts....

[Anonymous]

Thanks for your reply...I just want to make sure I'm not going to get sued for these debts.  I could come up with the money to pay the debts, however I'd rather use it to get my CC utilization down to 9%

[Anonymous]

Those SOL are for how long the creditor has to file a law suit. For the credit report- negative information reports for 7 years from the first late payment (or in your case- the date of the bad check).