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I have a old chase credit card and I was sick many years ago and cannot pay it. The 7 years limit is about to pass very soon. And I have a good credit score again (730).
And I applied a new chase credit card. if approved, does it influence the 7 years clock?
THanks.
Thanks for answer. That is also what I believed.
The old account was closed and sold to third party very long ago.
Because of the law, It is better not to pay the old debt. Just wait it to fall out of my credit report. --
To clarify a bit, the credit report exclusion periods apply only to specific adverse items reported on an account.
The DOFD is only used for calculation of the exclusion of a charge-off or collection, which have a maximum exclusiion date of no later than 7 years plus 180 days from the DOFD.
Monthly delinquencies each have their own exclusion period of no later than 7 years from their individual dates of occurence.
As for having no reason to pay a debt once adverse items have been excluded, that is not actually the case.
Credit report exclusion prevents others from becoming aware of an unpaid, delinquent debt simply by pulling your CR and seeing an unpaid charge-off, collection, or delinquencies. Credit report exclusion does not negate the debt, and it could still become known by other means, such as simply requesting a disclosure of any unpaid, delinquent debt as part of the application process.
Credit report exclusion will often result in a creditor accepting a settlement for much less, but the debt still remains until discharged.