I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit r

should i pay these credit cards i should i let it go im not sure how this works i guess im just asking for help!

I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit report?

I don%26#039;t understand the question.

You have to pay the balance on your credit cards until it is paid in full. Unless you file Chapter 7 bankruptcy, then you are not legally obligated to repay the amount owed. Of course, bankruptcy filings stay on your credit reports for 10 years (after dismissal of the case).

I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit report?

For the most part, no, but then again, the creditor could sell it to a third party collector and it would be on your account for another 7 years, it depends on the creditor

I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit report?

the clock tics after your first late payment and if you made a payment after that it starts it all over again. If you really feel to pay them then go for it, but i would insist they remove all negative info on your credit report. Send them a letter like this on after a verbal agreement. Dear Creditor,

Re: account no.

This is to confirm the settlement offer agreed upon by me and your customer service representative %26lt;name%26gt;, %26lt;phone no.%26gt; on %26lt;date.%26gt;

I really appreciate that your company is willing to work with me in settling this debt.

The amount we agreed to settle this debt in full is $_____. However, any references to late payment or charge offs on this account MUST be removed from my credit file.

If the above terms are acceptable to your company, please sign the attached letter of agreement and return the copy to me. Only upon the receipt of the ?signed agreement?, I will send you a money order in the amount stated above.

Yours truly,

Your Signature

Your Name

Encl: %26lt;list of attachments%26gt;

I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit report?

They never go from the report, with that many they flag you as a bad risk.

I have 5 credit cards that almost have 7 yrs will i have to pay after they are gone from my credit report?

After 7 years and 180 days yes they do fall off your credit report. After 4-5 years dependent upon what state you live in you have passed the statute of limitations. That does not mean collection agencies cannot try to collect on them, but it does mean you have a defense in stopping them. Many collection agencies will purchase old debt and then try to collect, even as far as taking you to court, so look up your states SOL limitations, and if they call or try to take them to court you must show up, and if they are beyond the SOL the case will be thrown out of court. They also cannot legally resubmit them to the reporting agencys as new debt.