Statute of Limitations near

[ponygirl]

Hello Chane,

I have a few old debts, the statute of limitations is up on nearly all of them. I have not had a credit card in nearly 7 years. A year ago I took out a car loan with high interest, and recently applied for an Orchard bank credit card for $300 limit, which I was approved for. I am wanting to rebuild my credit properly. I realize I owe those debts and looked at trying to pay them off in the past years. Being that they are so old, they have been charged-off and/or put into collections. I don't want to start the statute of limitations over, but I want to improve my credit. Since applying for and receiving the Orchard bank card, I have gotten a few collections letters about paying off debts at 50% off. Will this help my credit? Not sure what is the right thing to do or how to continue to rebuild my credit responsibly.

Thanks for your help,
ponygirl

[Trish]

You will not restart the SOL on any debt unless you enter a new arrangement with the CA/OC.

As far as paying off the collections......they will NOT help your score unless they are deleted.
Have you tried disputing the accts? If they are really old and the CA is trying to settle, you could try a PFD (pay for delete).