Ok so in 2006 I turned 18 and due to the fact that I had bank accounts moving about $800 a month while underage due to my part- time jobs I got a lot of credit way too fast I was young stupid and in love. I made some of the stupidest purchases every racking about 8 cards to$6000 all together. And was doing real good on my payments, till I lost my job and while going through the process of starting my career they all defaulted i’m now 23 and haven’t payed any of them in 4 years I know in Florida the number is 5years but I know that everytime they sell your debt it restarts. My father keeps telling me to open a secured credit card and let those debts die out while having the secured credit card report good. Is this even possible I make descent money for my age and would like to be able to buy a house at one point in my life and I would hate for my dads advice to screw me harder than I already screwed myself. My current debt as of the other day is $14,200. Please help.
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I Haven’t Made A Credit Card Payment In 3-4 Years And Want To Fix My Credit Which Is My Best Option?
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Start with the 5 years is the statute of limitations only for being able to sue in court. The negative accounts stay on your credit record for 7 1/2 years after default. This time frame does NOT start over when a debt gets sold – that is called re-aging and is illegal. If you have not made any payments in 4 years, the default date is about six months after the last payment, which means you still have about 4 years to go before they drop off.
So, the question becomes whether you want to pay the debts now or allow them to age off your credit report. As for the secured credit card, that might be the only way you start rebuilding your credit. Talk to a bank officer about how yo get one (you’ll have to have cash to deposit in the bank which you can’t touch). If you get a secured card (with the open accounts in default, you won’t get any other type), use it for small purchases on a monthly basis and always pay off the balance. Normally, you would be able to go back to the bank in about 9 to 12 months and ask about an unsecured card, but as long as the defaulted accounts remain on your credit report with balances, you won’t be getting an unsecured card.