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  1. #1
    Join Date
    Jul 2010
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    2

    Default What's the Statute of Limitations for a Credit Card

    My question involves collection proceedings in the State of: texas

    ok i have acouple questions. in texas sol is four years correct? its been about 2 1/2 years since ive paid on any of loans. im not being sued yet or anything. but wanting to know for future reference.
    when i looked at my credit report... on my highest loan that was 2.5 years ago said "date opened" 1/20/2010? how is that, i havent done anything with that loan since 07? all the rest of the things that i owe is opened in 07?
    next question, if i was to pay all this off. would it do anything for my credit score? or is it better to just let it go? i know the "right" thing to do is, but i want to know if paying it off actually helps with anything?
    thank you in advance

  2. #2
    Join Date
    Sep 2005
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    Default Re: What's the Statute of Limitations for a Credit Card

    If there is an error on your credit report, dispute it.

    The fewer black marks you have on your credit report, the higher your score is likely to be.
    Quote Quoting Texas Civil Practice & Remedies Code, Sec. 16.004. Four-Year Limitations Period.
    (a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:
    (1) specific performance of a contract for the conveyance of real property;

    (2) penalty or damages on the penal clause of a bond to convey real property;

    (3) debt;

    (4) fraud; or

    (5) breach of fiduciary duty.
    (b) A person must bring suit on the bond of an executor, administrator, or guardian not later than four years after the day of the death, resignation, removal, or discharge of the executor, administrator, or guardian.

    (c) A person must bring suit against his partner for a settlement of partnership accounts, and must bring an action on an open or stated account, or on a mutual and current account concerning the trade of merchandise between merchants or their agents or factors, not later than four years after the day that the cause of action accrues. For purposes of this subsection, the cause of action accrues on the day that the dealings in which the parties were interested together cease.

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