Old Credit Card

[draupida]

I am trying to clear up my credit and found an old credit card on my report from 2003 that has been charged off as a bad debt. I live in Florida. But it also say it was recently updated in March of 2008. So can they come back and sue me in small claims court. I just went through this with Capital One. Also, what exactly happens if you have a judgement against you? I live on SSD and own no property other than a car and my bank account.

 

[presutin]

They will try to make you pay for the amount owed. You will need to negotiate with them (if you want this to go away) payment for this debt. Be proactive, contact them and try to see what you can do to take care of this situation. If not, when they take you to court, state your financial situation to the court.

 

[Zclocker]

Many times if you contact a credit card company for an old debt, they will settle for much less than you owe. Sometimes as little as 25% of the total debt. Contacting them would be your best option.