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Credit Card Debt Statute of Limitations by State

June 16, 2013 by  
Filed under Blogs, Credit Cards

by: .
Statute of limitations for credit card debt

statute of limitations is a type of federal or state law that restricts the time within which legal proceedings may be brought.

It exists to limit the amount of time creditors and debt collectors have to file law suits over unpaid debt.

CreditFirm.net has compiled this table which lists the statutes of limitations of credit card debt for each state. 


Statute of Limitations

Alabama3 Years
Alaska3 Years
Arizona6 Years
Arkansas5 Years
California4 Years
Colorado6 Years
 Connecticut6 Years
 Delaware3 Years
 District of Columbia3 Years
 Florida5 Years
Georgia6 Years
Hawaii6 Years
Idaho5 Years
Illinois5 Years
Indiana6 Years
Iowa10 Years
Kansas3 Years
Kentucky15 Years
Louisiana3 Years
Maine6 Years
Maryland3 Years
Massachusetts6 Years
Michigan6 Years
Minnesota6 Years
Mississippi3 Years
Missouri5 Years
Montana8 Years
 Nebraska4 Years
Nevada4 Years
 New Hampshire3 Years
New Jersey6 Years
New Mexico4 Years
New York6 Years
North Carolina3 Years
North Dakota6 Years
Ohio6 Years
Oklahoma5 Years
Oregon6 Years
Pennsylvania4 Years
Rhode Island10 Years
South Carolina3 Years
South Dakota6 Years
Tennessee6 Years
Texas4 Years
Utah4 Years
 Vermont6 Years
Virginia3 Years
Washington6 Years
West Virginia10 Years
Wisconsin6 Years
Wyoming8 Years


Note: This table shows the statute of limitations on written or open-ended contracts to which credit card agreements comply. State laws are subject to change. This table is current as of June 13, 2013.


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Why Closing Credit Cards Destroys Your Credit

by: .
impact of closing credit card on credit score

Managing your credit can be overwhelming. The slightest action can have a long term negative impact on your credit score and cost you thousands of dollars in interest payments.

Let’s take a look at the most common mistake consumers make while working on their credit.

Closing Old Credit Cards Accounts


Although it is logical to think that paying off your credit cards and closing the accounts should increase your credit score, the reality is actually quite the opposite.

    • Closing your credit cards will lower your credit score because 30% of your credit score is calculated by how well you manage your debt and use your available credit. Ideally, you should use no more than 30% of the credit limit on your credit cards, meaning if you have a card with a $1,000 limit, your balance should never exceed $300.
    • Closing old accounts will lower your average length of history and decrease your credit score. 15% of your credit score is calculated by the average length of your accounts.
  • Closing your credit card accounts may put your mix of credit out of balance and decrease your credit score. 10% of your credit score is calculated from having a good mix of credit. This means that you should have a mix of both installment accounts such as mortgages, auto loans, student loans, and revolving accounts such as credit cards.

Most debt counselors advise consumers to close old credit card accounts so that they won’t be tempted to incur more debt.

Although it’s a great way of cutting off the temptation to use your credit cards, it absolutely destroys your credit score.


Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

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Lowering Your Credit Card Interest Payments

February 12, 2013 by  
Filed under Blogs, Credit Cards

lower credit card APR

Monthly credit card payments on high interest credit cards can quickly derail a consumer from a fiscally responsible path and throw even the best budget out the window.

Once compounding interest begins accruing on a consumer’s credit card balance, the race to minimize the damage begins as the balance grows and the amount of the monthly payment applied to the principle  declines. But, there are a few ways to cut down on your monthly credit card interest payment and save you money.

oneBalance Transfers. Transferring your high interest credit card balance to a new credit card with a low 0% interest rate will give you the opportunity to pay off the balance much sooner as well as saving you thousands of dollars in interest payments.

twoPay early and often. The monthly interest fee which your credit card company charges you is calculated by your average daily balance. The sooner you make your payment, the less you will you will owe in interest. In fact, making multiple small monthly payments as often as you can will also lower the amount of interest that you are charged.

threePay on-line. Due to the fact that mailing and processing of your payment may take 3-5 days, that’s an extra 3-5 days that your account accrues interest. Paying your bills on-line will save you money by assuring you that you payment is processed immediately.

Ask for a special financing. Your current credit card company can actually give you the same promotional offer that others extend to new clients. This means that you can get a 0% APR for a fixed term from your current credit card company, just ask them.

fiveAsk for a lower interest rate. If your credit card company isn’t willing to offer you special financing, request a lower interest rate.  Just make sure that your account is in good standing and that your utilization rate is 30% or less. (Meaning that your balance is 30% or less than the credit limit.)

Follow these tips to save money and get out of credit card debt.

If your interested in hiring a professional credit repair agency to fix your credit report. Give us the opportunity to serve you.


Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

MasterCard to Begin Selling Customer Data

October 23, 2012 by  
Filed under Blogs, Credit Cards

by Credit.com

mastercardMany consumers use their credit and debit cards on a daily basis to make all sorts of purchases, and now it seems one of the world’s largest processors of those purchases is willing to sell consumer data to advertisers.

MasterCard – the world’s second-largest processor of debit and credit card transactions, handling 34 billion per year – is now working toward a deal with targeted advertising firms that will give those companies access its customers’ transaction histories, according to a report from the Financial Times. In particular, this data will be used to allow marketers to more effectively identify and target consumers who are more likely to purchase the products they offer.

The company has looked into such a decision in the past, but last year decided there were too many legal and regulatory pitfalls to navigate to truly be worth the trouble of entering into these partnerships with targeted advertisers, the report said. However, MasterCard already has the capability to use transaction histories to determine which consumers are more likely to purchase certain items, and is now pitching that as a selling point to marketing firms.

MasterCard confirmed to the news agency that it has been working on the initiative in earnest since February, the report said. However, it also says that maintaining consumers’ individual privacy was something to which it was quite committed; that the data sold to marketers would remain anonymous and is aggregated into groups, rather than individually. Instead, it claims the transaction data it collects is tied to credit card numbers only – though it does not share those with the advertisers for obvious reasons – and not consumers’ names or other data.

This plan is apparently not dissimilar to information shared by other major credit card payment processors with marketing firms, the report said. Visa, for instance, allows retailers to send consumers text messages based on credit card transactions – though customers have to opt into the program, and receive discounts in return for their participation. Meanwhile, American Express aggregates consumer transaction data as well, but also keeps it anonymous.

Many Americans may be concerned about the way in which these actions will affect their privacy, and that is a worry shared by federal policymakers and consumer advocacy groups alike.

Credit.com (http://s.tt/1qFC2)

Seasons Greetings From: Your Credit

October 19, 2012 by  
Filed under Blogs, Credit Cards, Credit Score

seasons greetings

The holiday Season is here, the kids are in school, Football is back, hockey is … forget about hockey.  Pumpkins, costumes, candy, turkey, and last but certainly not least, gifts.  What a wonderful time of the year, what can possibly spoil all the fun?

Answer: Your Credit!

Beginning in October and rolling through the New Year, household spending drastically increases.

  • Halloween requires candy, decorations, costumes, and extra cash if you’re going out.
  • Thanksgiving requires turkey, a fancy feast, travel expenses.
  • Every Black Friday promises to be the sale of the century, herding customers outside of their stores at ungodly hours of the night, shopping for everything from televisions to toaster ovens.
  • Christmas requires gifts, a tree, decorations, and another fancy dinner.
  • New Years Eve requires a party! Friends, drinks, hors d’oeuvres, possibly even tickets to an event or concert, and yes, yet another fancy dinner.
  • But wait, there’s more. It’s cold, time to turn the heat up and hook up all of those icicle lights and holiday decorations. There goes your gas and electric bill.

This is the time of the year which credit card companies covet the most. Why? Because staring in October,credit card balances rise higher and higher, they bump against credit limits and even break through causing millions in fees and even more in increased interest rates.  All in the spirit of FUN.  But what’s fun about credit card fees, 30% interest rates, and crippling your credit score?

This is a time of year that many people look forward to, resist the temptation of blowing up your credit cards and ignoring your credit.  You’ll thank yourself in January.

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