The time that something stays on your credit report has nothing to do with the statute of limitations on filing suit. I believe the statute of limitations (SOL) is 10 years, for written contracts, in Illinois, but I do not practice there so you need to get the advice of an Illinois attorney. Most credit card agreements are considered contracts. Generally speaking, the SOL begins to run from the time of the breach of the contract, which usually is the time when you stopped making the payments. It can be extended by various acts, so it is best to consult an attorney on the matter.
Under Illinois law, the statute of limitations for a credit card case is 5 years, from the date of last activity. (Technically, each time a credit card is used, a separate unwritten contract is created).
Robert T. Kuehl
Kuehl Law, P.C.
Pull your credit report to show when the last payment was made on the account - or pull your bills to see when your last charge was. Use www.annualcreditreport.com to pull your report. Decline any additional offerings on the site.
I am an attorney licensed to practice law in Ohio and some Federal Courts throughout the United States. I am not answering your question to solicit you as a client and there is a good chance that I am not licensed to practice law in the state that you reside. I hope that you find my assistance beneficial and, at most, use my advise as a finger pointing in the right direction. An attorney client relationship is not established by posting back and forth online. One of the most beneficial aspects of working with an attorney is the attorney client privilege which does not exist when you post personal facts online to faceless strangers. Hire an attorney if you want specific legal advise. If you cannot afford one, call your local bar association or search "(your city) legal aid" online. The fact that you took the time to post your question online likely means that you could use the aid of an attorney. Call around your area and see if any local attorneys offer free consultations.
From the date of default. The date of the first missed payment. If the date of default is listed incorrectly that is a clear violation of the fair credit reporting act, which in this specific case applies to any creditor reporting your activity to the credit bureaus. This violations comes with a $2500 statutory fine, plus attorneys fees. A good consumer attorney or debtors attorney should be able to understand and apply this to your benefit.