Department Store Charge Card
I had a department store charge card out of Virginia that I opened up back in 2002. About 2 or 3 years later I was no longer able to pay on the card and it ended up defaulting. The department store sent the account to collections after two missed payments. Since then, I've moved to Missouri and totally forgot about the debt and after about two years in my new place of residence, I started getting letters regarding this debt from a collections company.
My question is what state does the statute of limitations apply to? And, would I be better off paying this $350 debt? Or should I just wait out the rest of the 7 years? Also, if the account gets sold and resold, does the date of activity get reset? Lots of questions.
I am now at the age where buying a home and a new vehicle is in my near future and I'd like to get these smoothed out as much as I can to get my score raised.