My credit report is horrible. However, I have paid off many outstanding debts. How long does it take for my credit score to start improving? Give me advice to fix my credit report/score? Thanks.
2006-07-05 06:47:03 · 16 answers · asked by Gina S 1 in Business & Finance ➔ Credit
Does it stay on from the time it is reported, the time is becomes delinquent, or from the time it is paid off? Please answer as well. Thanks.
2006-07-05 06:51:40 · update #1
So what everyone is saying is that bad credit from the age of 18 stays with me for life? I had heard 7 years.
2006-07-05 06:52:23 · update #2
Positive info can stay on forever.
Collection accounts, public records, paid tax liens - 7 years
Bankruptcy - 10 years from date filed
Unpaid tax liens - indefinately
For collection accounts, the time starts running from the date of first delinquency that you were 30 days late and never caught up, with the original creditor.
If you paid a collection agency, you should have used a pay for delete letter demanding that they delete anything they place on your reports. If you don't do that, they may update the account as a paid collection account. Which will stay on for the remainder of the 7 years.
If you have more things to work on, I would suggest going to the site that I've listed. There is a massive amount of info on that site. And, many, many members that may be of help to you if you have questions. It is a "free" do it yourself credit repair site.
2006-07-05 12:39:24 · answer #1 · answered by echo 7 · 0⤊ 0⤋
7 years from the date it was reported, unless bankrupty or court judgement, that stays for 10 years. Yes, if the creditor is not paid, they can sell off the debt to another company (collector) and if they do not get paid by you in the time specified, they will also report you to the creit burueas, and then it takes up to 7 years for that report to go away .. etc ...
If it's a valid debt, you must pay it, if it's not valid, you can dispute it. The credit bureaus must validate the debt is accurate within 30 days or they must delete it by law, even if it's legitimate.
If it's an old debt, more than 7 years, inform the bureau that it's been longer than 7 years and they will remove it.
Most companies are only concerned about the last 2-4 years, so if you get some secured credit cards, cary a small balance and make your payments on time, your credit score will improve. It just takes time.
2006-07-05 08:35:47 · answer #2 · answered by londonhawk 4 · 0⤊ 0⤋
Unfortunatly bad credit can stay on for at least 7-10 years. They say its only on for 7 but believe me it lasts a whole lot longer. The good thing is you have started at least cleaning up your credit. Now you need to open up a new line and get some fresh credit started. Once you get new credit established your credit score will start to get higher. BE CAREFUL, you don't want to get back in over your head. Open only one or two accounts with low balances. Your score can be reflected by your debt ratio also.
Good luck, sounds like you are on the right track.
2006-07-05 06:52:06 · answer #3 · answered by Sassy Redhead 3 · 0⤊ 0⤋
It usually takes about seven years. I know. It is unfair and a nightmare. You can try disputing the reports. You have to do this w/all three credit unions Experian, Equifax and Trans Union. If the Company that put the negative mark on your credit report does not respond w/in 30 days, the reporting agencies have to remove the mark.
Good Luck!
It is an extensive and time consuming process but may be worth it. Just be patient.
2006-07-05 06:52:44 · answer #4 · answered by Just a Girl 3 · 0⤊ 0⤋
Depends, a repo stays on credit for 7 years, and a bankruptcy stays for 11 years, after you have paid off a debt and they have received payment it should be taken of immediately, but you may want to get a free credit report and check and if it is still there call them and ask them about it.
2006-07-05 06:51:46 · answer #5 · answered by LuckyWife 5 · 0⤊ 0⤋
the majority of the answers here are bullsh*it. stuff on your credit report stays there until you die, and then some. it just comes to a point where things on your report stop affecting your score. but things never go away or are removed from your credit report even if you paid off a card and left the company in good standing. regardless of how things were paid or whatever, entries into your report stay there forever. people get the 3/7 year thing confused bcuz after this length of time, 3-7 years, the stuff on your credit, assuming it's resolved or dormant, no longer have an effect on your score. but things are never removed, even if you request it. I work as a loan officer and I have pulled credit for people a lot of times. I had one where the person was deceased but I could still tell that he made timely payments on his credit card from 20 years ago.
2006-07-05 08:50:00 · answer #6 · answered by Anonymous · 0⤊ 2⤋
10 years
2006-07-05 06:50:05 · answer #7 · answered by WhiteHat 6 · 0⤊ 0⤋
well...i don't have bad credit....i'm young and just starting credit...what i've done is taken out a couple of signature loans and not really spent the money but paid it back that way it shows up something good on your report....as soon as you pay your debts off your score starts improving, you just need something on there to prove that you're better about paying things on time and stuff, it's more credible
and it doesn't take 10 years for it to improve....i think it takes 7 for everything to go off....or that's what they say for a bankruptcy
2006-07-05 06:51:16 · answer #8 · answered by jenn 4 · 0⤊ 0⤋
the company's normally report for 7-9 years. Even if you have paid off your debts , it will show it charged off , but was paid
It might be a good idea for you not to have credit for a few years
Bad credit sticks like white on rice .
One good way to reestablish credit is pay you phone, electric and and gas bills on time and also your rent, its a small way to start to reestablish credit
2006-07-05 06:59:59 · answer #9 · answered by linda the buckeye 2 · 0⤊ 0⤋
7-10 years.
2006-07-05 06:50:31 · answer #10 · answered by drubaby32698 3 · 0⤊ 0⤋