I was wondering how long something has to be on your credit before it goes away...I heard after 7 yrs.?

Answer 1

7-10 yrs depending if it's a bankruptcy.

Answer 2

I believe it is 7-10 years, depending on your situation. And I don't think it goes away, they just watch your actions after the initial 7 years and then maybe your credit will be better. You just have to make sure your bills are all in good standing and stay on track with things, then the creditors might consider you a good risk again. Good luck.

Answer 3

7-10 years.

dont file bankruptcy!!

Stold this from Dave.



The Truth About Bankruptcy
Myth: I'll just file bankruptcy and start over; it seems so easy.
Truth: Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage.

Bankruptcy. That word sends chills up the spine. If you're facing the prospect of bankruptcy or you're in the middle of it right now, you know it's a living nightmare. It can devastate your job, destroy your marriage and steal your peace of mind.

Kathy called my radio show, ready to file bankruptcy. Her debts were overwhelming, and her cheating husband had left with his girlfriend. The house was in his name, as was all the debt except $11,000. Kathy was 20 years old, and her brilliant uncle - a lawyer from California - told her to file bankruptcy. Kathy was beat up, beat down, and deserted without help, but she was not bankrupt. When her soon-to-be ex-husband ends up with all the debt in his name, he may be bankrupt, but Kathy won't be.

Why Avoid Bankruptcy?
Bankruptcy is not something I recommend any more than I would recommend divorce. Are there times when good people see no way out and file bankruptcy? Yes, but I will still talk you out of bankruptcy if given the opportunity. Few people who have been through bankruptcy would report that it is a painless wiping-clean of the slate, after which you merrily trot off into your future to start fresh.

Don't let anyone fool you. I have been through bankruptcy and have worked with bankruptcy for decades, and it is not a place you want to visit. Bankruptcy is listed in the top five life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report.

Types of Bankruptcy
Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for seven years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud.

Most bankruptcy cases can be avoided with proper help, such as Dave's certified counselors and the Total Money Makeover. Your
Total Money Makeover may involve extensive amputation of stuff, which will be painful, but bankruptcy is much more painful. If you take the thoughtful step backward to get on solid ground instead of looking at the false allure of the quick fix that bankruptcy seems to offer, you will win more quickly and easily. I know from personal experience the pain of bankruptcy, foreclosure, and lawsuits. Been there, done that, got the t-shirt, and it is not worth it.

The New Bankruptcy Law
On April 20, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The law was enacted on October 17, 2005. There were many changes to the old law. Among the two changes most talked about are the requirements for pre-petition credit counseling and post-petition financial education. Credit counseling (sometimes called the “ticket-in” or “part 1”) will be required prior to filing the bankruptcy petition. For Chapter 7 and Chapter 13 bankruptcies, financial education (sometimes called “debtor education,” the “ticket-out” or “part 2”) will be required prior to discharge of the bankruptcy.

Answer 4

Seven years for ordinary credit report items. Ten years for bankruptcies and tax liens.

But there is one big gotcha. If you have a six-year-old delinquent account that you decide to clear up, and you negotiate with the creditor or collection agency to make a payment and close the account, that will reset the clock and make it current. Therefore, even though the account is closed, the record of the fact that it was delinquent for six years will stay around for another seven years.

Answer 5

The magic number is 7 years...BUT BE CAREFUL! It's 7 years from the date of last activity. One rule of thumb...if your considering paying off charged-off debt consider your last date of activity before considering it. If it's recent activity then yes, go ahead and pay it...if it's old DON'T! If you are inquiring of bankruptcy...it's 10 years! Good luck!

Answer 6

7 years from the date of last activity.

Answer 7

Yeah depends what it is...7 years sounds right. Forcloasures on properties are bad right now with interest rates increasing and sales at an all time low...that's the predicament I'm dealing with...trying to avoid that.

Answer 8

It depends on what is on your credit report...like bankrupcy, collections, settlements. Here is a really good web sight for you. All the answers you need....You can also ask questions by e-mail or phone.
www.ftc.gov

Dont forget that credit reports are free to all once a year. www.anualcreditreport.com

Answer 9

10 years. That is if you don't get in trouble again. Are you paying your debts?? or declare bankrupt. Because if you did not declare yourself bankrupted, it's going to be a long, long, time.