We have paid off all of deibts and he started a new credit card to try and build his credit back up. (Mine is fine). How many years before his credit score goes back up?
2006-09-25 16:42:59 · 15 answers · asked by eeeeeeeeclipse 4 in Business & Finance ➔ Credit
Info on the credit report stays for 7 years (10 on bankruptcies). If the balances have been paid or settled, he needs to make sure the creditors are reporting it correctly and it may help the score a little. At the very least, it will show future creditors that he was responsible enough to clear up the debts.
If your credit is good, you can file for joint credit and pay the new debts on time. This will increase both of your scores and eventually get his back in good standing. I would stay away from credit cards and finance companies because a lot of debt with those types of debt have a severe impact on your scores compared with normal bank installment loans.
Finally, if you don't want to do joint debts, he can open a savings acct or CD at his bank and then use it as collateral until he reestablishes himself. Bank will usually not worry about credit scores when the loan is secured by savings and you will even get a good interest rate (my bank charges 2% over whatever rate the savings is earning). I've advised several people with low credit scores to take a bonus/tax refund/etc and open some type of savings so they will have it there to borrow against.
He's on the right track but it will just take time. Good Luck!!
2006-09-26 03:12:57 · answer #1 · answered by D C 3 · 1⤊ 0⤋
Negative entry stays on your record for 7 years. If he has an account with a good rating which is closed or paid off it stays on the record for 10 years.
Your husband cann wait 2 -3 years and start disputing the negative infromation with the credit reporting agencies. Most creditors The creditor has 30 days to respond to the dispute. In most cases creditors won't repond Usually the not have the resources to research the information or the infromation can be archived or filed away making verification difficult. If the creditor fails to respond the.credit reporting agency is obligated to remove the unverified information of the credit report.
2006-09-26 00:00:02 · answer #2 · answered by Charles F 2 · 1⤊ 0⤋
Bad accounts will be removed in 7 years, but it won't take all 7 years for his credit to improve.
Concentrate on making sure he pays on time with his new credit card. His credit will improve in 6 months or so. And if he maintains the good account(s) for a couple of years, the old bad accounts will start mattering less.
2006-09-26 08:50:21 · answer #3 · answered by banana_fan 2 · 1⤊ 0⤋
Just scanned quickly what others are saying; in as little as 6 months it can start to improve. Just pay the bills on time and those bad marks will start to lessen. Eventually the bad marks will completely go away. Creditors don't want to stop lending money, that's how they make it.
Just don't apply for any new credit lines and check your TRW, and dispute any charges that may be in error. In many cases if you challenge the charges, those charges will go away. Especially the older ones.
You just never know. But you can't shoot the turkey if you don't squeeze the trigger. Take a shot at it! You've got nothing to loose.
2006-09-25 23:53:00 · answer #4 · answered by tercir2006 7 · 1⤊ 0⤋
about 8 or so. The more credit checks you do on yourself the harder it is to get back up. They take off like 10 credit points if you check your credit score more than like 3 times a year or something to that effect.
Good luck. Just use your credit to survive until his is back in the green.
2006-09-25 23:51:22 · answer #5 · answered by Jimmy 4 · 1⤊ 0⤋
As soon as those bills were paid it should show up on his credit if not hopefully he has receits 2 proof it.Call the creditors & ask them why it isn't on your credit as of yet they should put it there even being late I went thru this within 30 days mine was there it took me a year to get my old bills paid up once I did my score went up.Good Luck
2006-09-25 23:53:05 · answer #6 · answered by sugarbdp1 6 · 1⤊ 0⤋
There are several factors impacting your credit score. One is length of the accounts, any deliquencies that may show up on his account, etc. There are lots of resources online on how to build your credit. In general, negative entries can remain up to 7 years, bankruptcies can appear up to 10 years. Good luck to both of you!
2006-09-25 23:47:44 · answer #7 · answered by candiceinks 3 · 1⤊ 0⤋
It might help to get rid of the revolving credit, and apply for a simple, small, unsecured loan. Pay this timely, and it would have a better impact than a credit card.
2006-09-26 01:00:27 · answer #8 · answered by Anonymous · 1⤊ 0⤋
If he files bankrubancy, then in 2 years his "bad credit will be cleared and can start all over.
2006-09-25 23:53:52 · answer #9 · answered by heavens_next_angel_48060 1 · 1⤊ 0⤋
It takes 10 years to fall off the credit report. I would have him start making payments on time always(pay anything financed first and utlities last). Check your credit every quarter, checking it too often can lead tocredit going down,weird reason. Follow Suze Orman, I swear by her. good luck!
2006-09-25 23:57:01 · answer #10 · answered by KP 1 · 1⤊ 1⤋