if i have some delinquent balances in my history, do they drop off after 7 years, and does it help my score?

Answer 1

no, not all the time. That is somewhat of a myth. The seven years also has to do with activity related to the account not just the time that the account was on your report.

The deliquencey can stay on your report, and most will remain there until paid.
Also take note that even if the deliquency falls off - your credit history will reflect your status - becuase your history encompasses the total sum of all your credit related activity.

I suggest making arrangements to pay them if possible and not wait hoping that they fall off. Also anytime your creditor does an inquiry that will show up on your credit report.

Answer 2

Your answer depends upon several factors because credit scores are calculated on the following: length of credit profile, (how long you have been using credit) the longer you have had an account paid on time, the better. Payment history obviously, if you pay on time or not. Percentages of credit used also counts-for example if you have a car loan for 10,000 and you owe 9,800, and a credit card with a limit of 6000 and you owe 5700, that means you are using 97% of your available credit. Generally you want to stay under 50% to have a higher score. Now if your delinquent account was a public record that is going to lower your score more also than just a collection. So I realize I have not answered your question, but if it is just medical collections or a collection that wasn't a significant part of your credit history such as a loan that you payed on for a long time on time, then, yes, if you have never made a payment on the delinquent account, and its not a public record item, then it will drop off and could improve your score, but how much depends on the amount and what type of account. A delinquent account has a lesser negative impact on your score with the passing of time, so after 7 years it is not killing your score so much anyway if you have established new credit. It is possible that if the delinquent account WAS a significant account that represents many payments of your credit history that your score could actually drop when those accounts are removed, since credit scores are also calculated on length. One more thing, keep in mind that 7 years is calculated from the last date of activity, so if you made a payment it would be 7 years from the last payment you made!!!!! And paying a delinquent account can lower your score because it is re-dated and is npt scored as an old collection anymore, but a new one!!!The credit reporting agencies are supposedly going to fix that error in the system.

Answer 3

Legally, negative items are supposed to be removed 7.5 years (not 7) from the date you first went delinquent, assuming you have not made any payments since. By the time it gets to that point, they're so old that they aren't doing THAT much damage to your score (unless you have a lot of them) as long as you have been building a good credit history in the mean time.

Note that sometimes this doesn't automatically happen. In that case, you have to contact the credit agencies and request to have them removed. Read the forums at creditboards.com. They're a great resource for credit repair.

Good luck!

Answer 4

They are supposed to drop off seven years from the date of the final default. If you start a payment plan and then default again, you start the seven year clock all over.

One of the tricks collection agencies use is called "reaging". They buy an old debt and report it as new to try and get you to pay. This is illegal.

Once a negative item is removed, your score can change, but does not always.

Your score reflects only what is currently on your report. There is no "overall history".

I have had positive items deleted by mistake which caused my score to drop. The credit bureau said it had to be reported again by the creditor to be restored.

Answer 5

You will not be bother while you don't have any money irregardless of time. but, when you come into money or solvent, the people you owe will come back to solicite you to pay. The collectors do not have a time limit, unless you desiase or shall I say die, and then they will go to the estate or the estate excutioner. I am writing from experience.