If you have a bad credit, do they renew it after couple of years or you'll have it you whole life?

Question

Ok I am talking in the USA

Answer 1

Bad credit isn't something that gets renewed - or even stays the same. It's just like your electric bill, going up or down depending on how you use it. If you never make any efforts to improve it, it will never get any better. Unpaid debts can show up as long as they remain unpaid - which means, forever.

Here's what you can do to improve your credit:

1. Cancel credit cards, starting with the newest first. The longer you have an account open, the better it looks. They do look at "average age" of an account, and it gets factored in.

2. Get caught up with your accounts, and if you can, pay them off. The sooner the better.

3. Don't open any new accounts. That includes "90 days same as cash" deals - each one of those deals, even if you end up not getting a piece of plastic, is a credit account. The first two accounts you get in any six month period lowers your score 10 points, and another 10 points for EACH ADDITIONAL credit account.

4. get a copy of your credit report for free, at www.annualcreditreport.com right now, and every year, so you can see what accounts are open (so you can close them!!) and what accounts are in bad standing (so you can fix them!!)


Hope that helps.

Answer 2

Advice on Experian's site:

Accurate information cannot be removed legally from your credit history before the time specified in the Fair Credit Reporting Act....

Most negative information is deleted seven years from either the original delinquency date, or in the case of civil judgments and Chapter 13 bankruptcy, seven years from the filing date.


There are a couple of exceptions. Chapter 7 bankruptcy remains 10 years from the filing date, and unpaid tax liens can remain for 15 years.


You can dispute information you believe is inaccurate. Experian will contact the creditor with the dispute. The creditor then must review its records and either update the information, delete it or state that it is accurate as reported.


If you disagree with the creditor’s conclusion and cannot resolve the issue with the creditor, you can add a statement to the account entry explaining why you believe the information is incorrect.

Answer 3

if you have resolved all your bad debts , in the UK they usually expire after 3 years. You can also get debts reviewed if they are inaccurate by contacting a CRA like experian or equifax.

Stuff like being bankrupt or IVA takes a lot longer

Answer 4

Booboos take 7-10 years to roll off

Answer 5

It was 6 years on your record but now I think it is two years.

Answer 6

7-10 yrs after you finally pay them or go bankrupt, they mean. they dont just go away if you dont do anything. the only way to improve it is to never mess up again.

Answer 7

At most, as long as you work at it, you'll have sucky credit for 7years.