My credit history is extremely bad, and there is no way to revive it. But i have heard that if ur credit score is negative, then after 7-9 years the score will be come zero, and then u can start building ur credit hitroy again. Is that true?
2007-01-02 22:39:22 · 5 answers · asked by rm99999 1 in Business & Finance ➔ Credit
I say it a million times a day Credit is subjective and is not ever permanent. I have seen some of our clients increase their score by 100 points in 1 year. It takes work and as previously states will not happen over night, but it will happen.
1. Pay on time ( 35% of your FICA score )
2. Don't Carry a lot of credit ( 30% of your FICA, the more debt you carry the the the risk you are)
3. As previously stated get a secured card and make sure it is reported monthly to your credit
4. Don't allow others to inquiry on your credit, don't apply for anything new.
5. U can get your utilities to report your good payment history if you ask.
It does take 7 years to clear most things in 10 you will be doing great. The fact is that if you do all of these things it may take a year or two but you will greatly improve! Chin up bad credit is not the end of the world unless you didn't learn your lesson and don't do anything about it!
Kourtnie Donihoo
Debt analyst
The E.D.A. Group
2007-01-03 00:02:22 · answer #1 · answered by Kourtnie D 4 · 0⤊ 0⤋
No, that is not true. Collections and judgments drop off in 7 years, bankruptcies drop off in 10 years. Your credit will never drop back to 0.
It might not be as hopeless as you think. You can start improving your credit by getting a secured credit card, for example from a company like Orchard or one of those credit cards like it. You can do a search for "credit cards for bad credit". Get one or two of those and pay at least the minimum monthly payment, more if you can.After a few months, you will see your credit scores start to improve. It won't happen over night, but it can be done by establishing new good credit.
2007-01-02 23:01:04 · answer #2 · answered by kelly h 3 · 0⤊ 1⤋
No, negative items will fall off after 7 years. Items can be added and deleted all the time. I recommend credit repair as your solution.
2007-01-03 06:45:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It takes six years. If you pay your debts and get letters of satisfaction it is a lot quicker.
2007-01-02 22:42:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
pay your bills on time or go bankrupt
2007-01-02 22:48:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋