Repeat of question with details:
I always forget to add that it is not credit card debt.
Medical takes up about $3,000 and some old gas bills, lost library books etc, take up about $1,500.
I know with these debts if they were going to sue me they would have already.
About $1,000 is kept "current" last reporting in January of this year. But they are both medical bills. All the rest will be over two years old as of next month.
What I really only want to know.....if a lender looks at my credit and everything on there is over 2 years old how much will said lender care about the debt? And how much will they care if the current debt is only medical?
2007-02-17 14:33:45 · 6 answers · asked by ♥ Mary ♥ 4 in Business & Finance ➔ Credit
It depends on what kind of lender you are talking about. If it's a mortgage lender, if you have collections on your credit, then more then likely, you are going to have go through a sub-prime or non-conforming lender. Typically, they only look at your last 12 months credit history as far as collections go, some go back 24 months. Most don't count medical collections.
2007-02-18 01:42:46 · answer #1 · answered by kelly h 3 · 0⤊ 0⤋
They give more preference to your recent history(past 2 years), but any negative information such as current past dues or unpaid debts even over the 2 year mark will hurt you.
Also, don't fool yourself into thinking they would have sued you already. The statute of limitations can be anywhere from 3 to 6 years depending on the state. And the limitation resets if you have made a payment during this time.
2007-02-17 15:05:19 · answer #2 · answered by OC1999 7 · 0⤊ 0⤋
They look at keeping things current and not defaulting on any payments. Those are the most important. If you have had debt for the last two years that is fine as long as you are making the payments required to pay off.
It may mean going to your creditors and setting up a payment plan that you can afford.
2007-02-17 14:39:00 · answer #3 · answered by cvhuntaylor 2 · 0⤊ 0⤋
OH they will care. Will look better if you are trying to pay it off. Depends on what kind of credit you are applying for also. Debt is debt.
2007-02-17 15:04:19 · answer #4 · answered by sgtpatti 2 · 0⤊ 0⤋
a collection dings your credit till it falls off after seven years unless you do a delete for payment. If you do this get it in writing first. Good luck..........
Medical is not as bad but still bad.
I speak from hard expereince
2007-02-17 15:16:49 · answer #5 · answered by tennessee 7 · 0⤊ 0⤋
yes they do. if you pay late or choose not to pay some categories, it is only a matter of time before you choose not to pay others. credit history is there for 7 years legally
2007-02-17 14:40:06 · answer #6 · answered by worldstiti 7 · 0⤊ 0⤋