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Will appreciate help, Recently i had one late payment on a Topshop store card and now my credit report which was excellent has gone to fair and thus was refused a loan. I have since closed my account with topsop and desparate to know how long it will take my credit to return to its previous status bearing in mind i have a morgage credit cards and two current account!!!!!!!!!! Better yet has anyone experienced this and what was the outcome

2007-02-19 01:35:31 · 4 answers · asked by cross 2 in Business & Finance Credit

4 answers

It takes 7 years for negative items to be removed from your credit report. However, if you have paid off the loan, it should now show as paid. If you continue making all other payments ON-TIME, your credit score will gradually go back up. One late payment should not affect your score for very long.

If you have not done so, get a copy of your credit reports. You are allowed to get a copy once a year from annual credit report.com (see website below). Check every item on there and dispute any that you believe are wrong.

2007-02-19 01:43:03 · answer #1 · answered by Faye H 6 · 1 1

This will not stay on your report for 7 years. Major derogs such as bankruptcy, judgements tax liens and such are a fixture from 7 to 10 years. There is a historical delinquincies section that will note 30-60-90 day lates but will not denote where it is from. Looking at a credit file as we speak. I find it hard to believe that with excellent credit that one late on a store card was that difficult to overcome. However there is no fixed time that a 30 day late on a store card will remain on credit, and if it is your only slip, it should not even be a big deal. One note, it probably affected your score, and if the loan you applied for was score specific, that could be the issue. Are you certain you were late? It would be worth researching to see if the company made an error and see if they will remove it. Even if it was late it is worth a shot.

2007-02-19 02:15:45 · answer #2 · answered by Gary N 2 · 0 0

7 years, but the impact will decrease every year.

2007-02-19 01:46:18 · answer #3 · answered by msmith7811 2 · 0 0

used to be 7yrs i think it changed recently to 10yrs

2007-02-19 01:39:30 · answer #4 · answered by KitKat 6 · 0 1

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