If I pay off a delinquent credit card account, how long does it stay on my credit report? And how long do credit inquiries stay on you report?
2007-03-01 02:14:02 · 9 answers · asked by Kara S 1 in Business & Finance ➔ Credit
I believe credit reports are cleared after 7 years. However your credit score changes fairly often and this is what they tend to look at. By paying off the card you can improve your score, which i s good. Often paying it off bit by bit may actually be better than all at once if consistent. Call the card company and ask them what pay off programs they have. Often they will match what you pay up to a certain amount (free $$) or they will lower your interest rate and take away late charges if you agree to a smaller payment monthly automatically withdrawn. There are, of course many different options but you first need to open a line of communication w/ the company and then stay on track. Hope this helps cause I've been there and done that.
Oh yeah, whatever you do, don't apply for cards just to get free stuff, this includes candy or soda while walking through the local mall. The credit inquiry it generates isn't worth it. Even w/ good credit scores, too many inquiries in a short period will "freeze your credit and may cost you that important loan (like house or car) you want. I don't care how much you got the "munchies", it's not worth a house!
2007-03-01 02:23:25 · answer #1 · answered by Wimpy 3 · 1⤊ 0⤋
Inquiries authorized by you can remain for up to six months. Bringing a delinquent account current is the first step to improve credit score. Your report will show "was delinquent x days - now current." Paying it off entirely will reflect your reliability and responsibility. It stays on your report for 7 years regardless but paid off delinquency or delinquency brought current raises you score over time.
2007-03-01 02:19:43 · answer #2 · answered by Joseph H 4 · 1⤊ 0⤋
It will show up for about 7 years.
I think "inquiries" drop off after a year.
You can do things now that will start raising your score. Don't apply for a lot of cards and get a bunch of inquiries.
Have one card that you use regularly but pay it off ON TIME every month. If you leave a balance on the card, make sure it's less than 30% of your credit limit.
It will take a year or so but if you pay everything on time, your score will start moving up.
2007-03-01 02:20:11 · answer #3 · answered by Faye H 6 · 0⤊ 0⤋
7-years for the credit card and 2-years for inquiries.
2007-03-01 02:46:51 · answer #4 · answered by ? 7 · 0⤊ 0⤋
Same amount of time as if you don't pay it off. The only advantage of paying it off is that it will show that the deliquent debt has been paid. So, you can either pay it and have a little note saying it was paid off after the fact or, you can save the money you would spend paying it off.
2007-03-01 02:22:41 · answer #5 · answered by B Z 4 · 0⤊ 0⤋
The payment of the delinquent account is only part of your problem. To re-establish good credit standing , you will have to be prompt in payments to all your creditors for at least a year ,or more.
2007-03-01 02:18:14 · answer #6 · answered by WC 7 · 1⤊ 0⤋
The charge will come off right away, but the blemish will stay on your report for 7 years.
2007-03-01 03:32:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Usually 7 years.
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All the best
2007-03-02 04:25:40 · answer #8 · answered by Anonymous · 0⤊ 0⤋
30-60 days
2007-03-01 02:21:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋