What happens then. I have derogatory credit however a chunk of it should be approaching 7 years. Do I have to fill out paperwork to erase my past bad record or is this automatically removed. Also any suggestions on rebuilding credit. I keep getting credit card offers to buy out past due accts that are almost 7 yrs old. Want to start life fresh with New credit as you know Life and Credit in America go hand in hand!
2007-03-01 04:42:07 · 7 answers · asked by rnhard7 1 in Business & Finance ➔ Credit
I have some info and advice for you...
first the Info...
As far as how long negative information stays on your credit history, click this link
http://www.fair-credit-reporting.com/credit-laws/credit-reporting-periods.html
This will give you an accurate picture on how it's supposed to be done and your right as a consumer
Now for the advice...
From my past experience in raising my credit score. Establish a banking relationship, meaning open a checking and saving account if you haven't already. Then see if your bank offers secured credit cards that you can open a seperate savings account to secure a line of credit. If you're able to to do that, keep low balances and pay it off every month if possible.After a year or so, the card will be converted to an unsecured account and you'll have your initial deposit with some interest to boot. Another option is to apply for one or two department store cards that offer "instant credit". Chances are, you'll be able to get one of those. Another thing is to ask a friend or a family member to add you on one of their accounts as an "authorized user" but you don't keep the card. Now you have to be careful who you ask, reason being is that you don't want to have someone who's nowhere near as responsible with their credit. It would be like the blind leading the blind. Also if you're able to get your hands on some extra cash, open a CD through your bank and then apply for a installment loan and use the CD as collateral. Don't use the money that you borrowed, just simply make payments early and often. One final suggestion is to visit this website. http://prbc.com/consumers
This is a reporting agency that you can enroll in to have any recurring monthly payments reported every month, complied into a score and use in addition to your traditonal credit reports. There's too much information on that website to discuss on here, but I'd strongly suggest checking it out.
2007-03-01 06:14:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your 'bad' credit history will disappear automatically after 7 years. You do need a credit card to begin to build your credit again, but be sure to pay if off each month. Even if you have 1 credit card, charge $20 in gas each month and pay off in full, this will begin to validate that your reliable to repay, and will increase your score. Do not apply for a large amount of cards though, as too many 'hard' credit inquiries will hurt your score. Look into your local CCCS agency and find their website. There are great tips on there.
2007-03-01 12:48:33 · answer #2 · answered by Jenn B 2 · 0⤊ 0⤋
there is no AUTOMATIC to it - companies buy old debt and re-list as new debt starting the clock again - you can have them removed but it is difficult ( and some items stay longer than 7 years like bankruptcy )- plus the old debts are not on the current report but this is the age of the computer most companies have access to a record of your credit history from birth - do you really think they ignore this because the feds will get them ? get real !
2007-03-01 12:53:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would buy a 3 in 1 report a month or so after you think all have past the 7 year mark. Then if they haven't been removed then file a dispute! Dispute is your best friend!
You can learn more at http://www.thecreditrepairmanual.com
2007-03-01 13:31:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The comments stay longer then that, I have seen some over 10 years old.
You don't get a do-over. The only thing to do know is better your credit by paying your bills. Gets lots of low cost bills, the "good comments" are not connected with $ amount, you just need to bury all of the bad stuff.
Charge backs tend to stay forever.
2007-03-01 12:49:16 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Negative credit will not just drop off but you can dispute anything negative in your account and get it removed if you need help write to me at bill67co@yahoo.com
2007-03-01 12:59:06 · answer #6 · answered by bill g 1 · 0⤊ 0⤋
No, you dont. It is automatically erased but to be sure, contact them and verify.
2007-03-01 12:46:14 · answer #7 · answered by Ted 6 · 0⤊ 0⤋