I know that negative items usually come off your credit report in 7 years but if you are applying for a loan for a house or a car can a bank check back further than 7 years?
2007-03-05 15:26:25 · 4 answers · asked by La Belle 2 in Business & Finance ➔ Credit
I know that negative items usually come off your credit report in 7 years but if you are applying for a loan for a house or a car can a bank check back further than 7 years? If so what kinds of accounts can they see: Car loans, old cell phones bills, emergency room visits? Please be specific.
2007-03-05 15:33:27 · update #1
Yes banks will look at your entire credit report. If it is a negative item it will drop off after 7 years. If you have an open account it is on your report as long as it is open and will stay on there until 7 years after your last payment was made.
However, banks as well as your credit score give more weight to current items. So a late payment 6 months ago has a lot more weight then a late payment 6 years ago.
Once it is off of your credit report there is really nothing for the banks to check.
2007-03-05 16:33:14 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
As a mortgage broker, we look at the credit that is on your credit report. SOme of it reports much further back then 7 years, because your account is older than that. a collection or other derogs shoudl drop off after 7 years
2007-03-05 23:29:10 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
Get a free credit report from each of the Credit bureau before you go for a loan and challenge or work on the bad then go for the loan.
2007-03-05 23:39:15 · answer #3 · answered by Johnny 5 · 0⤊ 0⤋
YES
2007-03-05 23:28:18 · answer #4 · answered by Bonita 2 · 0⤊ 0⤋