2007-03-27 04:18:59 · 6 answers · asked by troys wife 3 in Business & Finance ➔ Credit
it will stay on your credit report for 7 years. very hard to get a new credit card or car loan or certain jobs that handle money or expensive items. even some landlords won't rent to you. pay that bill. talk to a credit counselor and they will work with the creditor on your behalf to lower your payments and reduce or eliminate late fees and interest.
2007-03-27 04:25:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is only supposed to stay on your credit rating for 7-10 years. But, some creditors sell your debt to a collection agency after 5-6 years. Then that collection agency holds on to it for several years and sells it again. All this time they are adding interest on the debt. So I have seen some debts at least fifteen years old still showing on a credit report.
2007-03-27 06:17:37 · answer #2 · answered by True Patriots! 4 · 0⤊ 0⤋
charge off's stick with you for a minimum of 7 years & hurt your FICO scores pretty bad especially if they are on an unsecured loans.
The basic assumption is that the loaned money was used incorrectly - in any non income generating activity without having proper pay back plan by the user.
2007-03-27 04:40:10 · answer #3 · answered by Radical 2 · 0⤊ 0⤋
it can be up to seven years . you need to start building new credit low get a credit card with about 250.00 and stay with it for 6 mounths and it will start building your credit agine most creditors look at the last 6 mouths
2007-03-27 04:28:06 · answer #4 · answered by early 2 · 0⤊ 0⤋
Usually lowers your FICO to the range where you pay maximum % for any new loans (if you can get approved).
Neg reports are on for 7 years.
2007-03-27 04:24:38 · answer #5 · answered by kate 7 · 0⤊ 0⤋
most thing last up to 7 years
2007-03-27 04:58:35 · answer #6 · answered by shorty21 5 · 0⤊ 0⤋