My understanding is the negative information is only allowed to be reported on your credit report for 7 years. So since I completely stopped paying my credit cards last August "06" should all negative information regarding these account disappear from my credit report in August 2013? or Since the credit companies continue to report each month when does the auctual 7 years start, is it when you last made a payment at all or is it when it's transferred to collections, or is it when it's made a charge off, please help. Thank you.
2007-08-28 08:08:02 · 12 answers · asked by Mr and Mrs Doe 3 in Business & Finance ➔ Credit
I still have 2 higher limit credit cards which I have a perfect payment history with. It's not like I wont have any Credit Cards I will still be building good history till 2013.
2007-08-28 10:31:03 · update #1
It's 7-years from the date of first delinquency.
So it would depend on how long the credit card companies took to declare your accounts delinquent. Most allow at least 90-days for that so I would guess around November or December of 2013.
2007-08-28 08:15:22 · answer #1 · answered by ? 7 · 1⤊ 0⤋
The 7-year clock starts by the date of the last activity you initiated on the account. Sounds like that's august. If the credit balances are that high (13 cards) why don't you look into Chapter-7 BK? You could start re-establishing your credit in 90 days? If you are thinking of going that way, speak to a lawyer.
Final note: Do you own a home? Just because credit cards are unsecured debt doesn't mean the collection companies that by that debt won't try to put a lien on your property.
2007-08-28 08:19:17 · answer #2 · answered by loancareer 3 · 1⤊ 0⤋
2013 is a long long time and even if you survived that long without needing credit, even after all that stuff ages off you will have LOUSY (more like no credit) and will still face difficulty getting credit, as well as onerous interest rates on any credit you are offerred.
"I still have 2 higher limit credit cards which I have a perfect payment history with. It's not like I wont have any Credit Cards I will still be building good history till 2013"
Don't bet on it, virtually every card agreement has what is called "universal default" which means that even a card you have a perfect payment history on can raise your interest rate, lower your credit limit or even cancel your card altogether if you have negative activity on another card(s) If those 13 other cards get charged off and go to collections those other 2 cards aren't going to give you the chance to build further history with them good or bad.
2007-08-28 09:15:11 · answer #3 · answered by Craig T 6 · 1⤊ 0⤋
The negative information will be removed from your credit report 7 years from the date you were 30 days late on your credit cards and never brought the accounts current again. Most likely, the charge-offs/collection accounts will disappear around September of 2013.
Order your credit report from Transunion and elect to receive it by mail. It will tell you the approximate dates the derogatory items will fall off.
2007-08-28 15:07:18 · answer #4 · answered by ? 4 · 1⤊ 0⤋
Negatives stay for 7 years and 180 days from the date of last activity (DOLA) which is the date the account became delinquent. However, even that will not stop collectors from coming after you.
Since collectors are becoming more aggressive for even smaller amounts, it is very likely a couple of those 13 credit cards are going to end up in court. The collectors will get a judgment, attach your bank accounts, garnish your wages, and attach your property.
If you had 13 credit cards that you were carrying balances on, you were obviously living way beyond your means. Why don't you contact your creditors and start working out settlement one by one and clearing up your mess.
2007-08-28 08:23:25 · answer #5 · answered by bdancer222 7 · 3⤊ 0⤋
It would look better with in 7 years if you continued to pay.... having stuff payed off or showing that you are continully paying looks better on your credit report than nothing at all on your credit report. They are your debts and your best bet is to pay them off. This will help your credit now and make life easier in the long run. Good Luck
2007-08-28 08:16:03 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There is no time limit to negative information on your credit report if it is requested relating to a job application in which the salary is more than $75,000 or if it relates to a loan amount that is greater than $150,000.
For other inquiries, the 7-year period begins on the date it became delinquent, but can be updated whenever there is activity on the account (i.e. interest, payment, judgement).
I can't imagine why you feel as though you don't owe the money you borrowed....
2007-08-28 08:21:34 · answer #7 · answered by Anonymous · 1⤊ 4⤋
It is "last activity". Usually will be the date of the last payment.
BUT you will almost definitely be sued, which will create judgments, which are worse then a charge off, and can be renewed until they are paid.
You promised to pay them back.... they gave you the money. Start saving up and making settlements.
2007-08-28 08:17:30 · answer #8 · answered by Mike 6 · 1⤊ 2⤋
It will remain on your credit until it's resolved...be it collections (and then paid), or if they charge it off (good luck on that one). Did you close the accounts? Or are they just charging you late fees and penalties for the last year? Why in the world would you do this to yourself? I guess you have your reasons...
2007-08-28 08:17:06 · answer #9 · answered by ? 4 · 1⤊ 3⤋
yes what that guy says.
otherwise they can start to take it from your check. or maybe even you taxes. not exactly sure how it works but either way its sucks.
If you can't pay bankrupcy may be your best bet. then it'll be 7 years. But that's not good either.
2007-08-28 08:19:13 · answer #10 · answered by Tino 4 · 0⤊ 2⤋