Negative mark on credit report?

Question

I opened a credit card when I first started out on my own several years ago. (Hey, we've all been there!) That card went into collections and was charged-off by a collections company. I finally got that debt completley paid off. That is the only negative mark on my report, so my score is still fairly good. Anyway, how long will that negative mark stay on there? How long before my credit score goes up?

Answer 1

it should show as paid it will be on the report for 7 years
what you need is lots of good credit reported.
get some credit class under your belt. open accounts in credit union. they offer credit class or can tell you where to get them. they also do lower c/d's amounts min of $500.00
3-6 months. deposit it. get a secure loan on it. make the payments on time. they will also give you a overdraft account
with credit card.$200.00 limit don't ever go over 50% of limit.
pay it off every month.

Answer 2

The negative will fall off your credit report 7 years and 180 days from the default date. The older the negative, the less it impacts your credit score. So when it does fall off, don't expect a huge jump in your score.

Answer 3

Usually 5-7 years, it really depends on how quick you paid it off and it depends on the collector. Credit card apps lower your overall credit score so be careful and don't apply for too many cc's.

Answer 4

unfavourable advice will proceed to be on there for 7 years from the date of the object. for the reason that this might properly be a Cable invoice the possibilities are that's barely the series account it is on your record. So in case your dispute would not bypass by you may ought to pay it. yet in the past you pay it you ought to have an contract from them in writing that they are going to do away with the object out of your record as quickly as you pay it in finished.

Answer 5

It'll be on there for at least 7 years.

But your credit score will always go up if you pay your bills on time, and keep your balances down.

Good luck.