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HailToTheChiz
North Carolina Fan
Chapel Hill
Member since Aug 2010
9933 posts

bad credit

How long does it stay on credit report


bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
18743 posts
Online

re: bad credit
Depends how much bad credit you have on your report.


HailToTheChiz
North Carolina Fan
Chapel Hill
Member since Aug 2010
9933 posts

re: bad credit
as in, depending on how low the score is? does it gradually raise or wipe off after so many years


Fight4LSU
LSU Fan
Metairie, La.
Member since Jul 2005
6411 posts

re: bad credit
7 years from the day it went delinquent. It's better to pay it off if you can though.


HailToTheChiz
North Carolina Fan
Chapel Hill
Member since Aug 2010
9933 posts

re: bad credit
pay what off, the bad credit?

paying the debt and settling up the account still keeps the credit score down for 7 years correct?


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
12874 posts

re: bad credit
quote:

pay what off, the bad credit?

paying the debt and settling up the account still keeps the credit score down for 7 years correct?


You're on a great path.


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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
10176 posts

re: bad credit
quote:

HailToTheChiz


What specifically are you talking about? There are lots of things that can be considered "bad credit".


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bubbz
Baylor Fan
Team Boxtard
Member since Mar 2006
18743 posts
Online

re: bad credit
judgments? BKs? delinquency? tax liens?
This post was edited on 7/17 at 8:33 pm


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iknowmorethanyou
LSU Fan
Paydirt
Member since Jul 2007
4867 posts
Online

re: bad credit
Of the several shitty threads on the MB today, this is the absolute worst.


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anc
Member since Nov 2012
3158 posts
Online

re: bad credit
To answer your question three different ways:

10 years. If you have a bankruptcy, it is technically on your credit report for 10 years. After 10 years its like it never happened. However, you can start "rebounding" about 2 years after. I have actually seen credit scores go up after bankruptcy if someone was 6 months behind on everything.

7 years. After 7 years collections/judgments, etc. fall off like they never happened. My bank officer told me that they ignore $5000 in medical collections, because that doesn't really show a intent not to repay, you got sick. But applying for a CC where everything is automated, your score is going to take a hit.

2 years. Late payments don't really count against your score after two years. So if you were 30 days late this month, and caught it up next month, in June of 2015, the drop in score wouldn't be there.

Also 2 years, but not as big of a deal - Inquiries. Stop applying for shite. Score drops 3-5 points for each inquiry. After 2 years, they don't count against you, although after a year there is a gradual increase.

If your score is in the 500s, get current, stop doing stupid shite and after 2 years or so you can be in the mid-high 600s and get approved for most things. After 4-5 years you can be in the 700s.


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