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  #1  
Old 09-08-2006, 11:08 AM
palefrost palefrost is offline
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Default Is it seven years?

How long does a bad credit rating last? Lets say you have a collection or something. How long does it stay on your credit report before it gets taken off?
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  #2  
Old 09-08-2006, 05:39 PM
parrotbay parrotbay is offline
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Default Re: Is it seven years?

It is typically seven years, but could last shorter or longer. A lot of times it depends on which credit company you go through. There are three main credit rating companies and they do not always match as far as your credit score. You can notice as much as a 100 pt variance.
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  #3  
Old 09-09-2006, 08:53 AM
DJDizzy1 DJDizzy1 is offline
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Default Re: Is it seven years?

7 years was what I heard to. Also once it goes into collection even if you pay it if it stills shows up on your credit which I just don't think is fair. Why pay it off if it stills counts against you?
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  #4  
Old 09-09-2006, 11:50 AM
palefrost palefrost is offline
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Default Re: Is it seven years?

Quote:
Originally Posted by parrotbay
It is typically seven years, but could last shorter or longer. A lot of times it depends on which credit company you go through. There are three main credit rating companies and they do not always match as far as your credit score. You can notice as much as a 100 pt variance.
So the credit card you use can determine which credit reporting agency is used? I never knew this. How would i find this out before applying for a card?
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  #5  
Old 09-09-2006, 08:19 PM
triumph triumph is offline
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Default Re: Is it seven years?

Actually 7 years is the limit as far as I know. They can't legally report it to the credit bureau after 7 years past the last customer activity.

That is why you need to seriously consider what you do if you have an old debt and you are nearing the end of the 7 years. If you pay it off, realize that it will remain on your credit for 7 years after you make that payment. So while it may be the right move ethically, it is the wrong move for your credit.
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  #6  
Old 09-10-2006, 12:31 AM
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kelkat kelkat is offline
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Default Re: Is it seven years?

It's seven years. If you have a mark on your credit rating older than seven years, you need to get it adjusted. There is process to do that written out on your credit report. That's why it's important to monitor your credit history. You can do it free through the US government once a year for all three of the major credit rating companies.
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  #7  
Old 09-10-2006, 05:08 PM
palefrost palefrost is offline
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Default Re: Is it seven years?

So if thats true. Lets say you owe someone a balance on a bill. It seems like it would be in your best interest to never pay it back and wait out the seven years. Ive seen some people only pay a few dollers a month but the way the system is set up your better off not paying it slowly and wait out the 7 years till its over. Seems kinda dumb. Am i getting that right?
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Old 09-12-2006, 10:06 PM
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kelkat kelkat is offline
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Default Re: Is it seven years?

Nope, that'll show up as well.

You get a mark for 30 days late, 60 days late, collections, and settlements. Not to mention bankruptcy and all that.

The best thing to do is to pay your bills off as quickly as possible and to make your payments regularly and on time. By the way, early payments don't show up.
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  #9  
Old 09-13-2006, 05:40 PM
triumph triumph is offline
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Default Re: Is it seven years?

Quote:
Originally Posted by palefrost
So if thats true. Lets say you owe someone a balance on a bill. It seems like it would be in your best interest to never pay it back and wait out the seven years. Ive seen some people only pay a few dollers a month but the way the system is set up your better off not paying it slowly and wait out the 7 years till its over. Seems kinda dumb. Am i getting that right?
Yeah don't mistake my comments to suggest not paying your bills is the route to go.

I am simply letting you know that if something happened and you have not paid a bill for 5 years, it probably does NOT make sense to pay it off from a financial standpoint. However, you should not get to that point in the first place.
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  #10  
Old 09-14-2006, 10:52 AM
palefrost palefrost is offline
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Default Re: Is it seven years?

LOL. Damn and i already ripped up all my bills

This does explain why the bill collectors ask you to at least make a dollar a week or some other payment toward a outstanding debit.
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  #11  
Old 09-14-2006, 11:26 PM
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kelkat kelkat is offline
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Default Re: Is it seven years?

As far as I know, the unpaid bill will still show up as a negative on your report. Your report shows all open accounts, any balances, late payments, and all closed accounts and why they were closed.

That unpaid bill will only be off your report 7 years AFTER you pay it off and there is a zero balance.
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  #12  
Old 09-17-2006, 12:07 AM
triumph triumph is offline
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Default Re: Is it seven years?

That is incorrect Kelkat. The timeline is from last activity. They can not keep an upaid balance on your credit report past 7 years from the last time you actually made a payment.
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  #13  
Old 10-20-2006, 01:49 PM
bangfor bangfor is offline
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Default Re: Is it seven years?

In fact itís more than that, but after seven years it wonít affect your credit getting capability. But whatís amazing is even after one year you can get mortgage if not less, and you can get credit cards immediately. Which means once it happens to you, avoid the most conservative establishments and what that means is youíll pay a little bit more in interest, but there is no going without credit.
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  #14  
Old 11-27-2006, 01:30 PM
riskey58 riskey58 is offline
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Default Re: Is it seven years?

I believe that it is seven years. I know that is seven years when you go bankrupt. I am sorry I cannot be of more help.
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  #15  
Old 11-27-2006, 04:54 PM
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kelkat kelkat is offline
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Default Re: Is it seven years?

If you haven't made a payment, the account would still be considered open and show a late payment. I don't see how you could keep this from showing up on your credit report.

Otherwise, people would just stop paying everything, wait seven years and start the process over again.
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