NetCreditLine.com Daily Credit Line News

Question by ~ Jamie ~: How long does debt stay on a credit report?
I am helping my best friend clear up her finances and she has many, many old collection notices on her credit report that are helping to drag her rating down. They are probably 4-7 years old. Do these ever fall off? Or get written off? It seems like they just keep transferring them to other agencies. She also has a Household Bank credit card in collections – should this be paid first or the old debt? She tried to make arrangements with the collection agency for Household but they wanted much more a month than she could give them, and they refused to make arrangements so right now they are getting nothing. Help – I am not sure where to start.

Best answer:

Answer by Jemma R
6 years til the debt clears xx

Give your answer to this question below!

Incoming search terms:

• can your credit score go up if old debt drops off

Question by bIGdADDY: How long to repair credit after a bankruptcy to qualify for a home mortgage?
Please provide information about experiance or knowledge relating to the amount of time it takes to repair ones credit after a chapter 7 bankruptcy. All loans reaffrimed thru bankruptcy have always been on track and have remained current. Any info provided would be a great help. Thanks

Best answer:

Answer by golferwhoworks
2 years as of now FHA 4 years as of now Fanny, Freddie but all of that is subject to change
I am a mortgage banker in TN & KY

What do you think? Answer below!

Question by azkoolchik: How long does this take to come off my credit report?
I had an account in collections that I did not even know that was there until I pulled my credit report and I payed the full balance. Now it says it’s PAID/CLOSED but it still on my credit report. When does this come off my credit report? Or should I say how long does this take to come off my credit report?

Best answer:

Answer by ghandirahmabuddajesusdrphill
7 years from the time of thhe intitial report.

Know better? Leave your own answer in the comments!

Question by Chase’s Mama: How long will a closed account stay on my credit report?
I just pulled up my credit report & I have like 10 old credit card accounts on there that were paid off & closed a few years ago. How long will this stay on my credit report?

Best answer:

Answer by Gaytheist Buddha
7 years after closing. This is generally a good thing, not a bad thing.

Give your answer to this question below!

Question by Alli: How long does a collection stay on a persons credit report?
My fiance and I got in a little disagreement a little while ago about how long collections stay on a credit report.

He says that after 7 years they will be removed from a persons credit report – whether they are paid or not.

I disagree with that. Why would collection agencies just “give up” trying to collect money from a person and take it off a persons credit report. It doesn’t make sense to me. If collection agencies just stopped trying to collect from a person after 7 years wouldn’t a lot of people not pay their bills because it will just go away after 7 years?

Can someone clarify this for me? Thanks!

Best answer:

Answer by wizjp
Just because it is not on your credit report does not mean the debit has gone away. It means for most practical debits, they have been charged off as bad debits and taken off the lenders taxes; but that does not mean they won’t still collect.

Some collections stay a lot longer. IRS liens, state tax and owner’s association dues can stay or be renewed in some states for up to 20 or 30 years.

What do you think? Answer below!

Question by Sean R: How long do late credit card payments impact your credit report?
I checked my wife’s credit report and she has 3 accounts with late payments from several years ago prior to us being married. One was past due 60 days, one was past due 30 days a few times, and one was past due 120 days. How long will her credit rating be impacted by these accounts? Is it 7 years from the time the account is closed?

Best answer:

Answer by Jeffrey
After 12 months, their impact is diminished.

After 24 months, their impact will be negligible…so long as she has good credit everywhere else.

What do you think? Answer below!

Question by cmw99us: How long can a bank keep a delinquency on a credit report?
Back in 1997, I ran into some financial trouble and took out a loan for the balance on a mobile home I once owned. I defaulted on the loan that year, but it is still on my credit report. I wrote letters to the bank and to the credit reporting agencies, and this is still on my credit report. This is the only bad credit/delinquency I’ve ever had. I would appreciate any suggestions.

Best answer:

Answer by Brigid_01
I have always been told seven years. But people are complaining that old records aren’t getting deleted the way they used to.

Know better? Leave your own answer in the comments!

Question by Virginia: How bad do inquiries look on your credit report and how long will it stay?
I have a credit score in the mid 600s, but have been denied credit because of too many auto credit inquiries. How long will they stay on my credit report?

Thanks!

Best answer:

Answer by Jon K
Inquiries stay on your report for 2 years, and it all depends on the timeframe between inquiries is. The more inquiries look bad to many lenders, as it says you may be applying for more credit than you can handle, so only apply for what you need.

Know better? Leave your own answer in the comments!

Question by jammie klaus: How long does it take for itemizations to appear on your credit report?
I have just paid off one credit card and a substantial amount on another credit card. If I were to apply for a loan with someone and they were to check my credit report, how long after the time that I have paid off my credit card, can I expect it to show on my credit report, so that they people checking my credit report, would see the current balance of my CC’s?

Best answer:

Answer by lindsay
hi,

if you are looking for the best credit report site, check out this site

http://Credit-Report-Online-USA.com

Here you can get your Free Credit Score and Report

hope this help,

Add your own answer in the comments!

Question by jwthornhill1965: How long does a credit inquiry stay on my credit report?
I recently checked my credit report and noticed that three credit inquires I made this December (MC, Discover & Visa) were still on my report. How long do they stay?

Best answer:

Answer by wingshooter08
THEY ARE ALWAYS THERE, THAT’S WHY THEY CALL IT A CREDIT HISTORY!

What do you think? Answer below!