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How long doe these baddies STING/HURT your Credit Score ......????
90 Late ???
120 Late ???
120+ Late ???
does these STING any "Less" IF the account has been paid to a $0 balance and/or $0 & Closed
Thanks In Advance
'Till the bitters end.
90 and 120 day lates pretty much affect one's scores the entire 7 years.
30-60 typically affects score for 2 yrs, 90+ is considered major delin and can affect it for up to 4-5 yrs though both will still affect the score for a few points at the time they come off the report at 7 yrs.
My EQ went up 25 points when the last negative information (a 60 day late) fell off. Of course there could be other factors, but the number is all I have to go by.
THANKS!!! this really clarified things for me ...
Another question ...
STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?
I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???
Thanks Again
@theREBIRTHofCREDIT wrote:THANKS!!! this really clarified things for me ...
Another question ...
STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?
I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???
Thanks Again
Student loans have to conform the the FCRA as well so if its paid off any negs would drop as their 7 year time comes up and then you should get a positive acct for the next 3 yrs after all negs are gone.
@gdale6 wrote:
@theREBIRTHofCREDIT wrote:THANKS!!! this really clarified things for me ...
Another question ...
STUDENT LOANS reporting 120 day late that has been paid to $0 balance WHEN will this fall off and/or STOP affecting my score?
I ask because I believe STUDENT LOANS ''can'' stay on report for longer than 7 years .... am I correct???
Thanks Again
Student loans have to conform the the FCRA as well so if its paid off any negs would drop as their 7 year time comes up and then you should get a positive acct for the next 3 yrs after all negs are gone.
Actually they don't conform with the FCRA. Federall backed student loans reporting are dictated by the Higher Education Act and the CRAs may report for 7 years from the time of default, the time the loan was paid off or when they were first reported.