topic Re: How old is old credit in Understanding FICO® Scoring

How old is old credit

Anonymous — Thu, 22 Mar 2018 00:03:15 GMT

Hey guys!

New to the forums, but not new to viewing everyones helpful information! I have learned a lot from hours of researching on here and have been very thankful for the willingness of others to help! I do have a few questions that I have not been able to get exact answers for.

Being new to "credit awareness" I have just dove into fixing small items on my account. I have been successful at removing some but have been curious to try this PFD option. But I can't help but wonder whats considered age old credit thats having an impact on my score.

The only debt I have on my credit report is from 6 years 8 months ago. $500 dollars for breaking a lease. Long story short, I signed off a lease to another friend and did not know it was "breaking a lease" and never ever been notified of this balance. I have disputed it in the past and the reply I got was the it met the requirements. My question is, is it worth it to pay off the balance? Is it worth going through the trouble of a PFD? Can I rely on this to fall off in the 7 years? I am okay with paying it off, but not if its not worth much.

I do not have any loans and just started a credit line 9 months ago. My credit score is really poor considering not much debt, yet not any credit!

Thanks for any info provided and looking forward to any advice!

Re: How old is old credit

Anonymous — Thu, 22 Mar 2018 00:51:58 GMT

It sounds like a collection and they fall off your reports a bit later -- 7.5 years after the Date of Last Delinquency, rather than 7 years.

Re: How old is old credit

Anonymous — Thu, 22 Mar 2018 13:13:45 GMT

@Anonymouswrote:
Hey guys!

I do not have any loans and just started a credit line 9 months ago. My credit score is really poor considering not much debt, yet not any credit!

Thanks for any info provided and looking forward to any advice!

To rebuild your credit, you have to add credit accounts. If you can't get approved for a regular credit card, do a secured card. Capital One and Discover have good secured cards. You could also try a local credit union,