topic Re: Questions about negative data dropping from credit report in 7 years? in General Credit Topics

Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 14:46:04 GMT

I just want to make sure that I understand - when my missed/late payments are 7 years old, they will get dropped from my credit report? Is that correct?

If so, since all of my bad data is within a 1-year period, my score would really jump during that year when all of those things drop off my report? Or is it more of a steady decline since as they get further in the past the do not factor as much?

Thanks!

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 14:52:49 GMT

If it is just late payments that are dropping off, you might not get much of a score boost b/c the older they are the less they tend to affect the score. Just really hard to say.

Re: Questions about negative data dropping from credit report in 7 years?

Junejer — Sun, 30 Mar 2008 14:55:21 GMT

Hi ace, when you have regular lates (30, 60, 90), they tend to decrease in pain over time. As time goes on, they hurt less and less. So, by the time they get off, the pain is minimal.

To enjoy a huge score increase, get the OCs to GW those lates away. Search GW letters for some excellent examples. GL

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 15:53:30 GMT

I am brand new to this site - please help me with the abbreviations in the above post. Thank you!

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 15:58:21 GMT

I found the abbreviation list - thank you.

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 16:10:32 GMT

In my credit report I have 18 accounts that have nothing listed as negative. I have 3 accounts with negatives...

auto loan - twice I have been 30 days late

credit card - 6 times I have been 30 days late - twice I have been 60 days late

mortgage - twice I have been 30 days late

January 07 is the last time I was late.

I particularly want to remove the damage from the credit card, because it was a joint-account with my father, and he had no idea until recently that I had bad credit on it. I want it removed for his credit rating, more than mine. This is a credit union credit card - who do I contact - my credit union or the visa service center?

The card has had a zero balance for several months now.

Thanks!

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 16:14:30 GMT

Send G/W letters

How long ago were these lates?

ace9848 wrote:

In my credit report I have 18 accounts that have nothing listed as negative. I have 3 accounts with negatives...

auto loan - twice I have been 30 days late

credit card - 6 times I have been 30 days late - twice I have been 60 days late

mortgage - twice I have been 30 days late

January 07 is the last time I was late.

I particularly want to remove the damage from the credit card, because it was a joint-account with my father, and he had no idea until recently that I had bad credit on it. I want it removed for his credit rating, more than mine. This is a credit union credit card - who do I contact - my credit union or the visa service center?

The card has had a zero balance for several months now.

Thanks!

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 17:50:25 GMT

auto loan - twice I have been 30 days late - October and November of 2004

credit card - 6 times I have been 30 days late - twice I have been 60 days late

I am listed as being 30 days delinquent in: Jan 07, Nov 06, Nov 05, Oct 05, Feb 05, and May 04. I also am listed as being 60 days delinquent in March of 2005.

mortgage - twice I have been 30 days late - October 2004 and November 2005

Re: Questions about negative data dropping from credit report in 7 years?

Anonymous — Sun, 30 Mar 2008 17:51:10 GMT

The credit card has had a zero balance since Sept 07

Re: Questions about negative data dropping from credit report in 7 years?

Junejer — Sun, 30 Mar 2008 23:47:05 GMT

Hi Ace, GW the lates to all three. Also, put a small balance on the CC and allow it to report. It now looks like you are afraid of your credit to FICO scoring. By putting a small balance (1-9% of CL), you are proving that you are not afraid and should be rewarded by it in your score. You don't have to pay any finance charges, just pay in full by due date.