Do bad accounts erase off of your credit report after 7 years in GA?
I have cell phone bills with 3 companies, doctor bills, 2 bank accounts that I owe on, and 2 loan companies (loan companies garnished my wages and are now paid off)
and if so, does your credit score go to zero? Is it squeaky clean and let you start all over again?
Yup.. It all goes away.. Apply for a small card, say $200, and pay it off every month in full. That way irrespective of the interest rates or APR, you wont pay interest( but you have to make full stmnt ending balance payments every month). Moreover if its a rewards card, its an added benefit. Try www.capitalone.com
March, 14th 2010 at 10:56 pm
7 years from the date of default and they come off…doesn’t matter what state you live in.
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March, 14th 2010 at 11:32 pm
It’s a Federal law that derogatory items age off your credit report 7-1/2 years from the date of first deficiency. The older the item, the less impact on your score. By the time an item reaches the 7 year mark, it counts very little.
You don’t need to wait for every thing to age off before starting to rebuild your credit. Get a credit card, even if you have to get a secured card. Use the card for small purchases and pay in full every month. This will build good payment history. You will need at least 24 months of consistent, on-time payment history to start to improve your score.
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BD
March, 14th 2010 at 11:43 pm
Yup.. It all goes away.. Apply for a small card, say $200, and pay it off every month in full. That way irrespective of the interest rates or APR, you wont pay interest( but you have to make full stmnt ending balance payments every month). Moreover if its a rewards card, its an added benefit. Try http://www.capitalone.com
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I used to work with capital one credit cards!
March, 14th 2010 at 11:50 pm
you start over with pretty much no credit at all. just like when you were 18.
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March, 15th 2010 at 12:10 am
Always get a yearly FREE (from bank) credit report to show that the items are showing paid or unpaid.
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March, 15th 2010 at 12:48 am
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
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