QNegative items/accounts stay on your credit report for 7 years - but then what happens, you have good credit?
So I have curious - what happens to your credit after all the negative elements cease to be reported ? Do you have to wipe the slate ? Sounds too good to be true . Also , meanwhile , does look better to potential lenders to see their collection accounts have been paid ? Even if you have gone to collection? I'm trying so hard to fix my credit and do not know where to start ! It's hard to do when you just do not have the funds available to pay it off only ! Any advice ? Can anyone tell me how this works?
Yea! When the last 7 years and will come off if you pay these debts off even though you can still report will say at least 0 balance , most lenders require you to pay all collections , you get a second chance to do good yes it's true . Do not blow it this time !
Yup ... once it is seven years since you get another chance to make a first impression of the lenders .
Of course it's better to have finally paid collections ... therefore acknowledged the debt and took care of it . Only future lenders will expect to deal with future debt proactively and in a timely manner .
Here are some tips :
1. Order your credit report from the three agencies
If you are ordering for the first time , get your score (fee ) from Equifax as their scoring matters most.
2. Make copies of your report and put the originals in a folder . In photocopied reports use a highlighter and check for incorrect , outdated, false, etc. .. info
3. Download a dispute letter ( s ) in the credit bureaus website and list everything that is wrong. Mail to your office ( s ) . They have 30 days to respond .
4. If you are not going to take something that is not yours or too old (