 How do banks and earn from Credit cards, i dont pay any annual fees or interest charges,? |
| I am using credit cards for the past 3 years( all are life time free cards). No annual fees, i always make full payments every month, so i had never paid financial charges or late payment fees. apart ... |
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 Why do I keep getting denied a credit card? |
| I have applied for cards @ Visa, department stores, Bank of America, my own friggin bank Washington Mutual, and have got nothing, zilch, nada! So can someone tell me what's the deal? I'm a 1... |
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 Debt Consolidation Loans For Bad Credit? |
| Are there any debt consolidation loans or personal loans for non-home owners with bad credit? I'm currently on a debt management payment plan but I'd really like to take out one loan to pay ... |
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 HELP! Bad Credit!? |
| I have bad credit from earlier in life, and I am not at a point where I can start paying it off. I would like to get a loan, to pay everything off, and have one payment per month. However, my credit ... |
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 How old do you have to be to use a credit card? |
your own credit card btw
and not little cards you can get money out with
Additional Details
and nothing ... |
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 Fake bank account? |
| I reported a lady(an overstayer) who used fake documents to open a current account with a high street bank.Upon investigation,if it is found that the bank granted a loan to her,ie,she owes the bank,... |
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 My sister in-law wants my husband to co-sign for her.? |
She is getting a loan he doesent know how much..
the thing that concerns me the most is that I don't think she is gonna pay it.She already told my husband that if she doesn't pay she�... |
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 Shoud I keep $0 balance credit cards open or close them? |
| I just transferred 2 credit card balances to a better credit card - lower interest rate and cashback rewards.. Now, I have these 2 $0 balance Visa and MC credit cards, as well as a Bloomingdales and P... |
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 Do credit card companies do credit checks for additional cardholders?? |
| Hi there i have a very bad credit history and i was wondering if it was possible to be put on my mums credit card as an additional cardholder. Supposedly all my mum does is fills out my details on ... |
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 How do I clear up supposed bad credit? |
| Each time I try to apply for a credit card, I always get the same response saying something about debts that I owe or something like that. I am wanting to know how to be able to clear those things ... |
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 How do you identify fake money? |
Additional Details
What I mean by fake is counterfeit money.... |
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 My friend was issued a HSBC credit card but never used it, and is being charged 15 $ per month, is this right? |
| My friend, who knows limited English was sent a credit card issued by HSBC bank in the mail. He signed the application, and was sent the card. He never used the card, but started getting bill ... |
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 Is this company legit or a scam? |
| I have pretty bad credit from when i was married im trying to build my credit.I have a score of 546 i know kinda crappy but this takes time.I applied for a loan through safenet financial the guy ... |
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 I am considering bank rupzy sorry i can not spell it..spell check is not working? |
| i make about 1800 hundred and month..rent is 614.. light around 130..cable 114 that includes phone and internet.. bills around 450..ins 90..my bf is on my checking account because we live together..... |
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 Paypal question? |
| How safe is it to use paypal? Somebody told me that people can make refunds without you knowing, is that true? I want to start using it for ebay and stuff, just needed to know.... |
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 Is it a scam? I got a check in the mail should I cash it? |
| HAS ANY ONE EVER HEARD OF THE DOMINION GROUP INC. I got a letter in the mail with a check that says that "This grant is a prize you won. It is not a loan and does not require repayment. They ... |
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 Question about a loan and Bankruptcy? |
| I filed for Chapter 13 three years ago with a 36 month payback plan, I have almost finished the plan and had a question. I didn't include my house, I have never been late on my mortgage. Once I ... |
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DENISE W | What happens to credit records after 7 years. People always say it takes 7 years; for WHAT? |
I know hear people and always say it says on your credit for seven years. Does the debt have to have a zero balance before it is removed after seven years. If there still is a balance after seven years will it remain on your report. What is this 7 year bit really mean? |
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Studly
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Oh man....
Imagine a dart board, and everyone is tossing darts at it...some come close and others land on the floor. That what these answers are.....wild!
OK lets try again.
What you are hearing about is the 7-year credit reporting limit on "negative and derogatory" items on your credit report. By law, those items must be deleted after 7 years, starting from the date of the delinquency.
Only a few specific items remain longer, like bankruptcies.
Good items, like a good payment history, do not drop off for at least 10 years....you DO NOT want to lose those!'
Do not confuse this talk about the "statute of limitations" with the "credit reporting period" because it's a completely different monster...and relates to the legal time a creditor has to collect the debt. |
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cat14675
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Let me explain something to you so I hope you understand...imagine a time line...start at zero, and every month, add a new entry...the entry would show what ever you are keeping track of (in the case credit card payments, on time or not, correct amount or not, etc)...keep adding months on for seven years (84 entries)...THEN, on the 85th entry, the first entry "falls off", the next month when the 86th entry gets added the second entry "falls off"...and so on and so forth...thus your credit report is always changing...if you keep your payments on time, in the right amount (or more) each entry will show you in the good, and what falls off is replaced by more good...however, if in the middle of the time line, you start making mistakes, they are on the time line, until the months that they were reported "fall off"... |
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Celeste
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It's 7 years from the time the accounts became delinquent and never brought current, that led to collections or charge off.
Not 7yrs. from the time it's paid in full or from last activity.
You do not have to pay the full amount in order for it to drop off your credit reports.
As Studly said, there are some items, like bankruptcy, that will stay for 10 years.
The reporting period is not the same as the statute of limitation. Each state has their own SOL on how long a creditor/collection agency has to collect on the debt. And depending on what kind of debt it is, the SOL can be longer than the actual 7yr. reporting period (not typical). |
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Miss Alison
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From the time the negative entry goes on your credit report, it can only stay there for 7 years. If you don't pay it in 7 years time, the collections agency writes off the debt and it disappears off your report, regardless of whether it was paid/unpaid. This is the same for late credit card payments, etc.
The only exception to this is bankruptcy - that stays for 10 years. And debts to the government (like student loans). They can stay on longer. For example, a tax liens stays on your report for 7 years from the date your paid it. So, if it took you 2 years to pay it in full, it will stay there for another 7 years for a total of 9 years... |
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Angelic Valentine
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Depending on what it is it can stay on there for 4-7 years. After the seven years, the statute for liability is up. That simply means that after the seven years, you are no longer responsible for the debt. However, you will have to call the credit reporting agency and demand it be removed due to the statute of limitations or some will not remove it. No, it does not have to have a certain amount...it is any amount. |
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ronnlynn
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7 years is kind of like the statute of limitations for most bad credit items. |
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Chris F
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Here is an interesting aricle that may prove to be useful to you in understanding exactly how your credit works.
http://www.mycreditselect.com/Understanding_Your_Credit_Score.html
Hope it helps. |
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Mountain Top
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7 years is how long a PAID negative record (previously late, charged off then paid, etc) will stay on your report.
Contrary to popular opinion, unpaid - actively being collected (all they have to do is call you or send you a letter once a year) stay on essentially forerver. Only after paid or otherwise settled does the 7 year waiting period kick in.
A bankruptcy stays on 10 years. |
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someguy_in_halifax
 |
the time is actually variable,
but any negative credit reports (missed, or late payments etc) will drop off, disapear from your report if paid in full......example
A couple of late visa payments, and a personal loan of 5000 that went to collections. Once paid, they will drop off your credit report after 7 years (note the time varies, but seven years is a good guess) |
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sonofstar
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If you've been in bankruptcy, even if it's discharged say in 5 years, a record that you were in bankruptcy will remain on your credit records for 2 years after that. It's just to warn potential creditors that you may be a credit risk. |
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