I'm hope one of our members can help me out. I've been looking for information on limits for negative items on a credit report. I know rule of thumb is 7 years from first delinquency. What happened was I couldn't pay my student loan and it was past due. I was able to defer it due to economic hardship for one year. After the year I didn't qualify to defer it again, but still was unable to pay. Since I deferred the loan did that restart the 7 year clock for being on the credit report or would it be from the original date of delinquency?

If you missed a payment and it's now 30-60-90 etc. overdue then that's current on your report. It will be looked at for at least 3 years. You should get a current copy of your credit report and file if there are any discrepancies.

 

I was a victim of Identity theft in Jan 07. Experian was a dream to deal with...the other two..not so much.

7 years since the date of last activity. IE. anything that would get the creditor to post on credit report.

 

But that is just the credit report. with the latest changes in laws, it is now damn near impossible to get rid of a loan. Even if it is defaulted and 20 years ago by, you are still on the hook, even if you file Bankruptcy. Only exception is if it is a private, non government guaranteed loan, which is a small percentage.

 

Send me a message, will talk offline about it.

 

Disclaimer: nothing here is to be construed as financial advice, please consult your advisor.

 

 

Edit: 3 years is for payment history. you have 7 years for them to keep it on the record. Also, you have statute of limitations depending on state. So it depends if you are still paying and what it shows as. Ie. is now just late? was it discharged? etc.

About 9 years ago I ran my credit cards to the max, used my cell way too much and couldn't pay it back. It all went to delinquent status and went to collections.

Two years after that I got a real job and I decided to start building my credit back and hired an accountant. He said not to pay it since I was young and when the time came to buy a house, all the negative reports would be all gone.

 

It was amazing to see certain collection reports disappear after 7 years and my credit score start jumping up almost immediately. For the past few years, my credit score increased by 250+. I still cannot get a high limit on some credit cards but I am happy to say it is not needed and I only have about $500 in credit card debt.

 

Would be nothing if it wasn't for those trips to Cabela's. :?

Biggest difference is student loans are completely different.

 

Most other debts are limited by statue of limitations, after the SOL, they can go pound sand.

 

as long as account is not a student loan, if an account is in collections, for more than 2 years, it is often best to keep it there, do not contact, as if you do, it restarts the SOL. What alot of lenders do is wait until the SOL is almost up, and then sue you.

I'm hope one of our members can help me out. I've been looking for information on limits for negative items on a credit report. I know rule of thumb is 7 years from first delinquency. What happened was I couldn't pay my student loan and it was past due. I was able to defer it due to economic hardship for one year. After the year I didn't qualify to defer it again, but still was unable to pay. Since I deferred the loan did that restart the 7 year clock for being on the credit report or would it be from the original date of delinquency?

 

Most likely you will have this on your report for 7 years since the date of last delinquency. My best advice is dont mess with credit if you dont need to, pay cash, pay all credit obligations on time and more than minimum due.

Credit in this country is basically a way for you to get what you want right now, and let the banks get rich in a few weeks...

its basically slavery...

I don't know about you guys, but, I think almost everybody has something on the reports now.

Especially since all credit cards raised their interest rates.