The debt remains on your credit report for about 7.5 years. There are occasions when an eager beaver collection agency will try to collect on a debt more than 7.5 years old, but once the threat of affecting your credit score has passed, there are really no teeth to bite you. Only while debts remain on your credit report do late payments and no payments adversely affect your credit score. Over 33 percent of your credit score is, in fact, based on whether or not you have a history of timely payments.
- Are Discover Card credit cards any good?
- Is a credit score of 725 considered good?
- Which bank offers the best debit card?
- Why do you rate American Express credit requirements as "good credit" to secure a card? I thought to qualify for an American Express card you have to have excellent credit.
- Supposing you have a perfect credit score of 800 or better; which credit card offers the highest credit limits?