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.
- If my debt has passed the statute of limitations in my state, how do I get the debt off my credit report?
- I need to pay off a line of credit and a couple credit cards. What's the best way -- balance transfers or loan or just pay off one at time?
- I recently became disabled, but I have credit card debt. What are my options?
- Are Discover Card credit cards any good?
- Which bank offers the best debit card?
- Is a credit score of 725 considered good?
- 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?