How long does it take to rebuild credit?

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Post subject: Embarassed about having screwed up my credit

samsnead
Date: 11/23/2000 8:02 am CDT

I screwed up my credit when I was younger.
I have my report in front of me and noticed four 9 ratings (bad credit).
They all date back to 1991 and are STILL on the report! I was under the impression that things were removed after 5 or 7 years. Does this stuff stay on here forever????

Fortunately I have numerous ratings of "1" so I do have a credit card. Well, it's a cross country card.
For years I never thought about credit.
Now, as I approach 30 I am looking at it with open eyes.

How long do the bad reports stay on the report?

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Mom
Date: 11/23/2000 9:47 am CDT

What exactly is on your reports?? Collections, Charge offs, judgements?
Good credit stays for 10 years and then it is aged off but can stay longer.

Bankruptcies that, from the date of adjudication, (means decision) antedate (means predate) the report by more than 10 years.

Collection accounts and charge offs remain for 7 years from first serious delinquency or charge off date NOT the last date of activity.

Paying an old debt does NOT reset the clock for another 7 years.

Suits and judgments that, from the date of entry or renewal, antedate (predate) the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period. It is important to know that some states report a paid judgment for xx years from time paid vs. time filed. This can mean a lot if you pay your judgment so be sure to read your states statute to find out.

Paid tax liens that, from the date of payment, antedate the report by more than seven years. Paid tax liens are reported for 7 years from date paid not filed! So pay them quickly!

Believe agencies are not always going to remove items after 7 years have expired, you sometimes have to bring this to their attention. if you could tell us exactly what is on there, is it paid/unpaid etc. We may be able to help.

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samsnead
Date: 11/23/2000 10:14 am CDT

Thanks for your info....
What I have (looking at Equifax) is this:
~~~~~
FIRM CS RPTD LIMIT HICR BAL DLA MR
OPND P/DUE TERM 24 MO
---------------------------------------------------------
R9 09/00 --- 164 164 06/95
01/91 14
(04-02-04)
07/95-R5
Closed Account
Charge
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
O9 02/95 --- 301 82 02/95
02/91 82 ---
CHARGED OFF ACCOUNT
CREDIT CARD
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I have disputed these charges many times but the companies insist it is me. Do these entries stay here forever?
Am I going to have to pay them anyway?
Believe it or not, these are the reason I cannot get a decent credit card or other credit in my name, the reports (the denial of credit) say:
*A comment or public record indicates an account not paid as agreed.
*Lack of recent or sufficient credit account information
*Delequient credit.
*Proportion of loan balances to loan amounts is too high.

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samsnead
Date: 11/23/2000 10:24 am CDT

My last msg didn't truncate as I typed, the report dates for the two are 09/00 and 02/95. The opened dates are 01/91 and 02/91. Over on the far right under the DLA MR stuff I have for the first one: 06/95 14 (04-02-04) 07/95-R5
Second one: 02/95. (thats the only thing there for the second one)

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Nichole
Date: 11/27/2000 1:26 pm CDT

It will be 7 years from 6/95.

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