how long does it take for an item to be removed from my credit report?
bandit40272 asked:
I have one bad item on my credit report, a car loan that is still open from a car that got reposessed several years ago. I only owe $500 now, and i was wondering if when i paid it off, i could get someone to co-sign another small loan for me, would my credit start to go back up? and how long would it take for it to start rising?
Doris
I have one bad item on my credit report, a car loan that is still open from a car that got reposessed several years ago. I only owe $500 now, and i was wondering if when i paid it off, i could get someone to co-sign another small loan for me, would my credit start to go back up? and how long would it take for it to start rising?
Doris
Tags: Bad Credit, Car Loan, Credit Report
June 8th, 2009 at 9:40 am
Nicholas
A negative item stays on your credit report for 7 years. I would not ask someone to co-sign for you. That’s asking too much to have someone put their credit on the line for you. You can raise your credit score by opening a credit card account and making the payments on time every time.
June 11th, 2009 at 3:21 pm
Florence
As previously stated, the derogatory information stays on your credit report for seven years. However, the older a negative item is, the less effect it has on your credit score. So, as you wait for the 7 years to be up, it will have less and less of an impact. I wouldn’t bother getting a co-signer or a loan, because paying it off doesn’t make it disappear from your credit report any faster.
June 14th, 2009 at 11:15 pm
Lillian
I have seen 10yr old collections on credit reports.
The real question is HOW LONG DOES IT HURT YOUR SCORE? That answer is 24 months. Derogatory items HURT your score for 24 months. As time goes on, they affect your score negatively less and less.
Different lenders handle old repos differently, so have a good explanation ready.
The way to PULL YOUR SCORE UP is to go and open a secured credit card (a $300 investment in your future) and KEEP IT EMPTY. This will pull your scores up, so that you don’t need co-signers in the future.
Best of luck!
June 16th, 2009 at 1:32 am
Jean
a great way to get good credit is save a thousand dollars and then borrow a thousand dollars for a year while they hold your thousand and then pay off a hundered a month for the first 7 months then just pay what they charge you and make sure they will put it on your credit score
June 17th, 2009 at 7:12 pm
Julie
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