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NoSoup · 05-26-2003, 01:02 PM

Tricks:

You're welcome.

As for the 7-10 rule, it is ongoing as long as the accounts are open. If you were over 30 days delinquent on a credit card last month, that will continue reporting for 7-10 years from that date.

Collections, however, are a different story. The collections start the falling off process from the date they are opened. If you had an account go to collections 2 years ago, it should fall of in 5-8 years from now.

Bad marks don't continue after you have defaulted, but they do remain on your bureau, and will continue to hurt your score as long as they are there. Having a paid collection hurts your score much less than an open one, having you collections paid off may also make you eligible for a loan of some sort. If you do have several collections out there that you are thinking about paying, contact the collection companies and see if they will meet you halfway. Many time, you can call them up and say "I will give you $X to close the account, and often they will agree, or at least counteroffer.

I hope that answered your question

Thanks for posting!

05-26-2003, 01:02 PM	#13 (permalink)
NoSoup Non-Rookie Location: Green Bay, WI	Tricks: You're welcome. As for the 7-10 rule, it is ongoing as long as the accounts are open. If you were over 30 days delinquent on a credit card last month, that will continue reporting for 7-10 years from that date. Collections, however, are a different story. The collections start the falling off process from the date they are opened. If you had an account go to collections 2 years ago, it should fall of in 5-8 years from now. Bad marks don't continue after you have defaulted, but they do remain on your bureau, and will continue to hurt your score as long as they are there. Having a paid collection hurts your score much less than an open one, having you collections paid off may also make you eligible for a loan of some sort. If you do have several collections out there that you are thinking about paying, contact the collection companies and see if they will meet you halfway. Many time, you can call them up and say "I will give you $X to close the account, and often they will agree, or at least counteroffer. I hope that answered your question Thanks for posting! __________________ I have an aura of reliability and good judgement. Just in case you were wondering...