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How long credit card debt stay on credit report?
seven years
How long does credit card debt stay on your credit report?
7 Years from the DLA.
What is more credit damaging Bankruptcy or settling a credit card debt?
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
Can a chapter 7 bankruptcy end a law suit on a credit card?
Yes. The legal action is terminated by the automatic stay. However, whether the credit card debt is discharged depends on how recently the card was used and for what.
Should your sister be paying on her credit card balance if her credit card debt has not yet been discharged but her accounts have been closed by the credit grantor?
Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.
How long does charged off credit card debt stay on credit report?
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
When you transfer a debt from one credit card to another one with a lower interest rate is it best to cancel the old card does it appear as a debt on new credit report even if it is paid off?
If card is paid off, there is no longer a debt existing on that account. The debt is a 0 balance. Keep the account open anyway , even though you do not use it! This helps your credit score stay up. If you close an account that you no longer use, your credit score drops a bit & loses some points. So no, do not close an account even when it is paid off. It reflects good on your credit report. If you have to, cut the card in half, to keep yourself from shopping with that card.
How can you fix your credit rating if you are debt free but have very poor credit?
Why bother fixing your credit? If you're debt free, just stay that way. Forget the credit card; all that will do is put you back in debt. Just save up for things you want. If you absolutely feel you must have plastic, get a debit card, which is tied in to your checking account. That way you can't charge more than what's in your account. You don't really NEED credit. You can purchase a car and even a house without it.
When a credit card company raises your rate and you opt to cancel the card to stay at the lower rate does that negatively affect your credit rating?
It is always best NOT to cancel a credit card unless your debt to income ratio is too high. As long as you have no annual fees or any other "junk" fees with the credit card in question it is best to take your balance to $0 and put the credit card away in a safe deposit box or somewhere will it will not be stolen. The longer you have a credit card in good standing ( no late fees payments on time etc) it helps your credit. The credit card company will usually raise your credit limit which will help other low intrest cards also raise your limit when they review your credit history. In short YES canceling your card Can HURT YOUR CREDIT.
Will it help your credit to close a credit card that shows late payments from four years ago even if you are in good standing now?
Closing an account may help your overall FICO score, but only because your available debt would decrease. The late payments stay on your record regardless if the account is open or closed.
Getting Rid of Your Credit Cards Can Be a Blessing?
If you currently have a credit card, it may be time that you got rid of it. It is not necessarily a good idea to keep credit cards, especially if you are in debt and trying to get out. Credit cards should only be used in emergency situations when an unexpected expense comes up. Other than that, you should not be using your card to go grocery shopping with or to buy yourself a shirt at the local store. In order to stay out of debt, it is a wise idea to get rid of any credit card that you may have.
