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When an item is removed from your credit after 7 years does it still affect your credit score?

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2012-06-13 22:35:17
2012-06-13 22:35:17

No, but you may need to contact all credit bureaus to make sure the item has indeed been removed.

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If you have never bought anything on credit, you do not have a credit score.


Yes you can have credit from before that might be a very bad credit score:(


It will affect your credit score, but not in a negative way. Paying anything off early or making more than the minimum payment always has a positive affect on your credit score. However, first check with your mortgage company to make sure they will not penalize you for paying your loan off early, some companies will do this. (but that still wouldn't affect your credit score.)


Keep in mind that what you have done in the last 24 months is what considered most. You can be in good standing with your credit card--but not using it properly will still affect your score. As Phil Turner said in his book titled "The Credit Bible" "If your credit card balance is over 30% of the balance, this will affect your score." Those collection account and charge offs will hurt, but not as much in 24 months.



You get closed accounts removed from your credit report in the same manner as any other information. You write a letter of dispute to the creditor, or credit bureau, or both. The question is; why do you want closed accounts removed from your credit? If these accounts were paid as agreed, their appearance on your credit report is still offsetting any other information that appears there. I have clients with closed, 6-10 year old, accounts and active derogatory accounts that still have viable credit scores. Were they to challenge and have removed the closed accounts, they would have no score at all, which can be worse than having a low score. Keep in mind that your credit report, and the resulting credit score, is a history of how you have paid your bills in the last 7 to 10 years. You do not necessarily want that history to be empty.


According to bankrate, if someone submits a business credit card application it affects their personal credit score. Since it's still their own business card, it's considered their personal item.


There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.


It is recommended that you pay an old debt through the original creditor. Credit settlement companies are out to make a profit and they will negotiate terms that are not true. Also, it is possible that you can pay the settlement company but still owe the original creditor. It has happened to me. The negative information reported by the credit card settlement company will affect your score negatively.


This is better for you since is happened over two years ago. However, it will still affect your score. As written in a Phil Turner's book titled "The Credit Bible." I would sugguest that you do nothing for now and try to add good credit to your profile e.g a Secure Credit Card and Merchandising Card. This will really help your score and won't affect your from getting another car since they are more concern with your score. Also you still have a family member to add you to their credit card but don't have the card in your possession. This way they can be assure that you want use the card and affect their credit. This will increase your score greatly however, this method is coming under fire recently. It is still an option for now.


Both can hurt a lot, but your credit still can be restored after this.


Having a poor credit score impacts one's ability to get a credit card and even a mortgage. If one is still able to get a credit card, the interest rate is likely to be higher and the credit limit lower.


A charged off account is similar to a collection on your credit report. The creditor has written off the debt owed and closed the account. The debt is still valid though and can be collected on. The charge off will lower your credit score unless removed. You can dispute a charge off and this give the credit bureaus 30 days to verify the charge off or it must be removed from your credit report.


It depends on what the three derogatory items were. In general, deleting the three errors would increase your credit score 40-60 points, but if other factors were still present on your score model such as past-due delinquent accounts, collections and liens there could be as little as a 5-10 point increase.


The higher the credit score you have, the better chance of being approved for a home loan. You may still get a home loan on a lower score, but the payments and interest will be higher.


A credit score of 653 is considered 'fair' good credit starts at 700. 653 means you are still a loan risk. The national average is 680 as of 10-29-08. A credit score of 653 is considered 'fair' good credit starts at 700. 653 means you are still a loan risk. The national average is 680 as of 10-29-08.


If you're wise, you will check your credit score every so often. This can get very expensive if you have to keep paying, though. So how can people save money and still get their credit score? You might do it by using a free credit score. The federal government provides you with your free credit report once per year, but you won't get your credit score. In order to get a free credit score, you will need to sign up for a free trial with any of the credit monitoring bureaus. It is important to cancel these trials before you are charged, however.


If you're wise, you will check your credit score every so often. This can get very expensive if you have to keep paying, though. So how can people save money and still get their credit score? You might do it by using a free credit score. The federal government provides you with your free credit report once per year, but you won't get your credit score. In order to get a free credit score, you will need to sign up for a free trial with any of the credit monitoring bureaus. It is important to cancel these trials before you are charged, however.


It shouldn't - because working out a payment plan shows that, even though you're in financial difficulty, you're still willing to settle your account.


How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.


When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.


If somebody has discovered that they have a poor credit rating, there are things that can be done to change this. The first is to request a copy of the person's credit score. This will reveal if any errors have been made. The next step, if there is still a problem, is to set up payment reminders and to be punctual on paying debts. If necessary, credit cards should be removed from circulation, so that control can be regained.


Yes and no. FICO will make adjustments to your score when you shop for credit, which is what an inquiry indicates. How much this will affect your score depends on your credit history. Someone who does not often shop for credit may only be reduced a point or two, or maybe even see no reduction at all. Someone who already represents some form of credit risk may see a bigger decline in the score. With that said, according to FICO (www.myfico.com) multiple mortgage inquiries within a 14 day timeframe will count as one inquiry as far as it affects your score. They expect you to shop offers, just make sure you do it within the timeframe. The inquiries will still appear on your report, they just won't continue to hurt your score. On a side note, self inquiries do not affect your score.


Yes and they do this often. If your score is lower than before, they may up your interest rate. If your score is higher or still the same, they may offer you additional cards, balance transfer offers, etc. This is part of standard credit card terms. Even if the account is closed they can do this. This is how we all get those credit card offers that say pre-approved, etc. It does not affect your credit score. It's a soft inquiry.


Yes. But if you were in arrears, that still shows.



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