How long can a creditor report on your credit report?

Answer 1

Credit can report an account 7 years from the last date of payment. This important that you understand, if you want to increase your credit score. Remember, good credit is history is established with a proven record of making at least the minimum payments on time--by or before the due date, and staying within your credit limits. It is also best to be moderate in all your purchases and resisted the temptation of applying for more credit than you can handle. Here are the ways you can maintain a good credit history: 1. OPEN A CHECKING ACCOUNT, A SAVINGS ACCOUNT, OR BOTH. These do not begin your credit file, but may be checked as evidence that you have money and know how to manage it. Cancelled checks can be used to show you pay utility bills or rent regularly, a sign of reliability. 2. APPLY FOR A DEPARTMENT STORE CREDIT CARD. Repaying credit card bills on time is a plus in credit histories. 3. GET A SECURED CREDIT CARD. A secured credit card is a bank credit card backed by money you deposit in a bank account. If you don't pay off your credit card bill, the money in your account may be used to cover that debt. 4. IF YOU'RE TURNED DOWN FOR CREDIT, FIND OUT WHY. It's important to clear up any credit misunderstandings or mistakes, because a bad record can cloud your credit future. Your credit rating is important, so be sure credit bureau records are complete and accurate. You must have the proper knowledge in handling your credit affairs and need a great reference source e.g. Phil Turner's Book The Credit Bible. Everything You'll Ever Want To Know About Credit.