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One AskMetafilter user wonders how old bad credit marks go away:
I had a few months in 2004 where I could not afford to pay my bills — mostly credit card bills. I have a few accounts that have 120 day delinquencies reported in 2004, but since about the end of that year, I have made on-time payments for 24 months or better. Is there anything I can do to get these accounts out of the “adverse account” section of my credit report and in better standing? Some of these accounts have even been paid off for a year or better. It is SO FRUSTRATING to deal with this crap — it’s like there is NO WAY to remove two bad years of your life from the record. Sorry. Just very bummed while immersed in research.
There isn’t a method to make bad marks disappear other than waiting out the seven year reporting period. The purpose of a credit report is to keep this sort of information readily available, to provide an accurate picture of your creditworthiness. One commenter recommends doing research at the credit talk forum. Another writes:
Seven years is not such a long time. As a former bad credit score holder, I used the time to learn good spending habits and figure out a reliable way to handle my finances. If you are trying to buy a house or a car, I can understand your frustrations. If you just want higher credit limits, consider it a blessing. For smaller purchases, I figure if I can’t pay it in cash, I can’t afford it. Wait out the next five years and all will be well again.
The defense against bad credit marks is never to acquire them. Pay cash when you can. Avoid credit cards. Don’t finance more than you can afford.
This article is about Credit Cards, Debt Monday, 24th July 2006 (by J.D. Roth)
July 24th, 2006 at 9:19 am
If you only have one or two lates, it’s worth a try to call your creditor and ask if they’ll remove the late(s) as a courtesy. Sometimes, especially if you’ve been a customer for awhile and have an otherwise spotless history, they may do it. Like asking for a lower interest rate, it never hurts to ask.
July 24th, 2006 at 10:54 am
This underscores just how important it is to have that emergency fund that will cover expenses for 3-6 months. Before you invest, before you pay off all high interest debt, before all else (other than pay off minimums), get that emergency fund in order. If you don’t have something to fall back on, all it takes is one bad break to fall into the abyss of bad credit.
October 16th, 2006 at 8:36 pm
hello i have a cuastion in 1997 i ritern my car and they put that in my credit ok 9 years later my credit is clean but they want to put it back on my credit that posible
January 4th, 2007 at 4:00 pm
About 6 years ago I moved and in the confusion I paid my student loan 30 days late. I pay 1 lender, but it appears as 4 loans x 30 day late payment. 2 years prior, while out of work, I failed to pay these same loans for 90 days. It’s been over 8 years on the 90 day late payments. Should the 90 day late payments be removed now or do I have to wait another year until the 30 day late payments fall off?
November 2nd, 2007 at 2:47 am
Bad credit is really a disaster, but in most cases people are guilty for getting into this. Besides,if you are unable to make payments, the bank is not the one to feel sorry for you and allow you not to pay. That’s life.