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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Subject: SOL
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Tue Jul 22, 2008 1:25 am
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| When does an item come off your credit report? Is it 7 years exactly or does it take a couple months after that? |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Wed Jul 23, 2008 11:53 am
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Hi fireyone
It depends on the type of listing in your credit report. If it is a charge off listing it will stay in your report for seven years from the date of first missed payment. On the other hand a Chapter 7 bankruptcy may stay in your credit report for 10 years. However most of the listings in the credit report stays for seven years.
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Where there's a will, there's a way !! |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Wed Jul 23, 2008 12:10 pm
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I agree with Mary on this point. Bankruptcies of Chapter 7 stays in your credit report for 10 years from the date of filing. Again hard inquiries stays in the report for 2 years. Credit bureaus update the reports every moment and so once your listing period is over, it will be removed from your credit report automatically.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Wed Jul 23, 2008 10:37 pm
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Is there any way to get these hard inquiries off your report sooner? I think that there has got to be a way. Does anyone know? Anyone have a sample letter that one could use to get rid of the hard inquiries? there has got to be a way?
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Fri Jul 25, 2008 12:03 am
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| I would like an answer to that also. |
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anthony
Joined: 31 Jul 2006
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Posts: 550
13573 Magic Points
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Fri Jul 25, 2008 12:08 pm
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Hard inquiries occur when you apply for a new credit and the creditor checks your credit report with the credit bureaus. As per the FDCP Act, only authorized inquiries should appear on your credit report. So as soon as you find any hard inquiry in your credit report, send a letter to the inquirer asking him to whether they have proper authorization to check your credit report and to delete the listing if they do not have such authorization. In most cases they delete the listing from your report.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Fri Jul 25, 2008 12:29 pm
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Yes, Anthony is right. But the important think is that by sending letters to the inquirers you cannot remove all hard inquiry listings from your credit report. Only unauthorized inquiries can be removed, but the inquirers may not remove authorized inquiries. This is the reason why one should not apply for more and more credit, as there will be a hard inquiry for each credit application. A hard inquiry may bring down your credit score to as much as 10 points.
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All the Best 
Justin |
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JPolito830
Joined: 21 Jul 2008
JPolito830's page
Posts: 27
Location: Richmond, VA
908 Magic Points
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Fri Jul 25, 2008 3:36 pm
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Jeez 10 pts for a hard inquiry...I never understood that.
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Searching for debt consolidation assistance. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Sun Jul 27, 2008 12:56 am
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| Somehow I knew best buy was gonna say that!!!!enough already............................................................... ......................//////////////////////////////////////////////// / |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Mon Jul 28, 2008 2:10 am
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You feel that way too fireyone, I wonder how long it will take the site to notice all the repeat posts, usually richard is right on this, he will pick it up soon.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Mon Jul 28, 2008 2:38 pm
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| I know he is usually very quick at this kind of thing. |
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erb1953
Joined: 31 Dec 2007
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Posts: 621
-55 Magic Points
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Tue Jul 29, 2008 1:09 am
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| So with the hard inquiries dropping your score that much, I think that this makes it much more important teach our kids how important credit is. I remember when I first started college, the credit applications were everywhere on campus. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4500
8812 Magic Points
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Tue Jul 29, 2008 12:31 pm
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It isn't just in the college world erb. It is also right here at home. I swear the schools or list the graduates or the cc companies have some way of knowing when a child is about to turn 18. My son turned 18 almost a year ago and he was getting apps in the mail 6 months prior to his b-day. I feel they are targeting young people to finacially substain their own finanial future. They are feeding off of our young. Alot of iknternet sites also do the same thing. I was at work the other day and my cell rang. They asked me if I was sally snit (asked for my daughter). I said no she is my daughter and they said she had given this number on line to sign up for college courses. I said she was only 13 and not to call back. She was looking for different things she wanted to do when she graduated and didn't understand that this kind of site wasn't the best way to go.
SUrely they should have a way of verifying age on these sites. I was upset with her at first but was glad she was interested in educting herself beyond high school. Believe it or not these people have become like a debt collector. They keep calling back no matter how mant times I tell them the real deal. That is a good example of how young americans are pressured. |
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anthony
Joined: 31 Jul 2006
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Posts: 550
13573 Magic Points
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Mon Aug 04, 2008 11:39 am
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Yes, you are right erb. The students apply randomly for credit cards from large number of companies either by filling up online applications or filling up applications in the campus. They even do not know the concept of hard inquiry and how will it impact their credit score. I too think credit education should be given to every student right from the school level so that they can atleast understand the importance of maintaining a good credit score.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Mon Aug 04, 2008 9:11 pm
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It just makes sense to educate our young ones if the United states is going to rely on credit scores for so much in our lives, like work, mortgage, transportation (vehicle payment) and etc. We as parents have to play a role if the schools are not going to.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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