Posted on: 05th Mar, 2012 01:59 am
I was able to remove all the negative items off my wife’s credit reports. However, she does have a late payments like 30 days late on an car we paid off 3 years ago may. The last late was april on 2009. I know they stay on for the 7 years, but I also heard after 3 years they won’t affect the fico score as much. Any info on this will help me a lot. Thanks
Hi Nensa,
You have heard it right. Though any negative information will remain in your credit report for 7 years, once you pay off the debt, it's negative impact will lower down after 3-4 years.
Thanks,
Jerry
You have heard it right. Though any negative information will remain in your credit report for 7 years, once you pay off the debt, it's negative impact will lower down after 3-4 years.
Thanks,
Jerry
Hi Nensa!
Welcome to forums!
I agree with what Jerry has said. After 3-4 years, the impact of negative item on her credit report will lower down. Moreover, if the debt has been paid off and has been mentioned in her credit report, then it will have a positive impact on her credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Jerry has said. After 3-4 years, the impact of negative item on her credit report will lower down. Moreover, if the debt has been paid off and has been mentioned in her credit report, then it will have a positive impact on her credit report.
Feel free to ask if you've further queries.
Sussane
Since you have been able to remove the negative items from the credit report of your wife, her credit score is likely to improve. Since, you have already paid off the car loan on which you were late, 3 years ago, the negative effect of that is not likely to affect to credit score at current period. Though, the negative information remains in your credit report for nearly 7 years but its impact on your credit score is significantly diminished.