Credit Reports

Discussion in 'Credit Talk' started by Kena, Sep 29, 2000.

  1. Kena

    Kena Guest

    While a student @ 18 years of age, I was approved w/no job @ Lazarus for $500. It then increased to $750 with still no income, 3 months later by request. W/ in one year I blew it. Couldn't/Wouldn't, didn't care about paying them back after that year I had great clothes. Went to get a new car 8 years later and it is still on my credit report after paying Lazarus back, directly to Lazarus not the Credit Collections . My intrest rate for the vehicle would have been 12% at that time. We put the vehicle in my fiance'e name and now only pay .09% intrest. I have been making the payments out of my accounts for the vehicle for appx. 1 1/2 years, we were able to add my name to the title of the Jeep with no intrest increase and was told I would get the credit on my report. I tried for another credit card (after a grace period) with lower intrest rates and still get denied because of Lazarus. Will this ever drop from my credit report?
  2. Michael

    Michael Guest

    Kena, hate to say it but you screwed up big time, by paying this off.

    The creditor can report this for 7 years after the LAST PAYMENT, so you extended this another 7 years by paying it off.

    You should have disputed the item instead of paying it as it had been over 7 yrs. already!

    Try disputing it on the grounds that the item was over 7 yrs when you paid it, and should have fallen off!

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