old accounts returning

Discussion in 'Credit Talk' started by Beth, Sep 22, 2000.

  1. Beth

    Beth Guest

    I just needed some info about old charged off accts showing up on credit reports after 7 years.

    Next year I will buy my first home. I had bad credit in the past (bad relationship & college left me broke)

    Anyway 7 years has gone by and I paid what I cld and the rest have fallen off my credit report. I have been very good with the little credit I do have ( 2 visa cards & a few dept stores) in 7 years I have never missed a payment or been late on them.

    I have now been approved for my first gold card, and easily obtained a lease for a new laptop. I was approved on the spot! It sure felt good!

    When I go looking for a mtg next year, will they pull a 10 year credit report on me? I heard that they can go back as far as 25 years if they want!

    I want to make sure I get approved at a good rate!


  2. roni

    roni Well-Known Member

    Yes, they may do that. However, debts over 2 years old will not matter. Debts/delinquencies 7-10 years old are also obsolete. Dont worry. You are doing great.
  3. Beth

    Beth Guest

    HI Roni

    Thank you for your input. THis is a great board. I hope to learn alot about keeping my credit clean!
  4. Doris K.

    Doris K. Well-Known Member

    I agree with Roni. You are doing great, and as long as you stick with what you're doing, you'll have good reason to be very proud of yourself :)
  5. Justice

    Justice Guest

    I think you will be pleasantly surprised at how lenient the mortgage companies are now. I just bought a house last year with a current flaw on my credit report and was approved for a FHA loan at the lowest interest rate. They just asked me to write a letter of explanation about the flaw. You shouldn't have any problems.
  6. Beth

    Beth Guest

    Thanks for the info! I was worried that the bad credut wld come back to haunt me!

    According to my savings plan I need 5 more months to hit my goals for down payment & closing cost.

    Then I'm off to go house hunting!

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