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! Thanks Beth
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.
HI Roni Thank you for your input. THis is a great board. I hope to learn alot about keeping my credit clean!
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
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.
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!
