ok i just turned 18 yrs old and i had a debt about a cell phone that i owned but once i turned 18 i paid it off.. but why does it say it'll remain under my creit for seven years,,,
experian says:
Credit reporting agencies like Experian are governed by the federal Fair Credit Reporting Act (FCRA) and companion state laws. The FCRA permits us to list positive information on your credit report indefinitely, although it generally remains up to 10 years. Accurate negative information - such as a late payment or an account turned over to a collection agency - can remain on your credit report for seven years. Bankruptcies may remain on your credit report for up to 10 years. Unpaid tax liens may remain for up to 15 years.
what does this mean? because evn wen i want to apply for a store card (like target, macys, bestbuy) or a credit card, they dont let me because they say i have an outstanding debt....
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July 31st, 2010 at 2:26 pm
Negative credit, like collections, repossessions, judgments do remain on your credit report for at least 7 years, they will show a zero balance but the fact that you had the derogatory credit remains.
If the phone debt was the only derogatory item on your credit reports I would think you could at least get a store card. Every time you are turned down for credit, the creditor is obligated by law to furnish you a copy of the information they used to turn you down. If it’s your credit they would have to furnish a copy of the credit report and explain how they determined you were not eligible…bad credit, no credit, credit score, whatever. If the stores did not furnish you this Information go back to them and let them know you are aware they are legally required to do so. That will give you the reason you are being turned down.
July 31st, 2010 at 2:26 pm
Open a checking account.
Do not overdraft for 6 months.
Then ask your bank for a credit card.
Showing your personal bank good responsibility is going to get you that card – maybe.
I was able to get credit cards even with a collection of 300 on my report. Just prove yourself to your bank.
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July 31st, 2010 at 2:26 pm
What may have happen is that even though you paid it (And I hope you have proof) they didn’t put that on your report. Go online or call the companies and tell them that you want it changed to account paid, they may want a receipt or proof. Once they have that they should change it, it will still be there, but it will say paid instead of outstanding.
July 31st, 2010 at 2:26 pm
First check your credit report at https://www.annualcreditreport.com/cra/index.jsp for free no strings attach, then under the item in question make sure it says $0 balance if it’s showing something else just click dispute so it can be updated cause that’s what really hurts you, make sure it says $0 balance. sometimes bad credit shows on your report for some time but as long as it shows a $0 balance you have nothing to worry about cause every 3 months for the next 2 years it will start to fade out more and more until it won’t affect your score anymore.
July 31st, 2010 at 2:26 pm
You have two strikes against you….one is not your fault.
Any collection account (even paid in full) will damage your credit. Secondly, the credit scoring system treats all 18-22 year olds as big credit risks…only the passing of time will remedy this.
Your best bet is to get a secured credit card, where your available credit is equal to the security deposit you put up. This may be the only type of card you can get. Be sure to build a history of paying on time. In about two years the damage from the default will wear off and your credit score should start to go up again.
July 31st, 2010 at 2:26 pm
Negative items stay on your credit report for 7-1/2 years from the date of default, whether you pay them or not. This item will stay on your report for the balance of that reporting period. The good news is that as it gets older, it will have less impact.
If the only thing on your credit report is this negative item, it is unlikely you will get approved for any credit card except a secured card.