How To Remove Negative Credit Older Than 7 Years

Past financial mistakes can haunt you for a long time, even when you straighten out your credit and build up a good history for several years. Most negative items can stay on your credit reports for seven years where they can be viewed by lenders, insurers and even employers. They won't count as heavily as more recent items, but they can still hurt you.

Fortunately, you can have them removed once the seven-year period ends. Make a list of any accounts and other negative information older than seven years that is showing up on any of your credit reports. Check your reports with TransUnion, Experian and Equifax. Write a letter to each of the three credit bureaus that is listing outdated information on your report.

The letter should specifically list the items that are more than 7 years old and ask the bureau to delete them because they are beyond the allowable reporting period. You may also wish to enclose a copy of your credit report with each of the old items highlighted. Find the current dispute address on each credit bureau's website and send your letter through certified mail.

The FTC advises asking for a return receipt if you want proof that the letter arrived safely at each bureau. Get new copies of your credit reports and check them again when you get answers to your disputes. The credit bureaus must take the old items off your reports or tell you why they will not do so. Make sure they have removed everything that was supposed to come off the reports.

Look for errors on your credit reports at the same time you review them for old information. Some negative items can remain on your credit report even though they are older than seven years, so the bureaus will refuse to remove them. These include certain types of bankruptcies, tax liens, student loans and other unpaid debts owed to the government. Lose Weight. Feel Great! AGE lbs. WEIGHT ft. What Is a High Credit Rating, How to Fix Your Credit Report in 3 Months or Less How Do Medical Bills Affect Your Credit Score, How to Dispute a Late Fee on a Credit Card How to Know If Credit Report Sites Are Safe What Does Discharge Mean on Credit Card Debt,

60 a month was immediately applied to the debt. 500 balance will be entirely eliminated in around 8 months. So now, youve eliminated two of your credit card debts in just 14 months. This is where the snowball works faster. 70 to one of the charges, then to the other one. The first credit card debt is eliminated in six months and then the next one is paid off in less than four months. 100 totally vanishing into your financing fees. 4,000 can still be eliminated in just over a year! If you follow the above plan, there will be no need to say “help me pay off my debt!

Some people may think of credit cards as just “plastic money” that are there for their every convenience. What most people do not realize is that if you keep thinking that your credit card will let you get your way when it comes to “financial freedom”, well think again. When it comes to dealing with credit card companies, be prepared to be bombarded with all sorts of “payment schemes”, “loyalty points” and “spending points”.

Its important not to get mesmerized by these sugar coated terms because in reality, no company is willing to shell out big money for big incentives for their clients without the hindsight of better profits for them. Always read the fine print before you start committing to anything, as well as keep in mind that when an offer is too good to be true - it most probably is. Grace period - In laymans terms, this is actually the time allotted for you in between a purchase to the actual time that youll have to pay the interest for it.

The most common time given for grace periods is usually from twenty to twenty-five days from the time that your purchase gets posted on the creditor. Although grace periods may actually be quite tricky at times because there are actually instances wherein youre not given any grace period at all.



So youre actually better off to just pay off your total balance - in full, so that you wont have to be bothered by increasing interest rates. Annual percentage rate - Also known as the APR, this is actually the number that would be referring to the total cost of your debt. Aside from that, itll also include all sorts of fees and the compounding interest of your account. The APR is what you should know how to use when it comes to properly being able to compare different credit cards. Always remember that the lower the APR number, then the better chances that you wont end up with so much debt. Stewart Smith offers advice on all aspects of credit and credit cards.