Quote:
Originally Posted by sarettah
Not everything comes off after 7 years. A bankruptcy comes off after 7 years.
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Incorrect.
A bankruptcy it's self stays on for 10 years. Only CERTAIN kinds come off at 7, and those are the one's where you paid back the debt under protection.
Quote:
Originally Posted by sarettah
If they sent it to collections, the collection agency is allowed to go after it for as long as they want, that can keep it active on your report.
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Incorrect.
I've went through this, and you contact the credit bureaus and explain it's related to an old debt, and it is removed once they verify. It can only stay if it is turned into a LAW SUIT.
Quote:
Originally Posted by sarettah
Pay it off first of all. Either contact them and work a settlement or pay it in total. Do not deal with a collector on it unless forced to, deal direct with capital one. If you pay it off in total they should agree to pull it from the reports.
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Incorrect.
If he was a minor, he contacts the credit bureaus
providing proof, and it will be removed from his credit report in 30-90 days.
Also, Capital One will NOT talk to you. They will only refer you to the collection agency, or the law firm handling it.
Quote:
Originally Posted by sarettah
Then, going forward, get a small credit card (as was suggested above) and use it and keep it current. 6 months down the road you should see your credit score start rising significantly.
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Correct.
Imagine, Orchard Bank, Premier Card (all HSBC) will give you cards. Most unsecured. $300 limits. Pay on time, and early if possible. Register for the online bill pay, and make payments every week if you want. $25, or whatever. You must use, and pay cards for them to raise score.
Quote:
Originally Posted by sarettah
Then, make sure in the future that all payments are made on time every time. That is the strongest point in building credit, paying on time as agreed.
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