Quote:
Originally posted by -=HOAX=-
Anyone know if deliquincies fall off your report completely after 7 years?
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Simple debts like credit cards fall off after it has been seven years since they went delinquent. I believe that if you make a payment that resets the clock. So you might think you were doing good sending them $20 to show good faith, but you would be actually keeping the delinquency on your record for another seven years.
It is easier to finance buying a new car than any other kind of credit. They know they can just take the car back if you do not pay. If the first dealership says no, just shop around. You might get a sucky percentage, but you also get to establish credit.