Does your credit stay fucked for years after you pay all your bad debt off?
 

People say for 7 years it stays on your credit report even if you pay everything off, is that true? I haven't used credit in like 6 years don't like it. I have about 4k in charged off credit card debt from when i was 19. Now i feel like paying that off to get a bank loan for a business. If everything is paid off will it be difficult still to get a loan?

Yeah it stays fucked for a while.. at least it does up here. Why not do one of those online credit report things?

if it was from when you were 19..you mightbe able to explain it to your bank manager.

if you have your debt paid off soon they might take you on.

all depends on how you present yourself, as it comes down to the person sitting on the other side fo the desk.

you can normally make a deal with them and and not have to pay the full amount. If they have written it off as a loss. But best thing to do is get them to put in writing that they will report it as a paid debit so it reports as good credit if you pay it off. The other thing is they can keep reissuing a claim on your debit for ever if they want to so it can stay in your history much longer than 7 years.

not everywhere. Here they just fill paperwork and the computer does the rest of the job ... They got the folder of somebody else many time for me ... cock sucking mofos

:1orglaugh im pretty fucked. Oh well i don't need another bill anyway I'll save up.

you need to get another credit card as soon as possible and start using it and paying it off completely monthly

This is weird.. its possible to just not PAY debt in the US even if you could? I would expect CC companies to be behind their money like hell, especially in the US and sue your ass off if you can not pay or claim you can not pay?

I had 1 tiny fuck up on my credit when I was 19 and it fucked me up for 7 years. No loans, no car, no nothing.
My credit is excellent now and I'll Never fuck around with it again.

Unfortunately, your credit record will show everything from the past 7 years. Unless you think there is a mistake, you can call the creditors and ask them to remote it.

I also used these guys
http://www.lexingtonlaw.com/

they were good, but by the time you start your case with them and they mail despute letters, get responses, re-mail despute letters, etc etc, it took a year before I had something removed from my credit. and it's around $40/mo

you'll never get a business loan.
period.

Just because you can't get one for your sex change its not my fault.

Yup...7 years..and it doesn't always automatically fall off then.....you may have to write the creditor after 7 years to get it removed.

You can get a free copy of your credit report and credit score to keep a check on things at www.equifax.com

If it's old and you have recent good credit, most creditors will overlook.

:2 cents:

Ivy

I don't know where you are - but I used to work for a bank here in Toronto and the rule was that you had to be clean for at least 7 years and also you have to re-establish credit before going for a loan or mortgage - that means that you will have to use credit cards and/or store credits to increase your credit rating - don't know if that helps but good luck!

you have to tell us numbers

how much bad debt

how much of a loan are you looking for

is it a brand new business

do you have personal financial statements and or business financial statements

there is no single answer, it depends on many thing

what did you do?

Your credit will show the last 7 years of good / bad / ugly. There will always be some explaining that you can do in terms of blemishes that are reasonable ( divorce, health issues, etc)

There will ALWAYS be places that will lend you the cash that you need no matter your credit, its all reflective in the interest rate that you will get slammed with if your credit is worse.

You may want to consider a cosigner and allow them to assume some risk or better yet, wait until you have significant cash reserves to do your plans without the overhead of loans in case of less than projected returns.

I'm gonna guess that English isnt your native language?

never had problem with my credit. Probably because i've never taken out a loan through my bank

Lets go over this slowly as you seem hung up on your sexual fantasies.

You're a 25 yr old, living with mommy, bad credit, anti networking, no business, fool.
When you go to the bank for a business loan, THAT'S what they'll see, not all of your really cool posts on GFY.:thumbsup

the credit report stays even after you pay off all your dept. and before they allow you to get a loan, you need to atleast show good credit standing.:helpme

His native language is french.