Credit advise?

Question

I have chargeoffs that is more than 7 years. Should this be off my credit? Also I want to establish my credit. Where do I start? I do have medical bills that I am working on, but the chargeoffs are the only thing and my score is 550.

Answer 1

Technically they can stay on your credit report for the reporting period of 7.5 years like Slim said.

Answer 2

Yes, any collection/charge off greater than 7 years should automatically drop off your report but credit agencies are not always on the ball with other people's information.

Get a copy of your credit report, fill out a dispute form (download or go online). They have 30 days to either valid or remove the negative item.

Whatever you do, work on your medical bills diligently so they too don't end up on your credit report...this will start the 7 years all over again.

To increase your score, get a secured credit card for as much as you can afford say $500-1000 or more.

- Use it sparingly, every other month or so.

- Keep your usage under 25% (ideally 10%)

- pay your full balance on time

- NEVER pay late or try to skip a payment

- wait till  you have some $, charge the card then pay back right away.

This way you'll establish positive payment history on your card. Your score won't shoot up over night but the longer you use your card diligently, the sooner you'll be in the 600-700 credit score.

Answer 3

It should be cleared after 7 years, apply 4 a credit card and pay it off EARLY, not on time (still ok) but EARLY will get your credit goin up quick. Or go to a bank, apply for a 1000 dollar loan, then go to another, same thing, take 1000 back to beginning pay it off EARLY, continue till you've done this about 5-6 times, poof, insant-credit.

Answer 4

Technically they can stay for up to 7.5 years.  

Send the credit bureaus a letter via Certified Mail + Return Receipt stating:

Per the Fair Credit Reporting Act, I am requesting validation that this item is being reporting within the 7-year time frame as allowed under the Fair Credit Reporting Act

Answer 5

Charge offs will stay there 7 years from the last activity.  If they move forward into a judgment, they could be there for 10 years.  But generally speaking, I would contact the credit bureaus to have the 7 yr CO deleted.