I have several negative charge off items that are reaching their seven year mark, trans union says it will go to a positive on the specified date. What does that mean? Can I request all my negative charge off items that is seven years old to be deleted?
By law, the statute of limitations expires when they are 7 years old. That is 7 years after last activity, not when they were first reported.
Once the 7 year anniversary date has expired, you can and should request that they be removed from your credit reports.
If you pay on them or even promise to pay on them before the expiration date, the clock will start all over again. Make sure they expire before you ask for them to be removed. I would give myself a week cushion just to be on the safe side.
Hi All! My DH is getting ready to go back to the Marines on recall so we decided to pay off bills since we will be making quite a bit more money. We ran a credit report and saw what all is on there. DOes anyone know how to tell what is most important to pay off first? We are hoping to buy a house in the first year after he gets back. How do i tell what to pay off and what wont really matter?
If your plan is to become debt free you should consider the debt snowball approach. List all your debts by smallest to largest. Pay everything you can toward the smallest and just pay the minimums on the rest. Once you pay it off move to the next one and so on… You’ll find that by the time you reach the last bill your able to pay huge amounts and the snowball has become HUGE!!!
I would advise before you buy a house you become debt free, have $3000 in the bank for emergencies, and at least $10000 to put down on the house. Always get at least a 15 year, fixed rate mortgage.
If you can do all this before you buy, you’ll enjoy the house and won’t have near the stress you would if you bought a house with a lot of debt hanging around your neck pulling you down.
Credit Slips is one of my favorite websites:
This article about Visa’s ad campaign is very interesting. There are many more interesting articles at Credit Slips too. Read all of them if you can. Make sure nothing is late. Make sure to address all “charged off” or “delinquent” debts. They matter to mortgage lenders. Pay all medical bills too.
So even if something has been charged off i should still pay it? I was always told there was nothing you could do once something was charged off.
Things that are “charged off” could have been sold to a debt collection agency. You could call who you owe the debt to and find out who bought the account. But doesn’t that put you in the hands of the unscrupulous debt collectors and re-start the clock on the statute of limitations?