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Is "excellent" credit technically possible again?


LeslieR
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I was just looking at a credit card app site that had cards for "excellent" credit and cards for "above average" credit. One of the definitions of excellent credit was "I have NEVER had an account that was 60 days late" (as opposed to the above avg. which was "I have not had an account that was 60 days late in at least two years.")

I know that BKs never leave you - but without a BK does one ever escape the sins of the past? Those definitions above imply that somehow a CC company or lender will ALWAYS know that at some point in the past you had poor credit.

Just wondering.

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Excellent and Pristine credit is available to (just about) anyone within 10 years. Public records will hang for 10 years like BK, judgements, Satisfied liens etc...

Everything else is 7 years including late pays. So if you paid late more than 7 years ago, you've "never" been late.

Only exceptions are student loans that never get taken care of and some misc odd things like child support.

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Yep, at worst it takes 10 years for everything bad to drop off, assuming in that time you always make on-time payments. (barring permanent/recurring items like CleverCynic mentioned. Unpaid leins might fall into that category as well)

After that, if you have the right mix of account types, low utilization, and that 10 years of good history, you're back into excellent territory again.

I'm a good example. I went from mid-500's in 2002, and worked up to high 700's by 2007. Some baddies dropped by themselves, and some I beat off with help from the friendly folks here. Most importantly, in that time I've kept a close eye on my accounts and payments and not missed any, and also worked on opening accounts of different types (even though I don't really use them).

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If you're not with a particular creditor anymore and haven't been for a couple of years, ask yourself whether the age that you get from the tradeline is worth seeing the negative entry or entries associated with it. If the answer is no, chances are you can improve your credit by disputing some aspect of it ... the OC will no longer have a record in their system to verify from, and it will wind up deleted.

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If you are late on an existing account, the individual late can remain on the account 7 years from the late date.

If you have a collection, charge off, repossession, foreclosure these can remain on the credit report 7 years from the date of first delinquency.

If you have a judgment or bankruptcy 13 then these can report 7 years from the file date.

If you have a bankruptcy 7 then this can report 10 years from the file date.

If you have a tax lien this can report forever if unpaid, and 7 years from the pay off date once paid.

If you have a student loan, this can report 7 years for each collection agency, meaning it could report forever if unpaid. Once paid it will come off 7 years from the collection agency’s open date.

Positive accounts will stay on the credit report as long as the account is open, once closed it will stay on 10 years from the close date.

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Don't fret!

It will happen and probably sooner than you think. One of the very best side effects of coming to a site like this and really getting involved in cleaning your credit up is that you really try to keep it 'clean' afterward.

I got copies of my credit reports in April 2007, they were stinky bad foul. I think my mid range score was around 439 (I'd have to look at the report I was given by a mortgage company to see for sure--but it was really really bad!).

I had lots of stupid stuff--some I'd never seen before, some really old, 2 judgements and some liens.

I now have ONE deragatory on my credit report--it's a medical bill for $125 that's due to fall off in May (7 years), I offered to pay for delete but they said they could NOT delete - they will simply update it as PAID (after collection). I said no thanks, 7 years is long enough. I have NO judgements now--that was NOT easy but they are gone! And the leins were just weird--had them removed.

I still don't have a CC, but I did get a loan last July for a motorcycle. I just got a mortgage and the broker said my my scores were 679, 687 and 702. The motorcycle loan only shows up on one report. Those were the numbers as of last month. Less than a year later.

I might get a CC after I have had my mortgage for a few months, but I'm really not in a big hurry and feel more comfortable just dealing with the necessary bills. (I admit--a CC would probabably be too tempting for me at the moment!)

The more you get done on your report and see a difference, the more you want to keep it really good and that's what's important. That's also where you'll be smart about any CC you get because you wan't want you scores to go down hill again.

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Thanks for all the input. I am with you 100%, Robyn....my question was really just technical due to the way that particular credit card defined "excellent" credit. Although it went against all my knowledge, they made it look like it might not be possible.!!

Congrats on all of your successes. I have experienced same and am very grateful to this board.

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