Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
mmijatov15

0 Contributions
0 People Helped
Derogatory Line of Credit
I had a line of credit (roughly $5000) in college that I never paid and is now showing as derogatory on my credit report. I recently called U.S bank who accepted a $200 payment to start paying this back, which confuses me as the account is marked "closed" on the report. Does this mean I can pay this back and have the "derogatory" label removed?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2786 People Helped

Closed means you can't put any new charges on it.  Once you pay it back, it will still be a negative account, but it will show paid, so that is better than unpaid.  It will fall off your credit report 7 & 1/2 years from date it went delinquent.  

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.