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ivanivan242

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How long does it take before your credit starts to improve after a credit card settlement/forgiven?
I had debt on 2 credit cards. One was settled and the other was forgiven. Both show no balance on my credit report. This is the only info that is bringing my credit report down. How long is it before my credit starts to improve?

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Your credit will improve slowly over time because there aren't an "recent" baddies (assuming you don't have any other recent badies. Howver, it will still report negative becasue of the late payments. After 7 years form the date of the settlement, it will be wiped out of the credit reports (like it never happended). You should alwys be careful in paying a debt (especailly if it's old), as this resets the reporting clock (the 7 years i mention above restarts).

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2 years.

The bad debts will be counted against you for about 2 years.  That is what most creditors actually look at. Your most recent history.  Yes, they will be on your CR for 7 years, but as you work on repairing your credit they will have less and less effect.  The dings on your credit onl;y impact about 15% of your score.  You available credit and on time payments have more bering on you score, about 40%, So stay the course and it will improve.  Total repair takes about 18 to 24 months depending on how bad things really were.  

Good luck

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