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
thetruth1016

1 Contribution
1 Person Helped
is an account removed from credit report 7 years after it is opened or 7 years after it is closed?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
179 Contributions
334 People Helped
Most Helpful Response

Both of those answers are close,...

Helpful to 5 out of 7 people

Actually it's 7 years after your last payment, or your last payment arangement in some states.  Items that are in default for about 120+ days are usually charged off.  Once they are charged off, they should also say 0 balance.  Notice that a debt is STILL an obligation even after the original company charges it off and you will likely be contacted by collection companies for this point on to collect the entire balance.  Unfortunately once an item is charged off you will never have an opportunity to bring it back to a current status. 

In addition to that set of news, charged off accounts will be on your credit and part of your score for up to 7 years after your LAST PAYMENT, or in some states, up to 7 years after your LAST PAYMENT ARRANGEMENT; even if that payment or payment arrangement is with a collection company 6.5 years after your last payment with the original creditor.

Top Contributor
1008 Contributions
557 People Helped

Helpful to 1 out of 1 people

If it's in collection/charge offs? It's 7 years from the first date/month ultimately leading to the collection/charge offs. If it's closed account but was in good standing, then it can last upto 10 years from it was closed.

Top Contributor
31 Contributions
38 People Helped

If it is still open then it will remain on your credit score. They usually drop off after being closed 7 years though.

Results 1-3 of 3Results 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.