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 Scores
Profile Image

Question By
CoffeeMug32

1 Contribution
0 People Helped
Trying to get to Zero, but with debt in collections.
So I'm nearly finished paying off my college loans. They were in collections. Once they are payed off, if the fact they were in collections remains on my credit report for seven years, does that mean I WILL have a credit score for seven years as well even if I do not interact with credit? I'm trying to get to a zero credit score ASAP.

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
935 Contributions
133 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

Your score that you have today will see an increase when the collections are paid off.  Then your credit file will still have these references for 7 years, although not the best of scores.   If you don't secure any additional debt, and have no credit activity, you will in 3-4 years start to be off the credit grid.   In 7 years, you should have the thin file you desire.  Good luck on your goal to a thin file.   

Top Contributor
1005 Contributions
557 People Helped

There is no zero credit scores. Credit score models usualy start from 300, so at very least, your score would be at 300 or wherever that scoring model starting range is... However, if certain length of time have past without any activities being reported to CRA, then the scoring models won't able to calculate a credit scores, so in affect you would then have zero scores, you won't actually have credit score of zero, you would have no score. We just don't know exactly what that length is, could vary by scoring models, but at least one year would be an reasonable expectation.

Top Contributor
7370 Contributions
3810 People Helped

Helpful to 0 out of 3 people

You need a good credit score or you will never be able to buy a car or a house. Being debt free is smart but having no credit score is foolish.  Read the articles on this site so you can learn how credit works and how to use it wisely. I went from a primarily 'cash only' basis to having an excellent credit score in a few years and enjoy having a lower interest rate charged on the car I bought last year.......and I'm on a fixed income.  You only stop learning when you die.  Take the time to gain this important knowledge that can help you for the rest of your life..

Reply by
CoffeeMug32

1 Contribution
0 People Helped

That doesn't answer the question!

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.