(Closed) Defaulting on loans and "dinged" credit

posted 5 years ago in Money
Post # 3
Member
3092 posts
Sugar bee
  • Wedding: June 2013

@Lily_of_the_valley:  Did they say whether they reported it?  Sometimes you can default on things and they will give you a window to fix the problem….like I almost always pay my car payment late (it’s on an awkward day) but there’s a window so I never actually get dinged.

Post # 4
Member
1038 posts
Bumble bee
  • Wedding: October 2012

 If it has been reported I think late payments stay on there for 7 years.   

Post # 5
Member
6745 posts
Bee Keeper
  • Wedding: June 2014

Everything on your credit stays on for 7 years.  However, you can dispute  it.  Google how to dispute things on your credit report and it will come up.  Essentially, you write a letter to each of the 3 credit agencies asking them to remove the credit inquiry and explaining why it shouldn’t be there (credit card was stolen, etc) and if you have any proof (police report?), then submit that as well.  If the other party (lender) doesn’t respond within 30 days, it comes off your credit (or if they respond but don’t have a good reason for it being there, etc).  You can get a free credit report once a year by going to freecreditreport.com to see if it’s even on there. 

Post # 7
Member
3302 posts
Sugar bee

It stays on your report for 7 years but it only affects your score for two. You score is composed of recent activity of two years, but many lenders look at both your report and your score to make decisions. Many credit cards looks at the score first (instant approvals) then look at the report if the score is not in their range.

Post # 8
Member
10563 posts
Sugar Beekeeper
  • Wedding: January 2011

Why did you and your SO both miss 3 payments?

DH and I have a joint credit card and the bank caught fraudulent charges.  It was with his card number.  They immediately cancelled his card, sent him one with a new number, but I was still able to use mine.

I think you may have to just wait it out for your credit to improve, as it happening to both of you is going to look pretty suspicious.  Contacting the credit reporting agencies is still worth a try though.  Good luck!

 

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