Bad credit?
Jess T asked:
Hi,
Im just after a straightforward answer to my question, if there is one:
What looks worse on your credit record, a default on a couple of credit cards, that have been paid off over 2years since the default, or several late payments and arrears on credit cards (im talking upwards of 10) but since that blip, all payments made on time for the next 2 years
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Hi,
Im just after a straightforward answer to my question, if there is one:
What looks worse on your credit record, a default on a couple of credit cards, that have been paid off over 2years since the default, or several late payments and arrears on credit cards (im talking upwards of 10) but since that blip, all payments made on time for the next 2 years
Thanks for all your help
March 7th, 2010 at 11:59 am
All of the above.
People will be wary of accepting you for credit.Chances are you will fail an Experian and equifax credit check. ♥Hunky Homers Wife♥
March 9th, 2010 at 12:47 pm
They are both bad.
But than again your credit score mostly reflect the last two years so you should be ok. Also lenders (most) only look at the last two years..Unless you have a Bankruptcy or something.
Check your report for free no credit card needed
You can dispute all negative information on-line for free.
Also don’t pay attention to what the first answerer said LOL Reaper
March 12th, 2010 at 4:24 pm
Both are bad - the biggest impact on which is currently hurting your score more would be the age. Lys C
March 13th, 2010 at 9:44 pm
Once it is defaulted, the account is closed and charged off and you have no way to “recover” from it but wait 7 years. Missed payments have a negative impact but the older they are, the less the affect they have. Once it is charged off, it is all done and over with and will look really really bad. Late payments tend to hurt you the most for 12-24 months and after that time the affect begins to subside. Charge offs are charge offs and will have that impact for 7 years. If two years of good payments have been posted, then you are looking at less of an impact. The older they get, the less the effect. N K