Following is another great post by guest blogger and mortgage specialist, Brenda Alfano. If you have ever wondered how your credit score is affected by debt, credit card inquiries, and a variety of other things, read on…
This month I thought I would focus on credit – specifically negative credit and how long it stays on your credit report. It’s kind of a heavy topic (sigh!) but so important in many areas. Mortgage, insurance rates, renting an apartment, etc. My thanks to 360 Credit Consulting for their help with this information. So here we go with some of the most common negative credit items:
There are different types of bankruptcy, and each one remains on your report for a different amount of time. Chapter 13 bankruptcies may be removed from your credit report after 7 years. Chapter 7 and 11 bankruptcy can be removed after 10 years.