Will I have bad credit forever?

iVillage Member
Registered: 02-13-2004
Will I have bad credit forever?
3
Mon, 11-15-2004 - 3:20pm
Due to high balances on my credit cards and several late payments last winter, I now have an abysmal (i.e. low- to mid-600s) credit score, and creditors won't even consider extending credit to me right now. Everything (our car, our house) is in my husband's name right now, but his credit score is beginning to suffer as a result.

I know my credit won't repair itself overnight, but I'm beginning to feel frustrated, as I've seen absolutely no movement in my score since January. It's been almost a year since I've made a single late payment, and the three that I made all were in the same two-month window. And though my balances still are high in relation to my available credit, they have been decreasing slowly but surely. So, why hasn't my credit score increased at all? If I continue paying on time and more than the minimum, when will I start to see some movement? Has anyone else been able to pull hereself out of the credit doldrums? Thanks!

iVillage Member
Registered: 02-19-2004
Mon, 11-15-2004 - 3:47pm
I think these questions are often directed to the debt q&a board... http://messageboards.ivillage.com/n/mb/listsf.asp?webtag=iv-mldebtqa&nav=start but I will tell you what I know about it.

If your balances are near their limits, that could be affecting your score more than the late payments. I had two 90-day lates on my mortgage (thanks to my ex). We sold our house and paid off all credit card debt, and my score went from low 600's to high 600's right away and the 90-day lates were only around a year old (I waited a couple months after I paid the balances to ensure it had been reported). Six months later two of the bureaus had me over 700.

I believe the late payments will only show on your report for 2 years. If you have an account that is charged-off, it can be much much longer. But usually the credit report shows 2 years of payment history. Late payments that are less than 12 months old I believe will affect your score more. So keep doing what you are doing and paying on time and you will see improvement.

I had bad credit my whole life (ok, there was that period when I was just starting out) but I hope when I check next time I have all my scores over 700. I was able to get zero percent credit cards this summer when I needed to purchase a fridge and a mattress. When I was young I had charge-offs and judgements and settlements (ex boyfriend was a con artist, long story). Over time those went away but once my credit was better, I got myself into trouble with new credit cards (my debts this time, paid them off myself). I've never gotten a car loan without a cosigner or having my mom be the primary borrower. One car I bought I couldn't even be the secondary on the account since my credit was so bad. It had to be in my mom's name alone. But now I get zero finance credit card solicitations in the mail all the time (I usually rip them up). So, yes things can turn around.

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iVillage Member
Registered: 02-13-2004
Mon, 11-15-2004 - 3:51pm
Great -- thanks for the reassurance! I've stopped using my cards completely and have frozen in lower interest rates, so hopefully I'll be closer to 700 as well in the not-too-distance future!
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Mon, 11-15-2004 - 6:38pm

Late payments remain on your report for 7 years.

All my best,
Danni