How Long Will The Negatives Haunt Me?

Everyone’s human; we’ve all made mistakes over time. Some errors may cost more than others. For example, if you switch a letter around in an email address, your email will not be delivered with little to no impact on you.  However, some errors, like a speeding ticket on your record, can cost you more than a bounced email and can impact you and your life for a while.  So how about making an “oopsie” with your credit, how long would you have to face the repercussions of your credit mistakes? Also how bad could it hurt you?

  • Late Payments (30-180 days late) – Making a payment past the 30-day deadline will affect your score the most and will stay on your record for 7 years from the date of the late payment. However, if this was a one-time occurrence, then the negative item would affect your score less within the 7 years of on-time payments. And yes, every new late payment could bring your score down further than the last one.
  • Collections/Charge off – Debt like collections and charge-off accounts will remain on your report 7 years from the date the payment was sent to the collectors. However, paying the debt off before the 7 years will not let the negative item “disappear” instantly.  Instead, your account will be updated to “paid” and then add another 7-year inquiry to your credit report, unless you negotiate the Pay/Remove strategy that Credit Repair Companies works toward.  You may want to consider speaking to a professional to assist you with those negotiations.  And…one more thing…. if you think ignoring the collection inquiry for 7 years will make it disappear, think again. Since this is a debt you still owe, it will stay on your credit report for another 7 years until the debt is repaid or negotiated.
  • Closed Credit Accounts – Any account paid off as agreed will remain on your credit file for up to 10 years since the date of the last activity. However, if they were not paid as accepted (such as late payments and payments that were missing) and got shut down by the creditor, the negative item will remain for 7 years.

Making simple mistakes on your credit report can impact you negativity for 7 years at least.  To add insult to injury, trying to do the “right” thing on your own could end up digging yourself deeper into your grave when it comes to your credit.


Reposted with permission from:
Sal Bonanno
National Account Manager | First Premier Credit Repair
Main: 855.278.3578  Direct: 646.283.2783



Karen Jones is a Licensed Mortgage Loan Officer (NMLS 307015) serving Arizona and California.   As a Banker of over 39 years, she is dedicated in ensuring that her clients are well educated and prepared for their new home purchase.  Contact Home Loan Officer, Karen Jones when you are ready to learn more about your home loan financing options in Arizona or California.


The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Karen Jones or AmeriFirst Financial, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. We will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ  85203 (NMLS # 145368). 1-877-276-1974. Copyright 2018. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Click Here for Licensing Information. The services provided by Karen Jones are not a condition, nor do they create any obligation for any form of remuneration for any real estate settlement service related to any referral.



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