Dont get caught thinking that Personal Loans And Debt Consolidation credit is fine after youve paid off charge-offs, late payments, tax liens, etc. Delinquencies on credit reports can stay for a long time. There are various degrees of credit delinquency, some more serious than others. Its a good idea to understand each type and how long it can stain your credit record so that you can prevent them or at least know where you stand if you have any. There are several delinquencies that can affect your credit including late payments, charge-offs, inquiries, judgments, tax liens and bankruptcy.

A late payment will stay on your credit record for seven years from Commercial Auto Insurance Online Quote time that it is first paid late. If you were late on a payment August 2004, you still have four years from today (August 2007) before House Insurance Quote delinquency is removed from your credit report. However, if there is a second late payment from April 2007 on your record, it will damage your credit score more than Software Project Management Texas Bankruptcy Fraud from 2004. As far Personal Injury Lawyers In Seattle Washington derogatories go, the more recent, the more it negatively affects your credit score. If at the six month mark you have not paid, most credit card companies will do a charge-off. The charge-off will stay on your record for seven years after the 180 day mark (or when ever the credit card company did the charge-off).

An inquiry is less severe, but still can affect your credit if you have too many. There are two types of inquiries: ones that affect credit score and ones that do not. The ones that count against your score are your applications for new credit. Each time you apply for a mortgage, car or other types of loans you allow the lender to access your credit report. The inquiries that do not count against your FICO score are personal credit requests, promotional (the 1.9% or 2.9% offers you get in the mail unless you accept the offer), job related, insurance and account reviews by credit card companies. Capital Loan Bank Manila inquiries will appear on your report but do not affect your score. Affecting inquiries can show up on your record for two years, but only affect your score for one year.

Another type of delinquency is a judgment. Say John did not pay Bill for services rendered and Bill decides to sue. The court rules in favor of the plaintiff, Bill. Now John has a judgment to pay which affects his credit negatively. The judgment will stay on his record for seven years or however long the statute of limitation is within that state. Supposing this case had been in California, where the limitation statute is ten years. If John has not paid during these ten years, Bill has the right to renew the judgment for ten more years. John would then have this delinquency on his credit for a maximum of 20 years. Generally judgments will fall off after seven years, but they can stay on for the length of your states statute of limitations.

Another delinquency Gieco Auto Insurance Quotes with the law is a tax lien. If you have not paid taxes owed to the Federal Government, it can put a tax lien on your property. This means that the government has rights to your property until the lien is satisfied. Fraud On Credit Card Before Bankruptcy In Ohio the lien is satisfied, the delinquency would come off your credit report in seven years. You could have a 20 year tax lien that you paid off yesterday and have it stay on for an additional seven years.

Now if you get financially stuck and have to file for bankruptcy, the stain will last seven to ten years depending on under which chapter you filed. Bankruptcy for basic liquidation (chapter seven) or for rehabilitation/reorganization (chapter eleven) will stay ten years from filing date. Under chapter 13, rehabilitation under a payment plan, will last for seven years after the filing date.

Knowing how long your delinquency will stay on your record will help you plan and prepare the future of your credit. It is important to understand how delinquencies affect you and your borrowing power.

To learn more about how you can help increase your credit score, go to Dr. Alan Rosenthal's website at http://www.financialsolutionservices.com where you can find more great information on credit improvement. And, you are cordially invited to sign up for a FREE Credit Repair and Enhancement Workshop by visiting http://www.financialsolutionservices.com/upcomingevents.html

For additional information listen to one of Dr. Alan Rosenthals credit talks at http://www.financialsolutionservices.com/credittalks.html