Does a negative credit rating really stay on your report 7 years?
Posted in: Credit Score Good Range Tags: credit cards, credit report score, credit reports, dad, financial aid, loans
Long story short… before I started college my dad and I took out a line of credit at a local credit union. I received financial aid and didn’t need or use it. I was 18 at the time and my dad was the primary signer and I was an authorized user or co-signer. I had no credit at the time so this really helped me get credit fast and was able to get credit cards, other loans, etc.
Anyways. My dad was using the account to help build me credit. Well… he forgot to make two payments on it. Once in January and once in June. They were both 30 days late. Now because of the missed payments I have on my credit reports from the 3 major companies that this is a potentially negative report. The account has since been paid off and closed. Since I wasn’t the primary user will this really stay on my credit report/score 7 years? Both payments were small and in the -50 range. BUT Discover card got wind of this and decided to drop my line of credit with them about 1k even though it really had nothing to do with me. I explained that to them and because my name is on the account it effects me too.
Basically, will this stay with me for 7 years? My other 9 accounts are all satisfactory and in good standing; never late and always paid.
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