By Larry Chiang
This will make more sense if you’ve read my “Marshmallow FICO” piece.
Someone who is hopeful the the credit delinquencies will disappear sounds a lot like this…
Good Sunday to you sir. I have a question as I have recently have been trying to attack my credit problems. Admittedly for the last 7 years its been like an avoidance of a terrifying movie. I use to have a credit score of 780. Everything you stated in most of want I’ve read today seems to be on point. Yet after a career move about 8 years ago and some awesomely destructive assumption a 2 year unemployment or underemployment saw my credit score at one point as low as 400s (didn’t even know that was possible.) Yeah Iost alot but I had hopes I could get some of my credit worthiness back. Here’s my question:
On my free credit report I saw something near the bottom of each account that gave a date when a delinquent debt would be removed. Most of the major ones totalling about $60k in consumer debt would or should be removed by the first quarter of next year. Will these removal reflect on my FICO if I am understanding this section correctly? How long will it take if my assumption is correct.
Thank you for your time in advance.