A Credit Reporting Agency may report negative information for seven years.
- Crminal convictions may be reported without any time limitation.
- Bankruptcy – up to 10 yrs.
- Response to application for a job with a salary > $75,000 – no time limit.
- Information reported re: an application for > $150,000 worth of credit or life insurance – no time limit.
- Lawsuit or an unpaid judgment – the longer of 7 yrs or until the statute of limitations expires.
FICO score is as follows:
- 35 percent payment histories
- 30 percent amount of debt (e.g. don’t use over 50% of a credit line).
- 15 percent length of time credit line has been open (a longer history is better if there have always been timely payments).
- 10 percent very recent history including new applications for credit.
- 10 percent type/mix of credit, includes installment loans (like car loans), leases, mortgages, credit cards, and so on.