Parents ruined my credit!
February 20, 2007 3:43 PM Subscribe
Bad Credit Filter: When I was 19/20 years old, my credit was ruined. It's nearly 7 years later, are these charges going to disappear, or is that just an urban legend?
posted by idledebonair to Work & Money (40 answers total) 10 users marked this as a favorite
Bad Credit Filter: When I was 19/20 years old, I had a decent job and got a few credit cards. I went to college, which my parents said they would pay for and support me during, so I quit my job. When money was tight for them, they said I should use my credit, and they would pay it off. Of course they failed to do that and ruined my credit to the tune of about $5,000. I am now 25 and I'm starting to get back on my financial feet. I have often heard that bad credit only stays on your credit reports for 7 years. Is this true? What is my best plan of action? Should I pay these bills off? Or should I just wait a few more years for them to disappear? From what point are the 7 years counted?