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Does it means that once a Judgement and Negative stuff falls off from Credit Report - then Credit score go up?
1- First my question is how long does it takes for Judgement to fall off from your Credit in Oklahoma & Texas.
2- If Judgement falls off of the credit then does the credit jumps up afterwords?
3- If the delinquency & Judgement falls off after 7 years. does is make the credit look like brand new credit , with no activity for 7 years?.
4- HOw long does a creditor have to enforce the judgement.
(Some of this answer is basically a re-cap what some of the other posters mentioned)
1. 7 years
2. & 3. Not necessarily. The longer a judgment stays on your reports, the longer history it will have. Even though it is a negative, when it falls off, losing the history can actually hurt.
If you have a thick credit file with most or all accounts (except for the judgment) in good standing, you may not see much of a drop, no drop or it may go up.
If you have a thin file with few accounts you will probably see a score drop. Though it should start to rise in 6 months or so.
Domestic Judgment: 5 years - renewable
Foreign Judgment: 3 years
Domestic Judgment: 10 years - renewable
Foreign Judgment: 10 years - renewable
If/when they renew a judgment it MUST be done in a "legal" and "timely" manner.
A partial quote from Ok. laws in judgments and enforcement:
A judgment issued by the State of Oklahoma becomes dormant five (5) years after its entry if no execution is issued and filed with the Court within that period. (12-735.) It may become a lien on the real property of a judgment debtor within the county upon the filing of a Statement of Judgment made by the judgment creditor or its attorney substantially in the form prescribed by the Administrative Director of the Courts. A judgment lien may affect and attach to all real property of the judgment debtor including his homestead except that a homestead is exempt from forced sale pursuant to Section 1 of Title 31 of the Oklahoma Statutes. (12-706B.)
(I am just guessing that you have residence in Ok and only work in Tx., so I have only listed a portion of the Ok law)
If you haven't filed your answer yet, you should.
You might also click on my profile and click on the last link I have listed. It is a "free" credit discussion board where you will find the tools you need and links to state laws to aid you in writing up your answer. You will be able to freely ask any question you may have.
1: For national credit reporting companies 7 years
2: It will get better provided you have paid off credit lines and well been good. Credit cards, mortgages, car loans etc
3: Just like brand new credit which doesnt mean good. It means there is no history so you will not have a good credit score. A simple credit card/gas card that you use for small amounts monthly and pay it off will help far more than nothing
4: Every state is different and it also depends on the type of credit that was defaulted.
"4- HOw long does a creditor have to enforce the judgement"
Ah you see there is the snag, a creditor can go in and renew a judgement if it hasn't been satisfied yet. So in essence if the creditor is diligent, FOREVER until it is paid.
Simply because the bad comments, a delinquency, judgement, etc., come off your credit report does not mean that the credit score will improve very much.
You need to have actively been rebuilding/building credit during those 7 years.
In building or rebuilding credit you need to always, always pay your bills on time. Every thing from utility bills to rent or your mortgage.
Then get a credit card or two, the big ones, Master Card, Visa, Discover, American Express and when you use credit to buy something make sure you have the money in you bank account to pay your monthly credit card bill in full each and every month.
There are other factors involved in your credit score, but this is the big one.
For more information, as well as info on credit cards (Amex, Visa, MC, Prepaid cards, and cards for sproblem credit) go to www.how-is-your-credit.info/...
2. Yes, but not much.
3. No. The only thing that will change is the judgment/delinquency falls off all other activity remains.
4. Until the statute of limitation runs out.
Source(s)by SPIFIMAN1 - 7 years ago