October 3, 2006 6:45 AM
Good Credit Behavior Has Long Shelf Life
Another reason why you should start applying for a credit card even when you are in the college and exhibit good creit behavior. Good credit information will stay in your credit report much longer, and in the case of open accounts, indefinitely.
Positive information can stay on your credit report for much longer than negative information. Most negative information drops off your credit report after seven years, with a major exception being a Chapter 13 bankruptcy filing, which stays on your credit report for 10 long years.
Positive information on an open account remains on your credit report indefinitely, while positive information on paid accounts, such as a car loan, remains on your credit report for 10 years. A nice overview to the topic is provided by Maxine Sweet, Experian’s vice president of public affairs, and author of the advice column, “Ask Max,” on Experian’s Web site.
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