If you’re looking for an auto loan and have had some credit trouble in the past, you might be wondering how long this kind of data will stay on your credit report. Even one bad mark could mean you can’t buy the car you want.

Late Payments and Public Record Debts

It depends on what sort of negatives show up on that report. Problems that are older will hurt you much less than if they’re recent, even if they still show up. The general rule is that things such as late payments will stay on there for 7 years, as will collection debts, though this can change depending on the age of the debt that’s being collected. So long as you keep your payments current in the recent past, these older debts will actually do you little harm.

Public record debts such as unpaid taxes also stay on a report for 7 years on average, but be warned that if you’ve been subject to a tax lien or garnished wages due to these debts, those can remain on your report indefinitely.

Declaring Bankruptcy and Property Foreclosure

If you’ve had something more serious on your record, such as a bankruptcy or a property foreclosure, they’ll deliver more damage than these other debts, even if they happened several years ago. Foreclosures stay on your record for 7 years, as do completed chapter 13 bankruptcies. If you’ve had to go through a chapter 7 bankruptcy however, then that will remain on your record for 10 years.

So, to review…

• Late Payments-7 years
• Debt Collections-Usually 7 Years, depending on the age of the debt
• Public Record Debts-Usually 7 Years, except when liens or garnishments take place
• Foreclosure-7 years
• Bankcruptcy-7 years for Chapter 13, and 10 years for Chapter 7

And remember that if you pay your bills on time, even if you’ve had some problems in the past, these negatives will cause less damage to your credit score, and in time they’ll disappear completely, giving you the chance to get the financing from our used car lot so that you can get the car of your dreams.