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Negative Credit History Timeline 

Commercials that advertise ways to obtain a free credit report often emphasize the importance of doing so because of the serious problems you can run into because of having a negative credit history. A person with a negative credit history will have an impaired ability to borrow money, get a good interest rate, and sometimes even get a good job.
The good news is that if you have negative credit, all is not lost. This record is not really permanent. Most of the bad information will be removed from your credit history after seven years from the last infractions.
Even though financial mistakes that damage your credit report can be fixed, it will require seven years. In order to avoid waiting seven years to have better credit, you need to take good care of your credit history now.
Late payments on any loans or rotating credit will be a negative mark on your credit history. Make a point to pay your debts on time. If that is a problem for you because of organization then pay your bills early. Before you go to talk to a lender you want to have at least a year's worth of on time payments so they can see the new trend in your finances.
Some credit card companies and retails stores that distribute credit cards will allow you to make a special payment arrangement with them if you are unable to pay off the debt that you have incurred. This could be a wise decision, but it will put a negative mark on your credit history. This effect will only be short term, though.
Bankruptcy is definitely a negative on your credit history. It is one of the few negative financial situations that could remain in your credit history for more than seven years.
When lenders are trying to decide whether or not you can be trusted to pay back the money you wish to borrow, they will judge you by your credit history. Bankruptcies filed under chapter 13 stay on your credit history for seven years, much like other negative information. If you file for chapter 7 bankruptcy and thus do not have to pay back debts you have racked up, that information will remain a part of your credit history for ten years.
Having a negative credit history could mean adding 3 or 4 percentage points to any loans that you might be interested in getting. It could mean that you will be turned down altogether. What you do right now with your credit can affect your financial situation for seven (or even up to ten) years. Take care that you don't do damage to something so valuable.

Article Source: http://www.uberarticles.com/articles

Are you thinking of trying to lower your payments or the balance owing by negotiating credit card debt yourself? Make sure you visit the Debtopedia website to get some helpful tips first.

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