*even if you pay it off you have what are called late pays..30, 60, 90 days. These stay on your report for 7 years unless you can negotiate with sears to remove them as part of your payment. It won't do any good to negotiate late pays with the CA...they are not the ones reporting it. From what I know, Sears are jerks about removing anything..I've also heard it depends on who you talk to. If the first person you call says no or, I can't do anything...call again in a couple days. These are low wage employees but they can change entries in their records, if they want to.

2. How can I reestablish my credit?

*Wait awhile...whatever happens..if Sears is your only creditor, your not all that bad off. Give yourself some time, whether you pay them off or not, before you dive back into credit...then do it slowly (unfortunatley it won't be hard to find).

3. How long does it usually take before something is reported as a charge-off?

*By law Sears has to report it 180 days after you you were first late. This law is not designed to protect you but to protect Sears investors. Each year Sears is required to state their profit and losses. Failure to report losses would inflate their stock value and mislead investors. This is the big reason so many corporations are in trouble with the Feds. Not because they bilked consumers but, because they misled their investors.

Whatever you do, don't let your trouble with Sears effect you in other areas of your life in a negative way. You are hardly alone in your dealings with them.

Follow Ups:

Post a Followup