Auto Loans Charcge off credit problem and after 7 years later?

[BEVHILLSMAN]

PLS HELP ME Charcge off credit problem and after 7 years later?

About 7 years ago i lost my job, due to this situation my credit was worsended. Now my charge off credit shows on my credit (bad credit).

I have a several questions',

If I buy a home 7 years 180 days later, will the collection company,the bank(credit card) be able to take my home away from me?

7 years 180 days later will my bad credit, (charge offs), be vanished atomaticlly?

Before i buy a home or car i would like to know the answers to the questions' listed above, can you please help me?


Thank you,
BEVHILLSMAN

 

[lwpat]

It is unlikely that you will be approved for a home or auto loan until the chargeoffs are removed from your credit report. They are required to take them off seven years from when they became deliquent. It is common for collection agencies to "reage" an account to keep it on your report although this is supposed to be illegal.