Remember the old superstition regarding a broken mirror? The individual who breaks the mirror is supposedly destined for seven years of bad luck. Similarly, if the credit bureau has negative financial information, a person can expect seven years of difficulty making major purchases and qualifying for any loan.
For instance, forget trying to buy a different vehicle on credit. Unless the cash is in hand, a salesman will likely decline an application to purchase a new, or used, vehicle. Bad credit repair will definitely be necessary before making any major purchases. In most, if not all, cases of bad credit, the financial activities in question will remain accessible to creditors for the next seven years.