If you win the jackpot, you will have to make many decisions about how to spend your money. But first, you have to choose between the annuity or cash options. Jackpot winners have 60 days from the claim date to select either the 30-payment graduated annuity or the cash option.
Defaulting on a loan, having a car repossessed, or making a late payment all stay on your credit reports for the same amount of time when the borrower reports them. All negative marks including repo (except a bankruptcy) stays on your credit report for seven years. A bankruptcy stays on your credit file for ten years. Repossessions also have a much more severe impact on your credit score than just missing a payment or paying late. Repossessions and defaults carry severe penalties to your credit score and can reduce them by one hundred points or more in one swoop.
How long it stays on your credit report: Defaulted accounts stay on your report for six years from the default date, regardless of repayment. Card closed in good standing. Unlike the above transgressions, an account that has been run well, with no defaults, would be viewed positively by lenders.ow long it stays on your credit report: Although a DRO typically lasts a year, it will stay on your credit report for six years from the date the arrangement starts. Defaulted debt.