I lost a small claims for a little under $1300. It hasnt been paid in full because we are working out payment arrangement (this verdict was recent). I know this goes on credit as a public record but I dont know how bad of an affect it will have. I already have bad credit (about 580-ish). I live in Chicago if that matters at all.
If this helps any, it was from an individual, not a company.

your screwed for about the next decade credit wise, begging creditors will be your only shot your cc limit offer from now on will probably be less than 3000 SORRY

Absolutely terrible but I can should you how to overturn judgements in court and I can get them removed for anyone. email creditsurgeon@gmail.com

the WORST thing you can have on your credit is a judgement of any kind, and until that judgement is vacated, you will not be able to get someone to loan you money for a cup of coffee.

Judgements STAY on your credit for 20 years. Bankruptcies for 10 and all other information for 7.

keep that in mind./

Get that judgement paid off as QUICKLY as possible and then make sure it shows up as VACATED on your credit.

Pay your bills on time from here on in, have a low credit to income ratio, if you MUST have credit cards, get the unemployment protection option.

hail_loki's answer is very incorrect.....another case of someone who won't take a few moments to research their answers first.

Judgments are bad, that's a fact. There are worse things though. Paid or not, they will fall off your credit reports after 7 years, from the date the judgment was issued. See the Fair Credit Reporting Act for this info.

And once it's paid, it is not "vacated". That means the judgment has been overturned and no longer exists. Once you have paid off the judgment, the creditor must inform the court that the judgment was "satisfied" and that record will be sent to the credit bureau.

BE SURE that you keep track of your payments and when it has been paid off. Many creditors don't bother to report this to the courts, and it will be up to you to get this reported correctly.

I do not know the procedure in Illinois for showing the debt was satisfied. I know in some states the creditor will fail to file paperwork with the courts to show he was paid. In Michigan, if the creditor fails to do so, they can be held in contempt and fined.