Question by Dennis: Credit experts, lenders, mortgage underwriters?
I have a very average credit score, 689 I believe. I have some negative history on my credit report. My wife passed away in 2003. In 2005 I had a stroke and was hospitalized for a long period of time, became severely depressed and was in rehab for several months. . While I was still in rehab I wasn’t sure if I would ever work, and actually applied for SS disability. When it came down to finally ruling on the disability I elected not to go thru with that as I was getting better and felt I could return to work. Unfortunately I let my concern about paying off my credit card accounts get the best of me and I utilized a well advertised credit service to settle my accounts. Some I paid off in full but I have some charge offs on my credit report.
I am a self employed medical professional. I have a contract with a local hospital and my gross income is around $ 340K annually. I have an outstanding loan for a vehicle and some small student loans for my oldest daughters college education. I have no current mortgage, as I recent sold the house I own in another city.
Will paying the charge offs now help my credit report and score? I have also noticed on my credit report hat I have some open accounts that I no longer use, tho the balance is zero on them. Should I close these accounts? Also since I am self employed my credit report shows no history of employment since 2003. How do I deal with that?
Will this negative history be of less significance after 7 years, as with bankruptcy?
Be very wary of credit “counseling” or credit consolidation services. I was NEVER told that this would reflect negatively on my credit history. I should have spent the money that I gave to them to pay off my bills. Now I’m suffering for it.
Best answer:
Answer by Judy
Paying off charge offs in your credit report will not improve your score.
It is advantageous if you go buy another home though.
Since major lenders like FHA do not look at scores.
They view reports in detail and make their own decisions.
Looks like you could probably buy your next car in cash, and you won’t be needing a home anytime soon. You can allow those charge offs to remain in your report a full 7 years and then they will drop off. It’s called Statute Of Limitations.
They may try to come after you after the 7 year period – just tell them to take a hike in Iraq.
Do not close accounts that have a 0 balance – it will hurt you in 2 ways:
1. You may be closing your oldest credit card account.
“Length of credit history” is 15% of your fico.
2. It will reduce the overall available unused card limits you have on all your cards – a number creditors look at.
Try to live debt free from now on.
That way you won’t have to worry so much about your credit rating.
You can get your reports at annual credit report.com
You can dispute your employment and add a note “self-employed” and your company name.
/
What do you think? Answer below!
Secrets To Building Business Credit In 90 Days!
Discover How You Can Build A Complete Business Or Corporate Credit Profile In 90 Days! You Can Use Business Credit To Get Lines Of Credit To Start Or Expand A Business Or Purchase Investment Real Estate Including Apartment Buildings!
Secrets To Building Business Credit In 90 Days!
Get ,000 In Free Grant Money!!!
Get At Least ,000 In Free Grant Money For Business And Personal Needs – Never Repay!
Get ,000 In Free Grant Money!!!
Question by NYlisa: problems getting a low interest credit card due to bankruptcy 10 yrs ago?
hi, I had to file a bankruptcy 10 yrs ago(in May) due to my husband (who is an ex now) charging up my card almost $ 40,000 and running off with his new girl friend leaving me with a debt I couldn’t begin to pay since I wasn’t working at the time. What Im asking is why am I still being penalized and denied credit or offered ridiculously high apr rate cards after 10 yrs of excellent credit. I now have 2 cards that I didnt go bankrupt on cause there were very low balances on them and I was able to pay them off but in the 10 yrs I have been making payments not only on time but twice a month and very high payments, for example I made a $ 1500 monthly payment on a $ 10,000 balance and always on time or early so I have had really great credit in the past 10 yrs and the bankruptcy wasn’t my fault and still I can’t get a decent low interest card, they keep denying me due to my past “bankruptcy” and the cards I already have refuse to lower my interest rate. Can they do this, I canceled one of my high interest cards, paid it off in full and now I only have one card left with 16.9% interest which I think is still too high so I keep applying for lower rate cards and get denied. I don’t get it, Im a perfect candidate for credit and they still deny me. Meanwhile my sister had a bankruptcy 12 yrs ago and she was able to get a 3% interest rate card with no annual fee. And she had a $ 120,000 balance when she went bankrupt, I only had $ 37,500. It doesn’t seem fair. Sorry this is so long, I don’t know how to make a story short..lol
my 10k balance is now down to 3k, I am paying it off $ 1500 a month. My total credit card debt on all my cards(2) is 4500 and I should have the whole thing paid off in the next 3 months. No more charging for me after that, Im canceling my cards and just using cash. I’ve had it with credit cards changing the rules and doing what they want.
Best answer:
Answer by rmm
If you only buy what you can pay for, and pay off any new cards at the end of the month, then the interest rate doesn’t matter.
Don’t use credit cards as a loan, use them as “convenience cards” – meaning pay off the card each and every month. Don’t carry a balance and interest rates just don’t matter.
Give your answer to this question below!
Credit can be salvaged — even in tough times
When it comes to rebuilding credit, some financial institutions like America First offer a secured credit card. These programs are absolute linchpins in re-establishing credit after a bankruptcy, foreclosure or other financial hardship, Clayborne noted …
Read more on Las Vegas Review-Journal
Making Financial Reconstruction Possible After Bankruptcy: The Nation's …
One last easy tip Macey Bankruptcy law has for anyone looking to improve their credit is to sign up for a secured credit card. Secured credit cards are similar to debit cards in the way that the money available on the card physically exists in the …
Read more on MarketWatch (press release)
Direct Air under fire as it files for bankruptcy
By Ben Mutzabaugh, USA TODAY The parent company of leisure carrier Direct Air filed for bankruptcy protection last week, The Associated Press reports. The move, which came just days after the airline stranded thousands by abruptly suspending all of its …
Read more on USA TODAY
Ken Lacey declared bankrupt after battling legal costs for jailed sons Jade …
Colourful Gold Coast identity Ken Lacey after setting up a brothel in Tweed Heads last year. Source: The Courier-Mail FEELING THE STRAIN: Ken and Madeleine Lacey have been declared bankrupt. Source: The Courier-Mail COLOURFUL Gold Coast identity Ken …
Read more on Courier Mail
Money Power: Take Kiplinger's Credit Quiz
Six months later, apply for another secured card. Within three to five years after filing for bankruptcy, your score could rise enough to get a standard, unsecured credit card. You'll have to wait three to seven years after a foreclosure to get a …
Read more on Tulsa World
Question by JJ’72: After 15 yrs, must I not check box that says”yes my history is clear of bankruptcy” on a credit card applicato?
I’ve since married(husband has excellent credit) I have credit cards that I was approved for online without having to fill out all info and one was store card I applied for to get mchdse discount and ended up qualifying for the better store name Visa card so I assume my credit’s good. I pay full balance when there is one. Now this online credit card app wants me to check this box saying my “history clear of bankruptcy” That seems it can go either way. Maybe I don’t have to admit to it because it is technically clear of bankruptcy after 15 years, but if I do check box am I lying, and if I don’t will they automatically DQ me and will this then show up on my credit report? I really only want a card to shop online as I cancelled that store visa card before I realized I should keep it for occasional online shopping as I won’t use my bank card online. Any help is much appreciated. Thank you very much
Best answer:
Answer by My Take on It
Does the bankruptcy still show on your credit report? If it doesn’t, I wouldn’t be checking no on the application.
Give your answer to this question below!
Live Wire: Ryan's Buffet on Skibo Road closed after bankruptcy
SA, Fayetteville A: It was one of 81 underperforming Ryan's and sister restaurants that were closed after their parent company filed for Chapter 11 bankruptcy protection and struck a deal with lenders to restructure its operations.
Read more on Fayetteville Observer
Will they take my house if I file bankruptcy? (Part 1)
As with many questions about bankruptcy, the direct answer is a strong "it depends". Let's see what might happen in a Chapter 7 bankruptcy, the type of bankruptcy in which you get rid of your unsecured debts, those debts (like credit card debts) that …
Read more on JD Supra (press release)
How Unsecured Personal Loans Can Repair Credit Ratings After Bankruptcy
This is necessary mainly due to the fact that our society is credit card orientated, but by making credit card repayments on time, a history of repayment is built up. So when it comes to applying for unsecured loans after bankruptcy, …
Read more on Caribbean Media Vision
Question by jefkas532003: Can i declare bankruptcy after signing with a debt relief company like “credit solutions”?
Signed with the Credit Solutions a few months ago, and credit card company is still going to take me to court. I can’t afford the payments even with the credit solutions help. What should I do? Can I declare chapter 13?
Best answer:
Answer by james b
Yes, but I wouldn’t advise it. That ‘credit solution” company is just some third party business you enlisted.
Give your answer to this question below!
Question by : Can a mortgage co, not included in bankruptcy, report “discharged in bankruptcy” on my credit report?
I filed for Chapter 7 bankruptcy in 2005. I only included credit cards in my bankruptcy. My mortgage company, however, reported on my credit report that the mortgage was included in the discharge of my bankruptcy. I was never late during the entire time of my bankruptcy through 4 years later when the home was sold. This record on my credit report is showing to be negative information and has an impact on my score from only credit reporting agency. The other credit reporting agencies that do not list this information has my credit score 36 points higher. I disputed the information and was told that the creditor reports the information to be correct. I contacted the mortgage company and they informed me that they had a right to report that information on my credit even though they were not included. Is there a remedy to remove this negative information from my credit report?
For a better understanding of my situation, the mortgage company only reported the negative information on my credit report after they received noticed that I filed for bankruptcy. They claimed that it didn’t matter if their debt was not being discharged. They believe they were still entitled to state under the mortgage that the mortgage was included as discharge in bankruptcy since I was in bankruptcy status.
For a better understanding of my situation, the mortgage company only reported the negative information on my credit report after they received noticed that I filed for bankruptcy. They claimed that it didn’t matter if their debt was not being discharged. They believe they were still entitled to state under the mortgage that the mortgage was included as discharge in bankruptcy since I was in bankruptcy status.
Best answer:
Answer by Dan B
It looks like they continued to accept your payments on an account that was discharged in bankruptcy. Since they accepted the BK and reported it as discharged, they weren’t entitled to the money you sent them. You may need to contact a BK attorney and have them write a letter to either return the money or remove the discharge from your credit profile. I think they’ll take the latter.
Add your own answer in the comments!
Best Sales Conversions Ever. Site Designed To Make Big Commissions For My Affiliates.
The Attorneys Guide To Credit Repair.
clients for over
40 years!
RSS Feed
Appraisal Services
|
We specialize in all areas of Residential Appraisal including:
|
Contact Details
If you have any questions about our services or programs, don't hesitate to call or send us an e-mail.
727-867-9696 (Office)
727-867-9598 (Fax)
