 Experian is saying that my credit score is 703. Why can't I get an auto loan? |
| I am only 19 and I have a lack of credit history but with a credit score of 703, why can't I seem to find someone to finance the car that I want? I make approx 35000 annually, so I definitely ... |
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 How do you raise your credit score fast? |
My credit score is 475 right now and I want to raise it to 800 before the end of this year. How would I do that?
Thanks.... |
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 How old does a debt need to be before you can no longer be chased for it? |
Additional Details
I am in the UK, I don't live above my means. I own my own, very profitable business! This is a debt i knew nothing about util they contacted me after 4 years! I ... |
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 Why did i get a credit card im 15? |
| ever since i turned 15 iv been getting credit card in the mail when i try to actavate then they say i must be 18 or older it relly ... |
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 How do I get rid of a credit card (other than just cutting it up)? |
| If, for instance, I just wanted to close the credit card account.... |
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 I don't have much credit, how can I build it? |
| I am 26 and finnally starting to grow up, I had a couple unpaid collections probably totalling $500, other than that I have never paid for anything on credit. Now I have a pretty good job and I want ... |
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 What happens to my debt if I die? |
I am a 23 year old college student, I don't live at home, but am still counted as 'dependant' on my parents taxes, and included in their insurance.
I am wondering, what ... |
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| Just wondering about *********? |
| What does everyone think about *********? Good or bad. I've read on the internet a lot of things about *********. Some were good, some were bad. There's a lot of people on the internet ... |
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 I paid in full all my credit cards balances.I want to cancel them. Doing it, will hurt my credit score? |
| A friend of mine told me, that if I cancel my credit cards, it will hurt my credit score. It's that thruth?... |
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 Looking for freeannualcreditreportfro... |
| THE SITES I HAVE GONE TO SAY IT'S FREE BUT IT'S NOT, THEY END UP ASKING FOR CREDIT NUMBER... |
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 Question about credit card, to gain credit? Paying off balance in full every month? |
| I need to establish credit, so I have applied for a BancFirst credit card, and my plan was to make like a $50.00 purchase or so each month and pay it off at the end of each month, I am now being told ... |
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 How do I get rid of credit card debt? |
| I'm about $3000 in credit card debt, mostly because I'm a college student and I only make about $600 a month where I work...sometimes a little less because I also have insurance through my ... |
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 Why do i keep failing credit checks? |
| I have been trying to get a phone on contract for a few months now, i have never been in debt and always pay bills on time, but i always get my credit check decline. theres no way of viewing your ... |
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 Debit Gift Card? |
I was wondering if i could use a Vanilla Visa Debit Card on website to buy something from France but on the card it says
VALID ONLY IN THE UNITED STATES
does that mean i cant buy what ever ... |
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 What's a good way to build credit? |
| I would like to build credit so I can take out a loan. I don't have any credit now, and I found a house I'm interested in, so i need to build some credit as fast as possible. Any ... |
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broncoguy75048 | How bad should your credit be before considering bankruptcy? |
In other words, If i have a lot of negative items, and a score of about 560, should I just go ahead and file, or try and battle through everything? I have a mortgage that I am behind on and 2 car payments that I am current on. Other than that, I have a few collection accounts that are lingering that I can't pay. Those are holding on for a couple years now. I don't necessarily want to take the "easy" way out, but is there a "point of no return?" |
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Batmen
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I work for the bankruptcy court. You 'screwed' up in terms of filing. You should've filed 6 months ago before the law changed. If you try to file now, you will not necessarily be dismissed of your debts. Why not get rid of one or both cars? do you need 2 cars. Sell one. And use that $$ to pare down your debt. Also, consolidate your credit into onw low interest loan/credit. Remember if you file now, it is going to cost you a lot of $$$$ with no guarantees. Bankruptcy will really screw your credit report. Good luck. This may not be ideal--but I re-financed my a$$ off to pay off me debt. I sold a Benz that I didn't need. We're all weak... |
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Waine
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here are rtwo sites that you should take your time to read, the top one being the best one for what you are asking:
I could type it all up but then it wouldn't fit the box!
http://credit-cards.ebookorama.com
and and http://finance.ebookorama.com |
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Studly
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You want to fix your credit by filing for bankruptcy? Do you cure a headache by shooting a bullet into it?
What you need to ask yourself is this:
If I budget myself and cut out as much spending as I can, and use that money to pay my debts, how long will it take for me to pay everything off?
For example #1, if you only owe $5000, and you could reasonable come up with $200 a month to pay down your debts, it will take around 3 years based on interest rates and late fees you owe).
Example #2, you owe $20,000. With the same amount of monthly payments, it will now take you well over 10 years!
When you file for bankruptcy, the court will examine your income and expenses, and decide how much "disposable income" you have. They will give you just barely enough money to live on, and the rest will go to pay off your debts. In exchange for this forced budget, you will have all your debts paid off in just 5 years. Your credit will be a mess for 7 years, but after that time your bankruptcy disappears from the radar screen.
So to answer your question, if you were in the situation of example #1 it's crazy to file for bankruptcy! You will still have to be on a strict budget, but at your terms. Your credit will not be killed with a bankruptcy report.
But in example #2 you don't really have a choice. You are looking at 10 years of bad credit, strict budget, and you pray that over that 10 year period nothing bad happens like a medical problem, car accident, loss of job.....it doesn't take much to destroy your budget plans.
At least with a bankruptcy, you only have to suffer for 5 years. Your path is more clear as to what you will do, and you have the court protecting you from creditors while you pay your debts. You don't pay interest or late fees on past due bills.
I'm not encouraging you to file bankruptcy, just want you know know the story before you jump into it. |
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rainydaydreamr
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frankly, you need to review the bankruptcy laws...they are changing and filing for it does not neccessarily mean you get to cancel the debt. i know it is tough and stressful, but the fact is, you agreed to pay those items when you financed them. what does your word mean? you may want to consider trading in the cars, or one of them for something less expensive. 560 is not the worst score in the world, and you can get past it, but you need to really look at what you HAVE to have to survive, and what you just 'want.' see if you can refinance the mortgage...even though you are behind, you may be able to do this...for a lower interest rate, in some cases, or at least a lower monthly payment...and then when you get back on your feet, pay at least 1 extra payment on it a year...this will shave literally YEARS off of your repayment period and save you thousands. IF you absolutely think you are going to lose the house, try to sell it before it gets to the point of foreclosure, and see if you can get anything out of it..this will help your credit and your rebuilding...but remember that paying a mortgage is usually cheaper than paying rent,and you are building up equity, so i hope you can save it...but maybe you need something less expensive there, too? UseCreditWisely.com may have some ideas for you, and try going to Oprah Winfrey's website and see if the link to the DebtDiet is still there...there are tons of ways to save money that you may have not thought of...research them thoroughly before you give up! good luck! oh, there is also a website that Mary Hunt has, Debt-proof living,or type in her name or Cheapskatemonthly and it should come up, she has a debt calculator that will open your eyes, and lots of good advice. |
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apsiemarie
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If any of the old accounts have tried to settle, I would head that route first. I know if the companies have waited years for their money, past going to collections, they will eventually contact you to consider any payment options to at least get them a portion of their money, and it will affect your credit the same as having paid off the accounts yourself. Also, 560 isn't too horrible. You can still get loans with a credit score like that, so don't be too hard on yourself. |
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The Nag
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I would try not to file bankruptcy. it is soo hard to do anything financially after you file that. Can you sell one of your cars? Is selling your house and renting an option? Then you could use any differance to pay off debts. You need to get as many of your accounts closed as possible. Don't forget, that youcan call your credit cards and tell them that you are concidering bankruptcy and would like to pay them off, ask them to reduce the interest rate, or have a credit counciling service do it for you. Then, cut the credit cards. Those are nothing but trouble. Start a savings account, even while you are trying to straighten this mess out. You need savings so you aren't using credit cards all of the time. You can do it. |
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James H
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There is a lot of good info on this subject right here. |
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G. M.
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Try a credit counselor first |
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ZGML
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QUICK ANSWER:
-Always make payment of house on time
-Do not sell your house
-Call creditors an explain whats going on,they will work out a plan of payments
KEY:Show creditors that you care,call,explain,ask for ways to solve problem,make sure they do know that u don't want to keep getting behind and that you are glad that they are helping |
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carolewkelly
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Check the new laws before considering bankruptcy.
Your recourse, besides filing, is to take your finances in hand. You might consider selling one car [perhaps both] and replacing it/them with used, high milage models. Talk to your bank about the mortgage; they may allow you to make a few interest only payments to help with cash flow for a few months. Begin paying off the highest interest cards/debts and work down. Best bet, stop spending money. List your income and expenditures and find out where the money is going...meals out [eating at home is cheaper], high end merchandise [how much do you really need], name brand clothes [this is one area where one can really cut back], cable TV [unnecessary; you can have the base level if you have to have internet cable], internet [pay for basics only], gas, electric, water [based on consumption; contact your utility companies on ways to cut back], telephone [if you must have internet anyway, try IP phones, otherwise stop long distance usage unless absolutely necessary and get rid of all but basic service], cell phone [you actually can live without one]. For a time, live below your means and put all the savings toward debt. |
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