 How long does a chapter 7 bankruptcy stay on your credit report? |
| I filed for bankruptcy at the end of 2001 and it was charged off in 2002. I thought that bankrupycies last on your credit for 7 years and now I've heard 10. Does anyone know the true answer ... |
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 How can I check my credit score? |
| Is there a website that I can see my credit score for free? Also,Someone told me that my score l will lower everytime I look at it... is that true?... |
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 Late mortgage payment by 1 day?? please help? |
| I made a payment on the 28th psat business hours and the 30th fell on a sunday. So the payment did not post until the 1st which would make it a 30 day late payment. even though it was paid 2 days ... |
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 How do apartment people know your rental history? |
| How do they know without you telling them? Or do they even know?... |
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 My Identity was stolen, what should I do??? |
| How do I find out what all they are doing with my identity?... |
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 I owe $3500 to Bank of A. Can I settle with $1,000? |
| The original loan amount was $2000 and it is now $3500. They sold the debt to a collection firm called Phillips & Cohen. I have been able to raise $1,000. How can I settle with them with this ... |
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 I need a credit card I sort of have NO credit so I cant get approved! Where can I get one online? |
| I dont have credit..I have a full time job and Im a part time student...SO where online can I apply and most likely won't get rejected????? HELP... |
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 Why do people get so mad when bill collectors call them? Isnt it there own fault that they fell behind? |
| I know people have hardships, but when you think about it there was nothing in my contract with Citibank that I didnt have to pay if I lost my job..I was just wondering..... |
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| Can I pay to clear defaults on my credit rating? |
Instead of waiting 6/7 yrs can u pay to have the defaults removed?
I know it used to happen!
Additional Details
Please let me stress that I know people who have done it in the past.<... |
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 Is it true that Credit Debt will wipe itself out in 7 years? Or Should a person pay the debt to clean credit? |
I am 26 years old, and I have credit debt from the age of 19 years old, I paid a few of them off, but there is another $2,000 -$5,000 sitting on my report. What is the best course of action?
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 Pay in full and receive credit or settle and cease credit relationship? |
Account is in charge-off and reported to bureaus as so. Amex is giving me 2 options.
1. Pay in full($2180) and recieve a card with them to help reestablish credit.
2. Pay 60%(~$1200... |
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 Where can i get a loan? |
| i just got married in march an i was wondering where i could get a loan 4 house an land i dont have any credit an i heard that wen u dont have credit it like having bad credit should i go to my bank ... |
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 My debt is outrageous..I am homeless and carless, how can I get help? |
I don't have the money to file bankruptcy and who can I write to absolve me of my student loans? I never had a credit card...these are mostly medical bills getting ready to garnish me
A... |
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 Cash advance online? |
| Are they a good deal or should I stay away from them need money quick. I have a job and can pay it back just can't come up with the amount I need asap. Anyone know if I should and can ... |
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Tony K | Keep 'em open or close them? |
I got into some financial trouble in 2002, and ended up declaring bankruptcy in 2004. Ever since then I've tried to manage my debts carefully, build up my credit (it's at about 660-670 now), and spent more wisely.
Just last week two old creditors on credit cards I stopped using long ago, around 2001, sent me 2 new cards (same old account numbers) totalling $52,000 in available credit!
My question is this - should I keep them open to somehow make my available credit look better (and cut up the cards) for some reason, or should I close the accounts where they're at - $0? The interest rates on them are both in the high 14's, higher than the two other cards I use infrequently to build credit.
What should I do?? |
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Studly
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Danial C and alta marea have the only wise and researched answers here. The rest are (yup, you guess it) MORONS!
Just one question....did you file for Chapter 13 and are you still on making plan payments? Or are you now discharged?
If you are still in active bankruptcy, you can not use those cards at all without getting the trustee extremely upset at you. But you do NOT have to close them.
You don't want to close an active source of credit after a bankruptcy anyway! You may NEVER get another shot at getting credit, and certainly not at a low interest rate. Many people get socked with an 18% to 25% following bankruptcy.
Closing those cards WILL lower your score. You will lose a portion of your "good" credit history, and hurt your "debt/credit" ratio.
What I would certainly do is take alta marea's advice, and get the credit limit lowered to $500 each. Having too much available credit makes potential lenders nervous, and I seriously doubt you have a need for $52k in credit. It also removes the temptation to spend it.
Note that the folks who developed the FICA credit scoring system do recommend you have between 3-5 sources of credit (like credit cards) so if you have 4 now, it's not that major of a deal and doesn't justify canceling cards yet. Just keep doing what you are doing, and your credit will eventually overcome your recent bankruptcy.
Visit http://www.lifeafterbankruptcy.com for some other great advice. This is one of the better sources I've found on the web.
Just one other note to all those people who criticize my advice, and my anti-creditor attitude......can any of you justify a credit card company giving a recently bankrupt person $52K in credit? Anyone want to try? |
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clsc510
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you want to becareful when you close revolving credit acccounts. When you close a credit card, you are deleting the history you've built up on that card. So if you done a good job of paying off your debt and not defaulting and you have that history, why get rid of it? It helps you b/c it gives depth to your credit. When you close credit card account, make sure you close the newest card first and work your way backwards.
Common misconception people have is that they think it hurts you to have a credit card and not use it. Not so. So if this is a card that you've had for many years, I would keep it and close some of your newer cards. Just manage your spending ... if you can't, then keep that account open and shred the cards.
Also, you want becareful about limiting your line of credit. Limiting your line of credit can hurt your credit score from a debt to available credit ratio. The higher the ratio, the better your score can potential be, b/c it suggests to the lender that you are not over stretched. Keep shrinking your credit lines and it gives the perception that you are stretched to your max.
Just make sure it think it through before you decide anything. |
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alta marea
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Either get rid of them or get the credit limit lowered to five hundred dollars.and only use in case of emergencies. There is no sense in getting in trouble again since you seem to be handling your finances wisely. Well, good luck. |
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cath
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Close them because the 52000.00 is open debt and can be used against your credit score. To continue building credit manage your debt keep balances low with timely payments and don't forget to order your free credit report annually to check for errors |
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Raycious
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u know, i've heard a fact that 1 american people holds minimum 2 credit cards...and u know what...that's bad...
1 is enough i think...too much credit will simply "kill you" in the future...
that's just my thoughts though....it's all up to u... =) |
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optionnumber8
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too much credit will hurt you. i got a line of credit and had to cut some cards up as part of the deal but in long run i have more credit now. look at the big picture and what is your long term goals, then go to a bank or financial instution and talk to them about wut is best for you and your goals. more credit is good if you really need it too much will hurt you if over do it |
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Sabic A.
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close it when it reach $0,-
you've got one, so you wouldn't need the another, believe me
both can bothering you sometime, so choose one of credit card which better for you |
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Daniel C
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I work in the banking industry and the smartest thing for you is to keep them opened. If you close out the cards you will see an automatic decrease in your credit score by one hundred points or more when the closed accounts show up on our credit in two months. Leaving the cards opened and not using them will leave you're total capacity opened and after a while that total capacity will increase thus raising your score even further. So whether you keep the cards in your wallet or the trash don't close out the accounts. |
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NETTA M
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I love Studly, he never speaks without knowing what he's talking about and he keeps it real. $52K is a lot, just lower your limits and don't use them. |
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patti duke
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You should never keep unwanted or unnecessary credit accounts open, never know when that info could fall into the wrong hands and if you're not using them everyday someone could run up thousands on them before you even realize. |
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picopico
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If you are trying to increase your credit score, closing a credit card account will tend to decrease it. If you trust yourself not to use the cards, don't cancel the accounts.
I think I remember seeing this on the Suze Orman show. |
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Patrick Bateman
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sure why not, you can take the 52k to the casino too after wooo hooooo! Vegas baby.
As long as you really don't owe these guys, and this is not a sting, why do you need to re- appy for your own open credit card? |
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