 Is a credit score of 520 really bad? |
| my score is 520 and i want to bring it higher, and want to know how bad that is.... |
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 I'm in 9,000 Debt and i want quick way out , anyone know who the best consolidation company to use ? |
Additional Details
Iv tryed to get a Loan and no one will give me one , My credit rating is very bad , I have missed alot of payments .... |
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 Refused a job centre crisis loan help!? |
| hi i applied for a crisis loan this morning, i live with my girlfriend, and we have had no real income since i lost my job on the 22nd of august. since then we have had 2 crisis loans, 1st one for 50 ... |
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 Where can I get a credit card? |
| I'm 18, and it will be my first credit card. Where can I get one?... |
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 How do Iget a loan for 30000 with terrible credit! In big trouble and need help? |
I have 2 children and looking for a new job but need to get out from under all the payments and just have one so I can keep up!
Additional Details
I have a job and get paid very well........ |
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 Why is it so hard to close a damn credit card these days ?? |
| I was on the phone for ten minutes telling a representative who was reading a script in order to keep something I dont want..... |
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 I need about £200 by next Friday. I do not have a guarantor, anyone know how I could get this money? |
Basically its my pimp,
lol na, we are moving 1 week on friday, and need £200, as bills went out and were more then usual (Bloody gas and electric!!) I have spoken to YES loans, but they ... |
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 Who is responsible for a banking mistake? |
| My wife got a VISA gift card to make a large online purchase. The gift card was supposed to made out for $300 and the bank put $500 on it. The bank called her yesterday and told her that she had to ... |
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 Reporting someone who's hiding from bad debt? |
| I have a friend who has bad debt and she has been hiding for close to three years now. She is staying with me and she won't allow me to put her name on the lease as she's scared her ... |
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 Anyone know the fastest way to pay off a credit card? |
| I have a few credit cards and was wondering if anyone had any good plants to minimise them quickly?... |
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 I'm 24 yrs old and my father still tampers with my debit card. Is this legal? |
| I'm 24 yrs old, and my father thinks just because i still reside in his house, and because he works in the bank, he is allowed to lower my daily spending limit or block my debit card whenever he ... |
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 When you buy with a credit card and you want to exchange/return it, do you need the credit card w/ you? |
| When you buy with a credit card and you want to exchange/return what you bought, do you need the credit card w/ you when you return it?... |
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 I need a loan of $40,000, I dont have any credit and I dont have a job what should do? |
| I am a college student, but I am not a U.S citizen--that’s the only reason why I don have any credit. An investment opportunity that has been revealed to me and I need to take advantage of it. I ... |
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sumon1confused | Whats the point of filing for bankruptcy when your credit card denbt can be wiped off after 6 years? |
Even if you file for bankruptcy the results are the same as if u waited for 6 years for your debt to be wiped off right? or what is the difference if u wait 6 years for ur debt to be wiped off & filing for bankruptcy? |
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azjohn2001
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Negative information such as late pays, charge-offs and collection accounts are purged from your credit report after 7 years. This is 7 years from the date you first paid late and never brought the account current again. This does not make the debt go away - creditors can try to collect on an account forever. However, creditors only have a limited amount of time to take legal action. This is called the Statute of Limitations, and this varies depending on what state you reside in. It is important to note that the statute of limitations and reporting period on your credit report are totally independent of each other. For instance, if your state has a long statute of limitations, you can still get sued even though the bad debt disappeared from your credit report. The opposite can happen also. You can have a debt that is too old for a creditor to file suit, but still have it reported as a bad debt to the credit bureaus for years.
Filing bankruptcy basically gives you protection against creditors. If you are being hounded with phone calls and letters by your creditors, filing bankruptcy will put a halt on all collection activity. If you are in the process of being sued or are having your wages garnished, bankruptcy will put an immediate halt to these actions. If your income is too high, you may still have to pay a percentage of the debt back even if you filed bankruptcy. |
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Heather M
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Because if you just leave it for 6 years then you will be continually chased by debt collection agencies, courts, ballifs, solicitors etc.
Also with bankruptcy the debt is written off. This is not the case if you just leave it, although it becomes unenforceable after 6 years the debt still exists. |
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Daisyhill
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Haven't you just asked this? People do it because then the debts are wiped away...the creditors can no longer hassle them...and it is still possible to get credit after a bankruptcy...even a mortgage. |
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CGordo
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Bankruptcy is not just for credit card debt. If you are a homeowner and are facing foreclosure, bankruptcy may be a way for you to reorganize your debts and save your home. (that is if you are employed.).
Also, bankruptcy gives a fresh start to those who find themselves drowning in debt. There may also be medical bills or other bills that they cannot pay. Bankruptcy can either discharge them (chapter 7) or allow the debtor to reorganize and pay them over a longer period of time. (chapter 13). |
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Facilitate
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You might think it is gone but it stays on ur master file. |
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Dr. Deth
 |
if you just let it go, the debt can be resold and kept alive and in you won't be able to finance a car-at all or a house or get any new credit cards (which means maybe not being to rent a car), possibly not even be able to get an apartment - you car insurance could get jacked up while your credit is crap and your credit rating isn't going to automatically shoot up to 700 7 years (not 6) after you stop paying you bills and you will get creditors calling you daily for the next 7 yrs. |
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sparkles
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Try al liitle over 10 annd American Express is very picky about it. |
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princekeyuk
 |
Most people file for Bankruptcy because they don't just owe money to one source but to several other sources too. The good thing about claiming for Bankruptcy is that you are not liable to pay any of the debt that you have incurred after the Bankruptcy proceeding has taken place. You won't have any more debt collectors chasing you for money, and even if you are declared bankrupt you can still get a mortgage and limited credit, whereas it is nigh-on impossible if you don't.
Bev C is right, Credit companies will still give you limited credit, due to the fact that they consider that you have addressed your debt problem, and also because they realise that they can charge more interest on the money they lend you just because you are a Bankruptee.
Oh and keeping away from debt collectors doesn't work as your bad credit rating, and unwillingness to pay debt, goes down on file with Experion, and a few other agencies.Just moving around from place to place has no bearing on the debt whatsoever!!! |
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ketkonen
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The key to this question I think is that your debts are only wiped out after six years if you manage to avoid your creditors for this length of time after the last payment you have made to them. This might prove a little difficult. I think that should they trace any time within that six year time frame they can just restart any debt recovery process and you are then isn to a another six year cycle. Hope this makes some sense |
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SLF
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but you will be pursued with a vengeance by the debt collectors in the meantime. I think what you mean by the 6 years reference is that your credit is clean again after 6 years, But you still have to pay the debt first!
I think people go bankrupt so they can officially avoid having to pay the debt. But bankruptcy ruins their credit rating for many years to come. |
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Gold_n_Silver
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You are not technically correct really. Here's why. (Information may vary from State to state)
If you have a job then you are at risk of wage garnishment.
Don't think they can't do it, they can. In fact, your delinguent account-holders can get in line and one at a time garnish at least 25% of your GROSS pay.
It will really make life miserable.
However, if you do not work or receive an income that is taxable, then not only don't you have the money to pay, most likely, but you can be sued, but depending on the income you have it may not be garnishable.
Forget about buying anything on time in your name anyway. |
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Lesley
 |
I don't know what state you are in, but the statute of limitations for credit card debt (a written contract) is typically 10 years. And if you don't get a discharge of the debt, you are likely going to be sued. Once you are sued, judgments are good for 10 years and are renewable. Bankruptcy will stop all that, even if you had a judgment against you a bankruptcy would wipe the debt away. Plus it is illegal for creditors to contact you once you file. But if you don't file, you will get collectors harrassing you well beyond the statute of limitations period (and it runs from the date of your last payment).
You can't file another chapter 7 for 8 years if you file so it is actually quite easy to get credit because creditors know you can't file any time soon.
Also, you DO get a discharge with chapter 13. Not all people pay 100% of their debt during a chapter 13, it really depends on your disposable income and assets as to how much of your debt you pay. Student loans, child support, etc don't go away (and if you ever are ordered to pay child support, many states have no statute of limitations for it so you can't just wait it out).
If you don't see the point of filing bankruptcy, then don't. But don't assume no one is going to try to collect debts from you. If you get a judgment against you, your wages will be garnished, and they can garnish your bank accounts and put a lien on your house. |
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centexdance
 |
The only way to wipe away debt is to pay it off... or, if you feel that you don't owe the money (someone stole your identity for instance), dispute it.
There are cases where, if you had some old debts, and you mailed a dispute that you didn't actually have the debt, and the company you owe the money to is not in business anymore, or they can not find the information from your contract, it can be cleared off.
However, if I was loaning money, I believe I would keep some pretty good records. |
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sawgirl513
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Bad credit follows you 4EVER- best thing to do is pay a little on each debt you have and eventually pay off- Good Luck! |
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mark
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If you've been declared bankrupt you don't have to pay anything you don't have now, but you'll never get any credit (or run a company) again. By 'wiping out your debt' you promise to repay what you can afford for a few years - and then you can do it all again... |
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einstein22003
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debt sucks but filing bank ruptcy will only screw you over bro i wouldnt. |
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Beverly C
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Believe it or not. Most credit agencies have no probleem loaning money to someone who has filed Bankruptcy because they know you can not again for 7 years. However if trying to get credit with a bad rating good luck. Your Life could change before the 6 years is up. You may need a car, home etc... If you truly can not make these payments bankruptcy would be your best bet. |
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Duane
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Because your bad account can be sold to another debt collector who is then legally able to put it back on your credit report and start the process again!
Read all of this website and you will get a better understading how credit repair works! I got my score up from 485 to 720 in a little over a year with the help I got challenging my credit reports and other things I learned from this website! |
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deb1975@sbcglobal.net
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Bankruptcy covers houses, cars, student loans, abnk loans...not just credit card debt. Depends on what you have |
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dels replies
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Have you no pride or conscience... You borrowed the money, well pay it all back... Don't look for ways to avoid paying it... Debts should not be wiped off....ever.... |
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Ask M
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PAID debts get wiped off after 6 years of last payment
www creditinfocenter com |
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Tommy Menudo
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Your credit cards and debt are NEVER wiped.
Why do people think this? It would be cool if it was true, but it's not. |
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Tapestry6
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You must be living in a dream world who says your debt will be wiped in 6 years??.. the only way you can wipe debt is if you died with no living heirs.. or you file a Chapter 7.. that legally wipes your debt out and you can't buy anything for 7 years unless its totally cash. |
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DAVEG_10
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denbt ???? |
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