How long after paid collection will it appear on your credit score?
Question by mbetty27: “how long after paid collection will it appear on your credit score”?
Best answer:
Answer by SCH
If you did not negotiate the removal of the item when you paid it, it will stay on your report for 7 years. You can however negotiate the removal of items at the time you pay them off.
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Categories: Credit Score Questions Tags: after, appear, Collection, Credit, long, paid, Score
Q&A: How can I raise my credit score after bankruptcy? I had a bankruptcy discharged, can I rem the accts included?
Question by T.J: How can I raise my credit score after bankruptcy? I had a bankruptcy discharged, can I rem the accts included?
I filed for bankruptcy (chapter 7) a year ago and successfully had it discharged. I’m in the process of rebuilding my credit and I pulled my credit report and all the creditors included in the bankruptcy have my accounts listed as “bankruptcy” which is destroying my credit score. Is there any way I can have those accounts removed since they are all closed and were included with the bankruptcy? Does anyone have any tips on rebuilding my credit? My score is currently 530 and I would like to raise it to the average but it seems like it hasn’t been going anywhere. What can I do?
Best answer:
Answer by KL
The key to increasing your score after bankruptcy is 1.) making sure the debts that were included ARE being shown as IN BANKRUPTCY and have a zero balance and 2.) re-establishing your credit.
The 2nd is tough and you’ll have to take on some pretty high interest rates, but it will be worth it. Start off with secured credit cards and go from there.
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Categories: Credit Score Questions Tags: accts, after, Bankruptcy, Credit, discharged, included, Raise, Score
Rebuilding Credit Score after Foreclosure
A lot of people are suffering from low and bad credit score because they tend to splurge on so many things that they don’t really need. While a short sale can be daunting to your credit score too, it can be one of the most helpful ways to stop foreclosure from damaging your life and leads to bankruptcy later on too.
There are lots of helpful ways that can be helpful in establishing good and positive credit ratings and be able to boost your credit score too in time. Here are some of the simplest things you need to do to rebuild your credit rating after a short sale:
1. You need to get a secured credit card or loan. There is lots of it these days so you don’t have to worry about it anymore.
A lot of people don’t know that having a lot of credit card can also be helpful in the long run because you can use your other cards or loans as backup or even collateral. You don’t have to be confused because with a 2nd or even 3rd card, you will be able to use it for the bank or when the credit bureaus asked for collateral.
2. You need to use your credit card wisely. It will be best if you will only be using your credit card to buy all the things that are importantly needed and not to waste your credit on things you don’t really need. It will be helpful in lessening your debts.
3. A lot of people don’t know that a positive rental history will also save you from the devastating result of bankruptcy and foreclosure.
If you went through a short sale you will not qualified for a mortgage loan for about 2 years. During this time, you need to establish a good rental history to build up your credit once again. You need to be a responsible tenant to your landlord so that you will be able to establish yourself again and move forwards after sometime of being low.
4. You need to always remember that paying your bills on time will be favorable to you because you will not be going through tough times by paying your debts on time. A lot of people don’t know that they are risking themselves by neglecting to pay for their bills on time. It will be helpful if you will be paying early on so there will be no troubles later on in life.
5. You should also monitor your credit report so you will not be experiencing errors when it comes to getting the reports of your account. It will be best if you will monitor closely on your credit reports so if there are errors you can easily inform the credit company.
Life is tough these days so you need to be wiser and you need to be very careful with your deals. It will make a big difference if you will closely monitor your spending and earnings so you will not suffer.
Karen Anne, has been working on CheapHomesListings.com studying the foreclosures market, helping buyers on the finer points of foreclosure.
Categories: Credit Score Articles Tags: after, Credit, Foreclosure, Rebuilding, Score
How long does it take to get your credit score up after you file for bankruptcy?
Question by Unknown12: How long does it take to get your credit score up after you file for bankruptcy ?
Someone I know recently filed for bankruptcy not even a year ago. And she throws it in my face that her credit score is higher than mine and that she can get a house and I can’t. I don’t have anything wrong with my credit score and never filed for bankruptcy I just have a couple credit cards. Really how long does it take to increase your score? And don’t banks look down on people that file?
Best answer:
Answer by The Great Gazoo
bankruptcy lasts for 7 years after that you can try to rebuild credit
Answer by Good Credit Scores
Realistically, it just doesn’t matter what her credit score is. With a recent bankruptcy there’s no way a lender will give her the money for a house. And, if for some reason they do decide to provide a loan, they would jack up the interest rate to cover their risk.
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How to Rebuild Your Credit After Bankruptcy
How to Rebuild Your Credit After Bankruptcy
If you have gone through a bankruptcy, are currently in the middle of a bankruptcy or are considering filing bankruptcy you know all too well the pain and pressure of being unable to manage your debt. You also know the emotional battle that rages within a person who is dealing with finance disaster.
If you have successfully completed bankruptcy you also know from first hand experience that bankruptcy can be a sort of “double edged sword.” It does give you a tremendous relief from the pressures of your current financial situation. But, in some respects it makes your financial life even more difficult that it was before you filed bankruptcy. It especially causes severe trauma to your credit.
No, bankruptcy won’t ruin your credit life forever. But, it does have credit consequences that last for years. After filing bankruptcy, you’ll find it very difficult to get credit for major purchases like houses and cars. Personal loans will also prove to be a challenge. But, while post-bankruptcy credit is difficult, it’s not impossible. That’s the good news. You can rebuild your good credit standing even after declaring bankruptcy.
“How to Rebuild Your Credit After Bankruptcy” is your comprehensive guide to rebuilding your credit and bouncing back from bankruptcy. Bankruptcy may have been your last resort for dealing with previously unmanageable debt. But, bankruptcy doesn’t have to be your last stop. You can rebuild and restore your credit. I’m going to show you how to do it!
This is not a book about theory. It’s about all things practical you can do to rebuild your credit after filing bankruptcy. There is a huge myth about bankruptcy that says you have to wait 7 -10 years after your bankruptcy discharge before your credit ever starts to recover. Don’t believe that myth.
You can start rebuilding your credit the day after your bankruptcy case closes. And, you can find out exactly how to do that in “How to Rebuild Your Credit After Bankruptcy.”
If you have gone through a bankruptcy, are currently in the middle of a bankruptcy or are considering filing bankruptcy you know all too well the pain and pressure of being unable to manage your debt. You also know the emotional battle that rages within a person who is dealing with finance disaster.
If you have successfully completed bankruptcy you also know from first hand experience that bankruptcy can be a sort of “double edged sword.” It does give you a tremendous relief from the pressures of your current financial situation. But, in some respects it makes your financial life even more difficult that it was before you filed bankruptcy. It especially causes severe trauma to your credit.
No, bankruptcy won’t ruin your credit life forever. But, it does have credit consequences that last for years. After filing bankruptcy, you’ll find it very difficult to get credit for major purchases like houses and cars. Personal loans will also prove to be a challenge. But, while post-bankruptcy credit is difficult, it’s not impossible. That’s the good news. You can rebuild your good credit standing even after declaring bankruptcy.
“How to Rebuild Your Credit After Bankruptcy” is your comprehensive guide to rebuilding your credit and bouncing back from bankruptcy. Bankruptcy may have been your last resort for dealing with previously unmanageable debt. But, bankruptcy doesn’t have to be your last stop. You can rebuild and restore your credit. I’m going to show you how to do it!
This is not a book about theory. It’s about all things practical you can do to rebuild your credit after filing bankruptcy. There is a huge myth about bankruptcy that says you have to wait 7 -10 years after your bankruptcy discharge before your credit ever starts to recover. Don’t believe that myth.
You can start rebuilding your credit the day after your bankruptcy case closes. And, you can find out exactly how to do that in “How to Rebuild Your Credit After Bankruptcy.”
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Categories: Credit Score Products Tags: after, Bankruptcy, Credit, rebuild
How long will credit score take to return to normal after opening a new credit card?
Question by Jared: How long will credit score take to return to normal after opening a new credit card?
I recently opened a new credit card and noticed that my fico score plumetted 50 points after doing so. How long will it take for credit score to get over the fact that I opened a new account and regain those 50 points?
Best answer:
Answer by chic_chic1989
1. How many credit cards did you open within the past 12 months? If you open 2-3 cards in a year, this flags you as a “high risk” for lenders.
2. Have you checked your credit report? Are you sure you’re not missing any payments? This also could lower your score.
I would suggest for you to check your credit report and see what’s going on. It’s weird that your score went down for 50 points after opening a card. There are a lot of factors to determine how long and how much your score will go up so it’s hard to tell. As long as you keep your cc balance low, your score will go up little by little.
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