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| *Loan,banking and credit>>>debt loan |
If i took out a mortgage and paid off ALL of my debts including student loan, credit cards and car, and my? |
credit score is very low right now, what can i expect it to jump to and after how long?? If you paid all your debts, and closed the accounts, it will only show that it's closed. Need to keep an open line with continuous positive payment history for your score to go up dramatically. it must have been pretty low to begin with OR you had ALOT of bad debt. just cuz you paid it doesnt mean it doesnt have a negative code for being delinquent in effecting your credit score. The only way to build credit is by a) having a loan of some sort (in this case your mortage) and b) by making payments on time. Building credit takes a long time to do. I would imagine its harder for someone with a lower credit rating then someone with no credit history. since the person with a low rating has a history of not paying on time or not paying at all ect. Maybe take get a credit card and pay it off everythign month. Use it but very seldomly. Basicly use it to replace a different payment method on frequently got things. (IE if you usually pay cash or check for gas put it on the card instead just make sure you dont over spend and pay it off every month.) Chapter 13 is more like a payment plan, and allows you, if you have a regular income and limited debt, to keep property, such as a mortgaged house or car, that you otherwise might lose. However, it still stays on your credit report for seven years. Bankruptcy, regardless of the type, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever! If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud. Fortunately, most bankruptcy cases can be avoided with proper help, such as certified professional counselors, and in the end will help to get your feet back on solid, credit worthy ground. The process will be painful, but bankruptcy, foreclosure, and lawsuits are much more painful. Read more about it at: http://www.credit-card-gallery.com/artic... |
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