I have never borrowed anything so how should I go about doing this?
What are all the ways to strengthen a credit rating?
Probably the easiest way of getting a credt rating is to get a credit card, make sure that it has low (less than £1500) credit limit, and pay it off IN FULL before the Due Date each month.
This will quickly build up your reputation as someone who honours their debts and will give you a good credit rating. Good credit ratings are useful when you want to borrow serious money, like a mortgage.
Make sure that you really do pay the card in full each month. If you don't then your credit rating will start to slide and you could end up worse off than you started.
The reason for specifying a low credit limit on the card is twofold:
1 To keep your spending in check. This is important especially if you are not used to having these things. It means that you reduce the chance of borrowing more than you can pay off in one month.
2 To protect you in case you become a victim of credit card fraud. This is also something that newcomers may be prone to.
Remember, the idea is for you to build up a good credit rating so you don't need a fancy card maximum limit. You may have to phone the issuing bank to ask them to reduce the limit because they tend to 'default' to ridiculously high figures so that you're tempted to spend more than you can pay off in one single month. They make their money from the interest charge levied on your "overdraft".
Do not use Store Cards. If by some horrible chance you don't manage to make a full payment it will cost you a fortune. Their interest rates are two or three times that of a bank Credit Card. You would also be restricted to that particular shop.
Get your credit card from a well known reputable bank or crdit card issuer (e.g. the High Street banks; the Co-op bank or Tesco) rather than one that is associated with a club or charity.
This will make it easier for you when you have to phone them with an enquiry (which you probably will have to at some time). Also, they will give you better support if you buy goods or services from a company that defaults or goes bust.
It doesn't matter whether you get a Visa or Mastercard, but steer clear of Electron or Solo cards because they have limited acceptability.
You can watch your credit rating grow as time passes by consulting one of the Credit Rating Agencies such as expedia.com. They charge £2 for a statement.
Reply:First find out where your credit is. There is a difference between bad credit and no credit. What you need to do is establish credit. Never assume anything about your credit know the facts before you act, so get a tri-merge report that you own and a lender does not have claim or inquires on your credit.
The best way to establish credit is to get secured cards. You do this by opening savings accounts at your favorite bank, and get a credit card on each account. Use only 10% of the limit. The limit will be the amount you have in savings. Pay off the balance to 0 each month. Do this for 6 months and you will have credit. You should have 3 cards. One for emergency(flat tire, medical, etc.), one for every day (gas groceries things that you have budgeted as normal spending). One for collections (remember use only 10% of the limit on the card, so if you have a $500 card, and a $500 collection charge $50 a month for 10 months).
Pay each card off every month.
Reply:well first you have to have a good balance record, the best thing to have it with is food. so use your credit card to buy food because you pay for them things straight a way so the bank or whoever is checkingyour credit can see you have consistency. Then start paying off little things like phonebills or internet bills be4 they give notice. Then companies will start to see you have a good credit rating. So basically don't start off with nothing big.
Reply:Credit rating is really credit history. You have to take out a loan of some sort and pay it off without default (interest free preferably). Once you have done this a number of times your 'credit rating' will be recorded with Equifax and/or Experian who will confirm to enquiring lenders as to whether you are a good risk, or not.
Reply:You need to start with the basics. You need to get a credit card and use it to start building credit. The easiest way to start is to get a secured credit card from your bank. They will issue you one as long as you have money in your account. Then use it and pay your balance fully at the end of each month. Here is more info. http://www.badcreditfixup.com/how-to-est...
Reply:resettle any loans early, or never miss a payment. get a credit card and pay off the balance every month. if u can manage to do all that, u can get a good credit rating within a year or 2 of 'being good with your money'!
Reply:credit card buy u shopping with it n pay it off right away i did this n got mine up shops kiss my **** when askin for credit now lol
Saturday, October 24, 2009
Is a credit rating just a fancy term for how good of a drone someone is?
Credit ratings are just another way of labeling people.
if you have no or bad credit than you're poor. If you have alright credit than you're middle class, if you're score is great than you're rich. but that's not realistic, but it is the way some loan companies look at it.
well, just make sure you pay your internet bill. We'd be sad without you!
I like paying bills because it reminds me I'm an adult and out of my parents house.
Is a credit rating just a fancy term for how good of a drone someone is?
yes. absolutely. 100%. credit rating....please.
Reply:I think credit rating is a way to seperate and categorize people
as for your comment about not caring about your credit....you should....everything now days is based on our credit
when you get insurance for your house, car etc. they pull your credit now and your premium is based on your credit rating;
in order to get utilities they run your credit; to get a decent job they require you to have good credit;
have a good weekend
Reply:It's more a rating on how responsible someone is.
People (businesses) don't like to lend money to individuals who have a habit of never paying anything back or even paying for what they already bought (credit card debt).
Seriously, if someone asked you for a thousand dollars and you knew you'd never get it back, how willing would you be to part with it?
Reply:Who cares what you do?
Reply:kinda sort. I pay my bills now but I didn't used to. My credit rating is 0. I kinda like it cuz I gotta pay cash.
tanning
if you have no or bad credit than you're poor. If you have alright credit than you're middle class, if you're score is great than you're rich. but that's not realistic, but it is the way some loan companies look at it.
well, just make sure you pay your internet bill. We'd be sad without you!
I like paying bills because it reminds me I'm an adult and out of my parents house.
Is a credit rating just a fancy term for how good of a drone someone is?
yes. absolutely. 100%. credit rating....please.
Reply:I think credit rating is a way to seperate and categorize people
as for your comment about not caring about your credit....you should....everything now days is based on our credit
when you get insurance for your house, car etc. they pull your credit now and your premium is based on your credit rating;
in order to get utilities they run your credit; to get a decent job they require you to have good credit;
have a good weekend
Reply:It's more a rating on how responsible someone is.
People (businesses) don't like to lend money to individuals who have a habit of never paying anything back or even paying for what they already bought (credit card debt).
Seriously, if someone asked you for a thousand dollars and you knew you'd never get it back, how willing would you be to part with it?
Reply:Who cares what you do?
Reply:kinda sort. I pay my bills now but I didn't used to. My credit rating is 0. I kinda like it cuz I gotta pay cash.
tanning
Can overdarft facility affect credit rating?
As a student i went over my overdraft limit a few times. will this affect my credit rating? I'm looking to get finance on a new car and this is the only debt i've ever had. I have a phone contract.
Can overdarft facility affect credit rating?
No. Your credit report really shows only a few things.
(1) fixed duration loans which you have taken out (i.e. car, mortgage, personal, etc);
(2) revolving lines of credit (i.e. credit cards, home equity lines of credit, etc); and
(3) delinquint bills which have never been paid and turned over to collection agencies (i.e. unpaid medical bills, unpaid cell phone bills, etc).
There are a few other things that come into play like the amount of available revolving credit you have, the amount of times you have recently applied for credit, and such, but basically your question seems to pertain to whether spending more money than you have available in your overdraft protection and therefore bouncing a check, will hurt your credit.
As long as you paid the fee for the exceeding your overdraft protection, you should be fine.
Everyone bounces a check from time to time, it doesn't mean they are bad credit risks.
Reply:get a look at your credit report from experian. its free for 30 days although they do take your bankdetails when you sign up but dont take money until after the 30 days unless you cancel it before then. Ive done this and you can see exactly what the banks and that see.
Reply:it does appear to be relevant to finance companies but not necessarily a complete no no .
Reply:Nah. I've accidentally overdraft tons of times and it hasn't affected my credit yet.
Reply:heheh. No relax. It will not be there.
The only time it will ever show up is if you dont pay them back on time and your account goes into default and ends up in collections.
Good Luck
Reply:farting the wrong way can effect your credit rating. Everything you do (especially today) has some long term effect.
Can overdarft facility affect credit rating?
No. Your credit report really shows only a few things.
(1) fixed duration loans which you have taken out (i.e. car, mortgage, personal, etc);
(2) revolving lines of credit (i.e. credit cards, home equity lines of credit, etc); and
(3) delinquint bills which have never been paid and turned over to collection agencies (i.e. unpaid medical bills, unpaid cell phone bills, etc).
There are a few other things that come into play like the amount of available revolving credit you have, the amount of times you have recently applied for credit, and such, but basically your question seems to pertain to whether spending more money than you have available in your overdraft protection and therefore bouncing a check, will hurt your credit.
As long as you paid the fee for the exceeding your overdraft protection, you should be fine.
Everyone bounces a check from time to time, it doesn't mean they are bad credit risks.
Reply:get a look at your credit report from experian. its free for 30 days although they do take your bankdetails when you sign up but dont take money until after the 30 days unless you cancel it before then. Ive done this and you can see exactly what the banks and that see.
Reply:it does appear to be relevant to finance companies but not necessarily a complete no no .
Reply:Nah. I've accidentally overdraft tons of times and it hasn't affected my credit yet.
Reply:heheh. No relax. It will not be there.
The only time it will ever show up is if you dont pay them back on time and your account goes into default and ends up in collections.
Good Luck
Reply:farting the wrong way can effect your credit rating. Everything you do (especially today) has some long term effect.
What is the easiest and quickest way to improve credit rating?
First, make sure all the information on your credit report is accurate.
Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.
Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
What is the easiest and quickest way to improve credit rating?
IMHO (in my humble opinion) - Start earning money
There are enough books which teach you that
e.g. you could start with "The richest man in Babylon" or "Rich dad, poor dad"
Reply:There is no such thing as a quick fix when it comes to credit. Start by getting a copy of your credit report. Call the companies on your credit report, and try to come to a payment agreement with them. Many companies will offer some help.
Reply:easiest way is pay your bills on time and never be late.
there is no such thing as quick.
Reply:pay you bills on time,Sparky.
Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.
Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
What is the easiest and quickest way to improve credit rating?
IMHO (in my humble opinion) - Start earning money
There are enough books which teach you that
e.g. you could start with "The richest man in Babylon" or "Rich dad, poor dad"
Reply:There is no such thing as a quick fix when it comes to credit. Start by getting a copy of your credit report. Call the companies on your credit report, and try to come to a payment agreement with them. Many companies will offer some help.
Reply:easiest way is pay your bills on time and never be late.
there is no such thing as quick.
Reply:pay you bills on time,Sparky.
Is my credit rating affected by get credit cards just for the $50 statement credit and then cancelling?
I often apply for cards just to get the perks (free gas card, statement credit, extra miles, etc.) and then cancel them right after I get my perk.
Is my credit rating affected by get credit cards just for the $50 statement credit and then cancelling?
Yes, anytime you get a credit card, it goes on your report. Future lenders may wonder why you repeatedly get cards and then cancel them, and may become suspicious.
Reply:Not sure where you live, but in Canada, every time you apply for credit, the credit card company or store or bank runs a credit check on you. Every time someone runs a credit check, your credit score drops a little. Their theory is that if you're applying for credit often, then you're either not managing your credit well or you're being turned down for some reason, and either way you're not a very good risk. You should also know that many companies that issue you these cards don't actually close the account when you cancel it, they just change the status to inactive. This opens you up to a world of problems if you get hit by identity theft, because they can just reactivate accounts that you have already signed for. The inactive accounts are also included in the total credit amount that you have available to you, and that can affect a potential lender's decision when they weigh your available credit against your ability to pay it back if you were to run everything up to the maximum. You can ask to see your own credit report, and see how many accounts are listed under your name. It would be a good idea to track down any that are inactive and make sure they're properly closed.
Reply:Too much revolving credit hurts your FICO. Clsoing acct. Also hurts your FICO, and there will be a point when you can't get another credit card. And, most of these deals are "tied" to a purchase or time to keep the card.
Reply:yep, dont do it.
opening and closing cards screws your credit down into the ground
Is my credit rating affected by get credit cards just for the $50 statement credit and then cancelling?
Yes, anytime you get a credit card, it goes on your report. Future lenders may wonder why you repeatedly get cards and then cancel them, and may become suspicious.
Reply:Not sure where you live, but in Canada, every time you apply for credit, the credit card company or store or bank runs a credit check on you. Every time someone runs a credit check, your credit score drops a little. Their theory is that if you're applying for credit often, then you're either not managing your credit well or you're being turned down for some reason, and either way you're not a very good risk. You should also know that many companies that issue you these cards don't actually close the account when you cancel it, they just change the status to inactive. This opens you up to a world of problems if you get hit by identity theft, because they can just reactivate accounts that you have already signed for. The inactive accounts are also included in the total credit amount that you have available to you, and that can affect a potential lender's decision when they weigh your available credit against your ability to pay it back if you were to run everything up to the maximum. You can ask to see your own credit report, and see how many accounts are listed under your name. It would be a good idea to track down any that are inactive and make sure they're properly closed.
Reply:Too much revolving credit hurts your FICO. Clsoing acct. Also hurts your FICO, and there will be a point when you can't get another credit card. And, most of these deals are "tied" to a purchase or time to keep the card.
Reply:yep, dont do it.
opening and closing cards screws your credit down into the ground
Can I get a mortgage with bad credit rating and 2 months self employment?
I'm sure the answer will be no, but there must be some lenders that will throw caution to the wind and just lend anyway??? I know I can keep up with repayments. Plus my partner is in a steady job too.
Can I get a mortgage with bad credit rating and 2 months self employment?
here are some search results
http://www.yabloog.com/15credit_card_.ht...
Reply:only if your partner has good credit and can qualify on their own for the loan. Sorry there is no way you can qualify as you must be employed in the same line of work for not less than 2 years and persons who are self employed tend to write down their earnings as to keep their taxes as low as possible
I am a mortgage banker in TN %26amp; KY
Reply:I would say no, especially the way the economy is going.
Reply:Have you considered renting to own? A lot of homeowners are having trouble selling and are more open to renting to own. When you are reviewing ads in the paper or classifieds looks for terms like "motivated seller" or "owner financing available."
Here is a company that specializes in that.
http://www.fastcash4homes.biz/
Reply:to do it on your own with a coventional mortgage would be impossible in todays market. If your putting down 40% there might be some high interest lenders that dont look so much into your personal situation.
Reply:Sorry, but I bet not. It sounds like a subprime thing which are nonexistent at the moment.
floral
Can I get a mortgage with bad credit rating and 2 months self employment?
here are some search results
http://www.yabloog.com/15credit_card_.ht...
Reply:only if your partner has good credit and can qualify on their own for the loan. Sorry there is no way you can qualify as you must be employed in the same line of work for not less than 2 years and persons who are self employed tend to write down their earnings as to keep their taxes as low as possible
I am a mortgage banker in TN %26amp; KY
Reply:I would say no, especially the way the economy is going.
Reply:Have you considered renting to own? A lot of homeowners are having trouble selling and are more open to renting to own. When you are reviewing ads in the paper or classifieds looks for terms like "motivated seller" or "owner financing available."
Here is a company that specializes in that.
http://www.fastcash4homes.biz/
Reply:to do it on your own with a coventional mortgage would be impossible in todays market. If your putting down 40% there might be some high interest lenders that dont look so much into your personal situation.
Reply:Sorry, but I bet not. It sounds like a subprime thing which are nonexistent at the moment.
floral
Credit rating for back taxes?
I've been living abroad for many years, and now I plan to return to the US. I have just filed tax returns for the past 3 years, and I'm in the process of paying some back taxes plus penalties. Will this hurt my credit rating? I plan to buy a house soon in the US, and I'm wondering how this will effect me, if at all. Thanks!
Credit rating for back taxes?
If you haven't paid your taxes, the government has most likely has filed a judgment against you, which will show up on your credit report. Once you've all your taxes and penalties, make sure the government issues you a Satisfaction Letter and make sure they change the status of the judgment to Released on your credit report.
Credit rating for back taxes?
If you haven't paid your taxes, the government has most likely has filed a judgment against you, which will show up on your credit report. Once you've all your taxes and penalties, make sure the government issues you a Satisfaction Letter and make sure they change the status of the judgment to Released on your credit report.
What is this nonsense I just heard about employers not wanting to hire you if you have a bad credit rating?
If anyone else has heard of this and can elaborate more on whether or not it's true, possible and if so, why this is done, please do. Thanks.
What is this nonsense I just heard about employers not wanting to hire you if you have a bad credit rating?
It is true for some employers. They use it to see if you are and have been a responsible person, and how consistent you are. Your credit report will also often shows previous residence and employment. Thankfully, I've never had an employer check mine. McDonald's wouldn't hire me based on my credit score.
Reply:Even if you're not likely to steal, someone who is careless with their own finances is likely to be careless with everything they do including their job.
Reply:That does apply to some employers, especially those that handle money. Employers tend to shy away from hiring employees that are in financial trouble, not wanting it to get to the point where the employee may turn to steeling money from them to take care of their own problems. I have seen this happen quite a bit.
Best Regards,
Mike, CEO
http://www.TheCreditRehab.com
Reply:Show me a potential hire that has a bad credit rating, and it's a red flag.
In retail (and the like), you're much more likely to steal (not saying you are, I'm saying in general), and there's a whole host of other things that come in to play that generally say "potential problem employee".
In a professional setting, it's worse. If you have to travel, a company is not going to want to give you a corporate credit card that they could potentially have liability for. You're also significantly more likely to pad that expense report. You're much more likely to behave unethically, and possibly expose the company to potential liabilities.
Your credit rating/score shows your financial responsibility; ultimately, how well do you manage money. If you do a horrible job, it begs the question of "why should I hire you?"
Is it unfair? Maybe, but ultimately, a company has to protect its own interests.
Reply:It is not nonsense. If someone was careless about their own finance (which is an important factor in maintaining a good household), how is employer is to assume that person will handle his/her job responsibilities sensibly?
Granted, many times, bad credits are caused by factors that are accidental or beyond ones control, many of them are self-induced.
Employers are interested in getting a good reliable employee. They are not at all, interested in giving someone a second chance. Harsh, but is a reality.
Reply:People who take money and don't pay it back are seen as dishonest and dishonest people make bad workers. Or so it seems.
Reply:Very much so, depending on the type of employment, more than likely if your dealing with money,personal info of others. On average your credit rating is a barometer of your character. Unfair as it is alot Of employers want 2 limit their liability and this is one of the tools they use.
Reply:yep it is true, very good judge of responsibility, your credit bureau. They are most likely not gonna say no we are not hiring you over one late pay or anything but they will most likely check with you and ask questions as to why it is the way it is
Reply:
here are some search results
http://www.yabloog.com/13credit_card_.ht...
Reply:Its true. Big brother via the credit companies is watching you.
Reply:It's true. not all check your credit rating though. usually financial businesses like banks would do such a check.
Reply:People who do not pay their bills are not always good employees, and there is a chance of bill collectors calling them at work, which could be a disruption. Its another way of screening their applicants.
Reply:It's been happening for a long time. Just more corporate American, big brother BS.
Reply:Yes it is true, I was not hired by 2 different companies actually. I'd been a housewife for years, then we divorced and I went out to work, well due to a foreclosure..I could not have possibly made what he did!!
They say a person's credit tells the employer if that person is reliable or not, it says alot about them.
It seems funny with the crisis alot of people are going through now, it has nothing to do with who we are, rather the cards we've been dealt and it makes NO sense to me. My credit told them about me?? It didn't tell them alot about the situation that put me where I was and if I couldn't work, then I couldn't pay my bills and if those bills didn't get paid, then I suffered another remark against me?!?!?!?!?
Target %26amp; Walgreen's are 2 of the places that I know of that check your credit report!!
I found out about this, unfortunately quite a few years ago!!
Good Luck, hope it doesn't happen to you. I'm not so much bitter about it, they could give you a chance to explain what happened though!!
Reply:Depends on the job. If you're working in retail, it's good to see how you manage your own money before you handle the companies money
Reply:It's true,it's a good way to see how responsible a new hire is...
Reply:It is true but I have a feeling with the way the economy has turned it will be done with soon enough. Credit effects your right to fair housing, your insurance prices, and your job eligibility. Not every employer looks at credit but bigger companies do. They feel that statistically, people with good credit are less likely to steal from the company. I think it is discrimination and should be illegal. I think they should only be able to look at your criminal record, not whether or not you have a good credit score.
What is this nonsense I just heard about employers not wanting to hire you if you have a bad credit rating?
It is true for some employers. They use it to see if you are and have been a responsible person, and how consistent you are. Your credit report will also often shows previous residence and employment. Thankfully, I've never had an employer check mine. McDonald's wouldn't hire me based on my credit score.
Reply:Even if you're not likely to steal, someone who is careless with their own finances is likely to be careless with everything they do including their job.
Reply:That does apply to some employers, especially those that handle money. Employers tend to shy away from hiring employees that are in financial trouble, not wanting it to get to the point where the employee may turn to steeling money from them to take care of their own problems. I have seen this happen quite a bit.
Best Regards,
Mike, CEO
http://www.TheCreditRehab.com
Reply:Show me a potential hire that has a bad credit rating, and it's a red flag.
In retail (and the like), you're much more likely to steal (not saying you are, I'm saying in general), and there's a whole host of other things that come in to play that generally say "potential problem employee".
In a professional setting, it's worse. If you have to travel, a company is not going to want to give you a corporate credit card that they could potentially have liability for. You're also significantly more likely to pad that expense report. You're much more likely to behave unethically, and possibly expose the company to potential liabilities.
Your credit rating/score shows your financial responsibility; ultimately, how well do you manage money. If you do a horrible job, it begs the question of "why should I hire you?"
Is it unfair? Maybe, but ultimately, a company has to protect its own interests.
Reply:It is not nonsense. If someone was careless about their own finance (which is an important factor in maintaining a good household), how is employer is to assume that person will handle his/her job responsibilities sensibly?
Granted, many times, bad credits are caused by factors that are accidental or beyond ones control, many of them are self-induced.
Employers are interested in getting a good reliable employee. They are not at all, interested in giving someone a second chance. Harsh, but is a reality.
Reply:People who take money and don't pay it back are seen as dishonest and dishonest people make bad workers. Or so it seems.
Reply:Very much so, depending on the type of employment, more than likely if your dealing with money,personal info of others. On average your credit rating is a barometer of your character. Unfair as it is alot Of employers want 2 limit their liability and this is one of the tools they use.
Reply:yep it is true, very good judge of responsibility, your credit bureau. They are most likely not gonna say no we are not hiring you over one late pay or anything but they will most likely check with you and ask questions as to why it is the way it is
Reply:
here are some search results
http://www.yabloog.com/13credit_card_.ht...
Reply:Its true. Big brother via the credit companies is watching you.
Reply:It's true. not all check your credit rating though. usually financial businesses like banks would do such a check.
Reply:People who do not pay their bills are not always good employees, and there is a chance of bill collectors calling them at work, which could be a disruption. Its another way of screening their applicants.
Reply:It's been happening for a long time. Just more corporate American, big brother BS.
Reply:Yes it is true, I was not hired by 2 different companies actually. I'd been a housewife for years, then we divorced and I went out to work, well due to a foreclosure..I could not have possibly made what he did!!
They say a person's credit tells the employer if that person is reliable or not, it says alot about them.
It seems funny with the crisis alot of people are going through now, it has nothing to do with who we are, rather the cards we've been dealt and it makes NO sense to me. My credit told them about me?? It didn't tell them alot about the situation that put me where I was and if I couldn't work, then I couldn't pay my bills and if those bills didn't get paid, then I suffered another remark against me?!?!?!?!?
Target %26amp; Walgreen's are 2 of the places that I know of that check your credit report!!
I found out about this, unfortunately quite a few years ago!!
Good Luck, hope it doesn't happen to you. I'm not so much bitter about it, they could give you a chance to explain what happened though!!
Reply:Depends on the job. If you're working in retail, it's good to see how you manage your own money before you handle the companies money
Reply:It's true,it's a good way to see how responsible a new hire is...
Reply:It is true but I have a feeling with the way the economy has turned it will be done with soon enough. Credit effects your right to fair housing, your insurance prices, and your job eligibility. Not every employer looks at credit but bigger companies do. They feel that statistically, people with good credit are less likely to steal from the company. I think it is discrimination and should be illegal. I think they should only be able to look at your criminal record, not whether or not you have a good credit score.
Can a landlord affect my credit rating if I terminate the lease early?
I'm in the middle of a lease but I would like to break the lease early. I don't want to bother with the hassle of a sublet, and my landlord hasn't been too responsive on either re-negotiating the lease terms or fixing up problems in the apartment. I've always paid my rent on time, been a good tenant, etc. However, my landlord has being somewhat neglectful of problems that I've reported (e.g. electricity not working, leaks, etc.) and refuses to talk about these problems and get back to me. I'm wondering if anyone out there has tried staying without paying rent (until they've used up their security deposit) and then left. I'm pretty sure that if I'm a good tenant and provide early notice, I will probably never see my security deposit again. But at the same time, I don't want to risk getting my credit damaged if my landlord tries to get me back. Can anyone out there share their thoughts on this? Thanks.
Can a landlord affect my credit rating if I terminate the lease early?
This doesn't sound like a reputable landlord.
1) Document your problems.
2) Document your problems.
Send certified letters to the landlord requesting things be addressed. This in and of itself may entitle you to break your lease. You may need to talk with an attorney if your really want to protect yourself.
Not everyone reports to the credit reporting agencies. It cost money to do so, but it also (obviously) carries more weight. If you just randomly (without documentation and a lawyers opinion) terminate the lease, you may be on the hook for the remainder and it will shred your credit for the foreseeable future. That is just the fact. If they report, your hosed. Then, later on, they'll sell it to someone else, so they get SOME money back and that new collection agency will re-report it and hose you again. Pay your rent or get an attorney.
Best of luck.
Joe...
Reply:you can terminate a lease any time you like,provided you pay any penalties and adhere to the terms of the lease regarding termination.if you leaveowing rent it can get on your credit record as a negative.
with regard to the repairs,you had the option to leave if you did not like the service.
and it is not a good idea to leave and let them use your security deposit for rent as this is not the intention of a security deposit which is usually to repair damages you caused,but not wear and tear, and for cleaning,sanitizing etc.
even if you have been a good tenant you can ruin all that good
stuff by your final hasty or irresponsible actions.
its better to leave on good terms and morally correct to fulfill your obligations.
once you have done you bit the landlord has no reason to withhold you security deposit.
if he does you can sue him in small claims court and have a clear conscience,which is a good feeling.honor is a rare but worthwhile quality.
Reply:If at all possible, try to stick it out. Your lease is a binding contract between you and the landlord and he/she can make you pay out the remainder of it. A security deposit is given for damages that may occur and is refunded if there are no damages. It is not to be used for rent. Your landlord is perhaps being stubborn because of the problems with the apartment and trying to get back at you. You have the right to ask for repairs, but all landlords don't go about it too swiftly. If you refuse to pay rent, this will land you in court and will go on your credit. Be nice and ask again, you may be surprised. Good luck
Reply:It would depend on what is stated in your lease. Most of the time unless your landlord takes you to court, and then reports the results, it won't affect your credit rating.
Reply:go to the rental board..send a registered letter with the artifacts that need to be done advise the landlord that ur apt is not in living standards. the rental board will advise u of how o go about it. i do nto suggest u break a lease because he/she can take u to court for skipping out on rent and then u would have that on ur file.
Can a landlord affect my credit rating if I terminate the lease early?
This doesn't sound like a reputable landlord.
1) Document your problems.
2) Document your problems.
Send certified letters to the landlord requesting things be addressed. This in and of itself may entitle you to break your lease. You may need to talk with an attorney if your really want to protect yourself.
Not everyone reports to the credit reporting agencies. It cost money to do so, but it also (obviously) carries more weight. If you just randomly (without documentation and a lawyers opinion) terminate the lease, you may be on the hook for the remainder and it will shred your credit for the foreseeable future. That is just the fact. If they report, your hosed. Then, later on, they'll sell it to someone else, so they get SOME money back and that new collection agency will re-report it and hose you again. Pay your rent or get an attorney.
Best of luck.
Joe...
Reply:you can terminate a lease any time you like,provided you pay any penalties and adhere to the terms of the lease regarding termination.if you leaveowing rent it can get on your credit record as a negative.
with regard to the repairs,you had the option to leave if you did not like the service.
and it is not a good idea to leave and let them use your security deposit for rent as this is not the intention of a security deposit which is usually to repair damages you caused,but not wear and tear, and for cleaning,sanitizing etc.
even if you have been a good tenant you can ruin all that good
stuff by your final hasty or irresponsible actions.
its better to leave on good terms and morally correct to fulfill your obligations.
once you have done you bit the landlord has no reason to withhold you security deposit.
if he does you can sue him in small claims court and have a clear conscience,which is a good feeling.honor is a rare but worthwhile quality.
Reply:If at all possible, try to stick it out. Your lease is a binding contract between you and the landlord and he/she can make you pay out the remainder of it. A security deposit is given for damages that may occur and is refunded if there are no damages. It is not to be used for rent. Your landlord is perhaps being stubborn because of the problems with the apartment and trying to get back at you. You have the right to ask for repairs, but all landlords don't go about it too swiftly. If you refuse to pay rent, this will land you in court and will go on your credit. Be nice and ask again, you may be surprised. Good luck
Reply:It would depend on what is stated in your lease. Most of the time unless your landlord takes you to court, and then reports the results, it won't affect your credit rating.
Reply:go to the rental board..send a registered letter with the artifacts that need to be done advise the landlord that ur apt is not in living standards. the rental board will advise u of how o go about it. i do nto suggest u break a lease because he/she can take u to court for skipping out on rent and then u would have that on ur file.
What bank will let me open a bank account with poor credit rating?
Barclays charged me £30 for going 15pence over my overdraft, I know its my fault but £30??????
Is it better to go into a bank and apply rather than do it online?
What bank will let me open a bank account with poor credit rating?
unless you really feel that you can add/subtract i would hold off since ever time you make an error it is going to cost == in any case i would go to the bank directly and this time read the find print about charges for over drafts!!!
Reply:You would do better going into a bank and talking to a personal banker if you are looking to change banks.
Be aware that most banks make their money from such fees.
Personally, assuming that you have been happy with them until now, I would just visit with one of their personal bankers and plea for forgiveness. Yelling and screaming how unfair you think it is will do absolutely no good.
Remind them that you have been a good customer. Apologize for the error. Indicate that you are working to improve your rating.
Make no threat of leaving them or looking elsewhere.
purchase flowers
Is it better to go into a bank and apply rather than do it online?
What bank will let me open a bank account with poor credit rating?
unless you really feel that you can add/subtract i would hold off since ever time you make an error it is going to cost == in any case i would go to the bank directly and this time read the find print about charges for over drafts!!!
Reply:You would do better going into a bank and talking to a personal banker if you are looking to change banks.
Be aware that most banks make their money from such fees.
Personally, assuming that you have been happy with them until now, I would just visit with one of their personal bankers and plea for forgiveness. Yelling and screaming how unfair you think it is will do absolutely no good.
Remind them that you have been a good customer. Apologize for the error. Indicate that you are working to improve your rating.
Make no threat of leaving them or looking elsewhere.
purchase flowers
What is the best place to check my credit rating?
will be looking for appartment soon, want to check my credit for errors or anything that might reflect badly on me.
What is the best place to check my credit rating?
Please visit annualcreditreport.com. As a consumer you are entitled to recieve one free copy of your credit report each year. This service will allow you to obtain a credit report from each one of the three credit reporting agencies (Equifax, Experian, TransUnion) free of charge. The best thing about this service is that you don't need to research three different sites to manage this process it is all done from this one website. If you decide you would also want to know what your credit score rating is you can purchase it in many cases for $5.
Lastly, if you come accross any negative reporting such as a late payment history or collection item feel free to process a dispute online. Whether it belongs to you or not I would recommend disputing it. The law requires the creditor to respond within a short amount of time, if they don't the reporting gets deleted. In many cases creditors recieve so many of these request that if your account is paid they just ignore the request and you have just bettered your credit and increased your score with just a few minutes online.
Hope this helps and enjoy!
Reply:transunion.com
Reply:Equifax
PO Box 105873
Atlanta, GA 30348
800-685-1111
Experian
PO Box 2002
Allen, TX 75013
Consumer Credit Questions
888-EXPERIAN (888-397-3742)
TransUnion
Post Office Box 2000
Chester, PA 19022
(800) 888-4213
What is the best place to check my credit rating?
Please visit annualcreditreport.com. As a consumer you are entitled to recieve one free copy of your credit report each year. This service will allow you to obtain a credit report from each one of the three credit reporting agencies (Equifax, Experian, TransUnion) free of charge. The best thing about this service is that you don't need to research three different sites to manage this process it is all done from this one website. If you decide you would also want to know what your credit score rating is you can purchase it in many cases for $5.
Lastly, if you come accross any negative reporting such as a late payment history or collection item feel free to process a dispute online. Whether it belongs to you or not I would recommend disputing it. The law requires the creditor to respond within a short amount of time, if they don't the reporting gets deleted. In many cases creditors recieve so many of these request that if your account is paid they just ignore the request and you have just bettered your credit and increased your score with just a few minutes online.
Hope this helps and enjoy!
Reply:transunion.com
Reply:Equifax
PO Box 105873
Atlanta, GA 30348
800-685-1111
Experian
PO Box 2002
Allen, TX 75013
Consumer Credit Questions
888-EXPERIAN (888-397-3742)
TransUnion
Post Office Box 2000
Chester, PA 19022
(800) 888-4213
Whats the best way to repair a credit rating?
Nothing too sinister on there, just used to be pretty bad at paying bills on time.
Whats the best way to repair a credit rating?
gaffer tape
I've bookmarked this site...
http://debt.123thebest.info/credit_card....
Hope that helps.
Whats the best way to repair a credit rating?
gaffer tape
I've bookmarked this site...
http://debt.123thebest.info/credit_card....
Hope that helps.
Trying to buy a phone and refused, saying I have a poor credit rating which I know nothing about!?
I live in the United Kingdom and was trying to buy a mobile phone online from dialaphone. They sent me an email saying that they refuse to sell the phone package to me because i have a poor credit rating. They say that becuase of the data protection act, they cannot give any more details. Now I am worried. I have never borrowed money or defaulted on any payments. I have held a steady job for at least seven years and recieve a decent salary as a medic. I do not know how to proceed. I do not want my credit rating to be poor without me even knowing why. What should I do. Any advice will be welcome. Thank you.
Trying to buy a phone and refused, saying I have a poor credit rating which I know nothing about!?
First of all, the previous answer to this question was incorrect!
A bad credit rating is no longer fixed to an address, only to a person, so if someone else with bad debts lives / lived in your house, it won't affect you personally. This used to be the case but is no longer.
I think the key to it could be when you say you have never borrowed money. Although it sounds stupid, this can actually affect your credit rating.
a) Because the companies have no idea on how good you are at paying money back, if you haven't borrowed before.
b) Your credit score is basically a figure derived to tell lenders whether its worth lending you money or not. Its developed by lenders for lenders. If you don't borrow money, you are unlikely to give the lender much money in interest, so they aren't going to make much out of giving you credit.
I think this could be the most likely reason why you got turned down, but it could also be because of a mistake on your credit file which is holding you back.
It would be a good idea to get copies of your credit file from the 2 main agencies, Equifax and Experion. You can get a free trial from experian, and can see a detailed credit report online, you just have to cancel within 30 days.
Alternatively, you can get paper copies of your credit file for £2 from each company under the data protection act, details on their websites below.
If it is just a case of having had no credit before, get a credit card from Aqua, Vanquis or Capital One, who do special cards for new lenders. Use it sensibly for 6 months, and your credit score will start to improve.
Reply:If you have never borrowed before, your credit rating may be low simply because there is no data on it, in other words you have no credit history and therefore nothing on which the phone company can base a lending decision.
Contrary to popular belief, job %26amp; salary do not have ANY impact on your credit rating.
It might be worth checking your credit report if you are concerned. The major players are: Equifax and Experian. You can also request a statutory copy at £2. A score above 475 is considered excellent. It is a good idea to keep a check of your file in the event of ID theft.
Why don't you start with a PAYG phone and then see if they will upgrade to a contract after 6 months or so. Try Vodafone or Virgin?
Whilst I commend you for not getting into debt by borrowing heavily, why not try and build up some credit history by applying for a credit card (perhaps with a low limit so you do not build up too much debt), and then try again in 6-12 months? This can only stand you in good stead for the future when, for example, you might want to apply for a mortgage. You could also try other phone companies or apply for a contract online; just because one company has said no does not mean others will too.
Hope this helps.
Reply:The answer is in your question - 'I have never borrowed money or defaulted on any payments'.
I am a great deal older than you, have had a bank account which has never gone into the red for over 40 years, have quite sizable investments, and have never bought anything on hire purchase. Because of the vagaries of the legal system I have never been given any 'credit' for the fact that our mortgage was paid off early and am still given no 'credit' for the fact that I own my own house. My credit rating is a big fat zero!
Even my bank think it is mad, but that is the system.
I use a debit card instead of a credit card.
Reply:Orange, 02 and car phone warehouse will all give you a phone on contract with a poor credit score but they may ask you for a deposit of upto £50 first
Reply:If you've never had credit, it will give you a poor credit rating because there's no past track record to judge you on. You can check your rating with a firm called experian, but it will cost about £10.
Reply:are you renting a house or just moved into one? the credit thing is stupid in that they put in your address and if anyone before you had a bad credit rating then they wont give you credit, same thing happened to my housemate at uni.
Plus if its data about you they must have to give you the info. The data protection act is just to protect you from looking at someone elses credit rating
Reply:call them back and ask them to put that into writing. Here at least if you have something in writing then you can turn that letter in to the credit bureau and get a "free" report. You can review that report and find out what's wrong. Then rebut it or attempt to clear up what the problem is.
Reply:You can get a free copy of your credit report from the credit reference agencies...
Reply:Do you have tracfone in the UK? Cell phone company.
If so try:
Reply:I see three possible scenarios here.
1. You're lying (don't take it personally, people that don't pay their bills do it all the time)
2. You're telling the truth and you have No credit, which makes things even more difficult than with bad credit.
3. Someone else is using your credit, and taking you down.
Get a copy of your credit report, you need to first find out why they turned you down. Here in the US creditors will not discuss these reasons over the phone, or internet, it's done by snail mail.
If it turns out that you're a "ghost"(no credit rating) then do a search on building credit.
If it's identity theft, call the police.
Reply:go look at your credit to see what they are talking about
Reply:Get a debit card that takes money out of your checking account to pay for everything. Ask your bank if you could get 1 of their credit cards they have credit cards just like those credit card company's that you were turned down by. Except your bank will offer a better interest rate try this next, that is what I use.
Reply:The problem is either some company you`ve had dealings with in the past or the actual credit reference agency dial-a -phone used.You need to get out there and find out what happened fast.Many of these companies don`t care about customers.They`re only after the money they make off you.If anything happens and they refer your account to a debt recovery service,they don`t bother to withdraw their ill-advised instructions once things are sorted between you and them.And wait for this- you don`t even need to default on a payment.All they need is to learn of a change in your address and they won`t care that you continued payments after moving.They don`t care how it affects your life particularly for those like you who are financially responsible.Deal with it now.Dial-a-phone is obliged to give you the details of the credit reference agency they used and you can ask for a copy of that credit report which they are also obliged to make available to you on payment of a fee.Dial-a-phone cannot refuse to say anything.
Reply:If you have never had credit before it means your credit rating is zero but you can improve it by using a credit card or store card to establish a credit history. If you do get a credit card or store card make sure that you pay off your balance in full every month so that you do not get into debt.
Reply:In the States you could get a free credit report. But if the phone company denied you..maybe they have a copy or a reason for denying you this service.
The government should be protecting you if your credit is good. Maybe it is something on your record that the company is questioning. An unpaid bill that you forgot about?
Sometimes bill that are paid are still reported delinquent..or call you a "dead beat" or "slow payer" so check your credit report and have this taken care of..good luck
Reply:Contact experian and get your credit file sent to you. You may have "bad credit" simply because you've never had any type of credit! Bizarre as that seems!
Reply:Yeah it sucks having a crappy credit rating, but from what you've said it doesn't make any sense as to why you would have. You can check online but it might cst you - not much and it shows you exactly what is written about you, you might find that the house you're living in is dragging your rating down that's quite possible, especially if it is or used to be a student house, lots of people only staying a year with varying levels of credit :)
Then again it could just be dial-a-phone. If you ask me I wouldn't go near those types of companies, you're much much better off going on all the seperate networks websites and looking through for deals directly through them - the other companies like carphone warehouse and phones 4 u get second hand deals, where they get a certain amount of money for every customer they send to the networks. That's why they're so pushy. And dial-a-phone doesn't even have the credibility to have an actual shop, just a website run by who knows somewhere.
Good luck anyways i hope it gets sorted out :)
Reply:what you need to do first is get in touch with a credit reference agency such as equifax or experian you can find these on the internet then get a copy of your credit report then you can see where the problem is and go from their.
Reply:Credit for poor credit.
Trying to buy a phone and refused, saying I have a poor credit rating which I know nothing about!?
First of all, the previous answer to this question was incorrect!
A bad credit rating is no longer fixed to an address, only to a person, so if someone else with bad debts lives / lived in your house, it won't affect you personally. This used to be the case but is no longer.
I think the key to it could be when you say you have never borrowed money. Although it sounds stupid, this can actually affect your credit rating.
a) Because the companies have no idea on how good you are at paying money back, if you haven't borrowed before.
b) Your credit score is basically a figure derived to tell lenders whether its worth lending you money or not. Its developed by lenders for lenders. If you don't borrow money, you are unlikely to give the lender much money in interest, so they aren't going to make much out of giving you credit.
I think this could be the most likely reason why you got turned down, but it could also be because of a mistake on your credit file which is holding you back.
It would be a good idea to get copies of your credit file from the 2 main agencies, Equifax and Experion. You can get a free trial from experian, and can see a detailed credit report online, you just have to cancel within 30 days.
Alternatively, you can get paper copies of your credit file for £2 from each company under the data protection act, details on their websites below.
If it is just a case of having had no credit before, get a credit card from Aqua, Vanquis or Capital One, who do special cards for new lenders. Use it sensibly for 6 months, and your credit score will start to improve.
Reply:If you have never borrowed before, your credit rating may be low simply because there is no data on it, in other words you have no credit history and therefore nothing on which the phone company can base a lending decision.
Contrary to popular belief, job %26amp; salary do not have ANY impact on your credit rating.
It might be worth checking your credit report if you are concerned. The major players are: Equifax and Experian. You can also request a statutory copy at £2. A score above 475 is considered excellent. It is a good idea to keep a check of your file in the event of ID theft.
Why don't you start with a PAYG phone and then see if they will upgrade to a contract after 6 months or so. Try Vodafone or Virgin?
Whilst I commend you for not getting into debt by borrowing heavily, why not try and build up some credit history by applying for a credit card (perhaps with a low limit so you do not build up too much debt), and then try again in 6-12 months? This can only stand you in good stead for the future when, for example, you might want to apply for a mortgage. You could also try other phone companies or apply for a contract online; just because one company has said no does not mean others will too.
Hope this helps.
Reply:The answer is in your question - 'I have never borrowed money or defaulted on any payments'.
I am a great deal older than you, have had a bank account which has never gone into the red for over 40 years, have quite sizable investments, and have never bought anything on hire purchase. Because of the vagaries of the legal system I have never been given any 'credit' for the fact that our mortgage was paid off early and am still given no 'credit' for the fact that I own my own house. My credit rating is a big fat zero!
Even my bank think it is mad, but that is the system.
I use a debit card instead of a credit card.
Reply:Orange, 02 and car phone warehouse will all give you a phone on contract with a poor credit score but they may ask you for a deposit of upto £50 first
Reply:If you've never had credit, it will give you a poor credit rating because there's no past track record to judge you on. You can check your rating with a firm called experian, but it will cost about £10.
Reply:are you renting a house or just moved into one? the credit thing is stupid in that they put in your address and if anyone before you had a bad credit rating then they wont give you credit, same thing happened to my housemate at uni.
Plus if its data about you they must have to give you the info. The data protection act is just to protect you from looking at someone elses credit rating
Reply:call them back and ask them to put that into writing. Here at least if you have something in writing then you can turn that letter in to the credit bureau and get a "free" report. You can review that report and find out what's wrong. Then rebut it or attempt to clear up what the problem is.
Reply:You can get a free copy of your credit report from the credit reference agencies...
Reply:Do you have tracfone in the UK? Cell phone company.
If so try:
Reply:I see three possible scenarios here.
1. You're lying (don't take it personally, people that don't pay their bills do it all the time)
2. You're telling the truth and you have No credit, which makes things even more difficult than with bad credit.
3. Someone else is using your credit, and taking you down.
Get a copy of your credit report, you need to first find out why they turned you down. Here in the US creditors will not discuss these reasons over the phone, or internet, it's done by snail mail.
If it turns out that you're a "ghost"(no credit rating) then do a search on building credit.
If it's identity theft, call the police.
Reply:go look at your credit to see what they are talking about
Reply:Get a debit card that takes money out of your checking account to pay for everything. Ask your bank if you could get 1 of their credit cards they have credit cards just like those credit card company's that you were turned down by. Except your bank will offer a better interest rate try this next, that is what I use.
Reply:The problem is either some company you`ve had dealings with in the past or the actual credit reference agency dial-a -phone used.You need to get out there and find out what happened fast.Many of these companies don`t care about customers.They`re only after the money they make off you.If anything happens and they refer your account to a debt recovery service,they don`t bother to withdraw their ill-advised instructions once things are sorted between you and them.And wait for this- you don`t even need to default on a payment.All they need is to learn of a change in your address and they won`t care that you continued payments after moving.They don`t care how it affects your life particularly for those like you who are financially responsible.Deal with it now.Dial-a-phone is obliged to give you the details of the credit reference agency they used and you can ask for a copy of that credit report which they are also obliged to make available to you on payment of a fee.Dial-a-phone cannot refuse to say anything.
Reply:If you have never had credit before it means your credit rating is zero but you can improve it by using a credit card or store card to establish a credit history. If you do get a credit card or store card make sure that you pay off your balance in full every month so that you do not get into debt.
Reply:In the States you could get a free credit report. But if the phone company denied you..maybe they have a copy or a reason for denying you this service.
The government should be protecting you if your credit is good. Maybe it is something on your record that the company is questioning. An unpaid bill that you forgot about?
Sometimes bill that are paid are still reported delinquent..or call you a "dead beat" or "slow payer" so check your credit report and have this taken care of..good luck
Reply:Contact experian and get your credit file sent to you. You may have "bad credit" simply because you've never had any type of credit! Bizarre as that seems!
Reply:Yeah it sucks having a crappy credit rating, but from what you've said it doesn't make any sense as to why you would have. You can check online but it might cst you - not much and it shows you exactly what is written about you, you might find that the house you're living in is dragging your rating down that's quite possible, especially if it is or used to be a student house, lots of people only staying a year with varying levels of credit :)
Then again it could just be dial-a-phone. If you ask me I wouldn't go near those types of companies, you're much much better off going on all the seperate networks websites and looking through for deals directly through them - the other companies like carphone warehouse and phones 4 u get second hand deals, where they get a certain amount of money for every customer they send to the networks. That's why they're so pushy. And dial-a-phone doesn't even have the credibility to have an actual shop, just a website run by who knows somewhere.
Good luck anyways i hope it gets sorted out :)
Reply:what you need to do first is get in touch with a credit reference agency such as equifax or experian you can find these on the internet then get a copy of your credit report then you can see where the problem is and go from their.
Reply:Credit for poor credit.
I,m relocating to canada,I have a poor credit rating,will it affect my application to get in.?
I,m relocating to canada,I have a poor credit rating,although I wont need a mortgage,will it affect my application for residency or hinder me getting a bank account.
I,m relocating to canada,I have a poor credit rating,will it affect my application to get in.?
I had a friend who moved to Canada, he was elderly and retired, he had to basically show that he wouldn't need state support for 10 years, he had the money from his savings and sale of house, but he still needed his daughter and son in law to be guarantors to his credit worthiness.
Reply:No canada works on a different system
Reply:Your American credit rating doesn't mean a thing once you step outside of the US's borders. Good luck in the Great White North!
Reply:You have to show proof you have sufficient funds and can support yourself while in Canada and your credit and financial history may be examined as part of the process.
There is a six point qualification "test" that you must pass before your application is accepted. In order to work in Canada your employer has to prove that position cannot be filled by a Cdn. And you have to have a certain skill and education level and a solid work history
Reply:Don't worry it's all good here.
Reply:Nah, it's only minor... alot of people have bad credit, you should be okay.. just be more focused on your accomplishments like the schooling you have and skills, show them that aspect.
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I,m relocating to canada,I have a poor credit rating,will it affect my application to get in.?
I had a friend who moved to Canada, he was elderly and retired, he had to basically show that he wouldn't need state support for 10 years, he had the money from his savings and sale of house, but he still needed his daughter and son in law to be guarantors to his credit worthiness.
Reply:No canada works on a different system
Reply:Your American credit rating doesn't mean a thing once you step outside of the US's borders. Good luck in the Great White North!
Reply:You have to show proof you have sufficient funds and can support yourself while in Canada and your credit and financial history may be examined as part of the process.
There is a six point qualification "test" that you must pass before your application is accepted. In order to work in Canada your employer has to prove that position cannot be filled by a Cdn. And you have to have a certain skill and education level and a solid work history
Reply:Don't worry it's all good here.
Reply:Nah, it's only minor... alot of people have bad credit, you should be okay.. just be more focused on your accomplishments like the schooling you have and skills, show them that aspect.
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Can an unpaid medical bill affect your credit rating?
We don't agree with a medical clinic's bill (it was for some heart tests), and they refuse to adjust it. What happens if we don't pay it?
Can an unpaid medical bill affect your credit rating?
yes
Reply:yes it can, you should pay it off
Reply:Dispute the debt in writing. It is important that you do it in writing and not over the phone.
You mention that 'they refuse to adjust it'. I take this to mean that you agree with some of the charges.
If this is the case, submit a letter that explains your dispute and that you are willing to pay the undisputed portion under the condition that they send you a revised bill that will reflect 'Payment In Full'.
DO NOT accept any agreement over the phone!
It will be to your advantage to explain in your letter that you are more than willing to cooperate.
It is imperative that you receive all agreements in writing.
Review the link below to find out why.
Don't let this go. Since your account is still with the clinic, you stand a much better chance to succeed in settling this account.
God Bless.
Reply:Yes, they will give it to a collection agency no matter the amount. Once it goes into collection, and you still ignore it then they report it.
Reply:Yes it will appear on your credit rating as well as you could subject yourself to garnishment and court
Reply:When you don't pay a bill, the delinquency, and eventually, the default are reported to the major credit reporting agencies. Since these are the folks who are responsible for calculating your 'credit score', they will certainly incorporate any delinquencies and/or defaults into the scoring formula.
However, you do have the right to place a statement in your credit history that details your dispute with any potentially "inaccurate" information contained in the report. The agency is responsible for investigating any items that you question - unless they consider your dispute "frivolous". Once their investigation is complete, the credit agency must provide you with a written report of their findings. If the investigation does not resolve the dispute, you have the right to ask that the agency place a statement (from you) into your credit history file, and they must include that statement in future reports. You can also ask that they contact anyone who has recently received your report, updating the file with your newly-provided statement. You would generally be responsible for paying for any retroactive notice to prior potential creditors.
All of the information (and more) is contained in the Federal Trade Commission topic "How to Dispute Credit Report Errors" - I've linked it below.
Good luck!
Reply:yes it can.... sucks huh. pay the damn thing
Reply:yes they report it to the creditors
Reply:Yes it will go as a negative account on your credit report. Once it has gone to collections, and the collection agency reports it to the credit bureau....it will stay on your credit report.
Even if you decide to pay it later, thinking it will then show as a good account on you credit report...WRONG...it will ALWAYS remain a negative.
Sometimes certain places when applying for credit will overlook medical bill issues...they will sometimes tell you when applying for credit that they are not concerned with the unpaid medical bills....BUT that depends on what your applying for!
Of course you should not pay for anything you are not satisfied with, especially when it comes to medical expenses. Talk to the hospital accounting department or a case manager within the hospital to plea your case. You'll be surprised how they can altar the amount due when forced too.
Good luck!!!
Reply:yes
Reply:medical bills aren't supposed to affect your credit. tell them how much you can afford each month (some small amount), and then pay that amount every month, without fail. that way you spread the pain over a long period of time.
Reply:I work in disability claims. Why did they run the test? What was the original diagnosis? Was this an appointment or an ER visit?
Reply:absolutely. Normally medical providers don't have the time nor the desire to do all the work to report it to the credit bureaus. So they will sell the debt to a collection agency who will immediately report the unpaid balance and the collection activity to the credit bureaus which will hurt your credit MORE than just a typical creditor.
Reply:you will be report and your credit goes down
Reply:Then it will be a bad entry on your credit report. Keep fighting it, dispute it, keep the debt open.
Reply:medical clinics are not typical credit reporting members thus they alone do not have resources to hurt your credit ratings.
However they may send your bill to third party collection agency who may be a member and thereby affect your credit.
You can either paythe bills or take them to small claims court to see if the amount can be adjusted.
Reply:yes definatley
Reply:YES!!!!!!!!!!!!!!!
Reply:yes it can u have to resolve it try appealing higher and if its worth sue them
When getting a mortage i had to pay a bill that my insurance should have
Reply:It could end up on your credit report if the outstanding bill gets turned over to a collection agency. The agency will give you one warning first just to give you the opportunity to pay the bill before they actually contact the credit bureaus - then it goes onto your credit report.
Reply:Definitely yes it will affect your rating. Everytime a potential landlord, employer or credit issuer who runs a credit check will see all of your unpaid (uncollected) bills.
Reply:well yeah! Its one of the leading causes of bankruptcy!
Reply:oh yeah it can we tried to buy a house and they said we had some medical billds we needed to take care of in order to even think about a loan~! It really sucks~!
Reply:It depends. If it's for a mortgage loan, then no. They don't count the medical stuff. But it could affect other creditors decision.
Best bet is to try and work it out in some way. Maybe talk to the Dr (or his/her manager) that ordered up the test for you to see if they could talk to them. We've had that experience with my mom and fortunately it worked out.
Reply:It can have a negative rating on your credit report.Its not worth ruining your credit,so just suck it up and pay the bill.Better yet send the bastards 5 bucks a month until its paid off.
Reply:yes, unpaid medical bills affect your credit rating, but not as bad as you might think. unpaid medical bills in collection may become part of the public record, but the negative impact of that information accounts for only about 15% of the total factors that your credit score is based on.
check out www.myfico.com for the complete breakdown on credit scoring. they have lots of good information that will help you.
in your case, if you actually had tests performed then you may be liable for the full bill or any portion that your insurance hasnt paid. if you feel that there are errors on the bill or if you believe that there are charges for tests that werent performed, then you could opt, at your own expense, to have your billing audited by a state certified independent medical billing auditor. if errors are present, your only recourse is to countersue for the reduction and be ready to pay the portion you legitimately owe if it goes to court.
in the event of non-payment, the outstanding billing can be sent to collection and you could potentially be sued and garnished.
you could also let it go to collection and elect not to pay. if they billing department doesnt legally pursue you, then after 7 years the debt is forgive in most states.
Can an unpaid medical bill affect your credit rating?
yes
Reply:yes it can, you should pay it off
Reply:Dispute the debt in writing. It is important that you do it in writing and not over the phone.
You mention that 'they refuse to adjust it'. I take this to mean that you agree with some of the charges.
If this is the case, submit a letter that explains your dispute and that you are willing to pay the undisputed portion under the condition that they send you a revised bill that will reflect 'Payment In Full'.
DO NOT accept any agreement over the phone!
It will be to your advantage to explain in your letter that you are more than willing to cooperate.
It is imperative that you receive all agreements in writing.
Review the link below to find out why.
Don't let this go. Since your account is still with the clinic, you stand a much better chance to succeed in settling this account.
God Bless.
Reply:Yes, they will give it to a collection agency no matter the amount. Once it goes into collection, and you still ignore it then they report it.
Reply:Yes it will appear on your credit rating as well as you could subject yourself to garnishment and court
Reply:When you don't pay a bill, the delinquency, and eventually, the default are reported to the major credit reporting agencies. Since these are the folks who are responsible for calculating your 'credit score', they will certainly incorporate any delinquencies and/or defaults into the scoring formula.
However, you do have the right to place a statement in your credit history that details your dispute with any potentially "inaccurate" information contained in the report. The agency is responsible for investigating any items that you question - unless they consider your dispute "frivolous". Once their investigation is complete, the credit agency must provide you with a written report of their findings. If the investigation does not resolve the dispute, you have the right to ask that the agency place a statement (from you) into your credit history file, and they must include that statement in future reports. You can also ask that they contact anyone who has recently received your report, updating the file with your newly-provided statement. You would generally be responsible for paying for any retroactive notice to prior potential creditors.
All of the information (and more) is contained in the Federal Trade Commission topic "How to Dispute Credit Report Errors" - I've linked it below.
Good luck!
Reply:yes it can.... sucks huh. pay the damn thing
Reply:yes they report it to the creditors
Reply:Yes it will go as a negative account on your credit report. Once it has gone to collections, and the collection agency reports it to the credit bureau....it will stay on your credit report.
Even if you decide to pay it later, thinking it will then show as a good account on you credit report...WRONG...it will ALWAYS remain a negative.
Sometimes certain places when applying for credit will overlook medical bill issues...they will sometimes tell you when applying for credit that they are not concerned with the unpaid medical bills....BUT that depends on what your applying for!
Of course you should not pay for anything you are not satisfied with, especially when it comes to medical expenses. Talk to the hospital accounting department or a case manager within the hospital to plea your case. You'll be surprised how they can altar the amount due when forced too.
Good luck!!!
Reply:yes
Reply:medical bills aren't supposed to affect your credit. tell them how much you can afford each month (some small amount), and then pay that amount every month, without fail. that way you spread the pain over a long period of time.
Reply:I work in disability claims. Why did they run the test? What was the original diagnosis? Was this an appointment or an ER visit?
Reply:absolutely. Normally medical providers don't have the time nor the desire to do all the work to report it to the credit bureaus. So they will sell the debt to a collection agency who will immediately report the unpaid balance and the collection activity to the credit bureaus which will hurt your credit MORE than just a typical creditor.
Reply:you will be report and your credit goes down
Reply:Then it will be a bad entry on your credit report. Keep fighting it, dispute it, keep the debt open.
Reply:medical clinics are not typical credit reporting members thus they alone do not have resources to hurt your credit ratings.
However they may send your bill to third party collection agency who may be a member and thereby affect your credit.
You can either paythe bills or take them to small claims court to see if the amount can be adjusted.
Reply:yes definatley
Reply:YES!!!!!!!!!!!!!!!
Reply:yes it can u have to resolve it try appealing higher and if its worth sue them
When getting a mortage i had to pay a bill that my insurance should have
Reply:It could end up on your credit report if the outstanding bill gets turned over to a collection agency. The agency will give you one warning first just to give you the opportunity to pay the bill before they actually contact the credit bureaus - then it goes onto your credit report.
Reply:Definitely yes it will affect your rating. Everytime a potential landlord, employer or credit issuer who runs a credit check will see all of your unpaid (uncollected) bills.
Reply:well yeah! Its one of the leading causes of bankruptcy!
Reply:oh yeah it can we tried to buy a house and they said we had some medical billds we needed to take care of in order to even think about a loan~! It really sucks~!
Reply:It depends. If it's for a mortgage loan, then no. They don't count the medical stuff. But it could affect other creditors decision.
Best bet is to try and work it out in some way. Maybe talk to the Dr (or his/her manager) that ordered up the test for you to see if they could talk to them. We've had that experience with my mom and fortunately it worked out.
Reply:It can have a negative rating on your credit report.Its not worth ruining your credit,so just suck it up and pay the bill.Better yet send the bastards 5 bucks a month until its paid off.
Reply:yes, unpaid medical bills affect your credit rating, but not as bad as you might think. unpaid medical bills in collection may become part of the public record, but the negative impact of that information accounts for only about 15% of the total factors that your credit score is based on.
check out www.myfico.com for the complete breakdown on credit scoring. they have lots of good information that will help you.
in your case, if you actually had tests performed then you may be liable for the full bill or any portion that your insurance hasnt paid. if you feel that there are errors on the bill or if you believe that there are charges for tests that werent performed, then you could opt, at your own expense, to have your billing audited by a state certified independent medical billing auditor. if errors are present, your only recourse is to countersue for the reduction and be ready to pay the portion you legitimately owe if it goes to court.
in the event of non-payment, the outstanding billing can be sent to collection and you could potentially be sued and garnished.
you could also let it go to collection and elect not to pay. if they billing department doesnt legally pursue you, then after 7 years the debt is forgive in most states.
What kind of credit rating do you need to finance 250k home loan.?
200K 300K etc.? Mortgage and interest rates?
What kind of credit rating do you need to finance 250k home loan.?
There are no hard and fast rules, but there is generally no difference between 150k, 200k, 300k, or even 417k. The rules are generally the same all the way from 100k to 417k (the conforming loan limit). You must keep in mind though that it is all based on percentages so there is a big difference between putting 20% down on a 100k purchase and 20% down on a 417k purchase, the same goes for income.
Hope this helps. Let me know if you have other questions!
Reply:There's no rigid threshold score. Your score will play a big part in determining what interest rate lenders will offer.
The amount you can qualify for depends on that, your income, your down payment and other factors.
Reply:really depends on your income.
you can have great credit..and down payment but if you're debt to income is through the roof....then you need to buy a smaller home
Reply:It depends on your interest rate, lender, etc. Every bank is different.
What kind of credit rating do you need to finance 250k home loan.?
There are no hard and fast rules, but there is generally no difference between 150k, 200k, 300k, or even 417k. The rules are generally the same all the way from 100k to 417k (the conforming loan limit). You must keep in mind though that it is all based on percentages so there is a big difference between putting 20% down on a 100k purchase and 20% down on a 417k purchase, the same goes for income.
Hope this helps. Let me know if you have other questions!
Reply:There's no rigid threshold score. Your score will play a big part in determining what interest rate lenders will offer.
The amount you can qualify for depends on that, your income, your down payment and other factors.
Reply:really depends on your income.
you can have great credit..and down payment but if you're debt to income is through the roof....then you need to buy a smaller home
Reply:It depends on your interest rate, lender, etc. Every bank is different.
What happens to a person how forecloses on a house besides just a bad credit rating?
I invested in a house in Florida a year ago which has gone down the toilet as far as property and home value. I should have never been approved for the loan in the first place with it being 350k, but now its valued below 300k. Im stuck in a difficult situation.
What happens to a person how forecloses on a house besides just a bad credit rating?
They can sue you for the rest any balance left after they sell it. And they will tack on legal fees, extra interest and anything they pay to sell the house.
Try to find a buyer on your own and then go to the mortgage company and attempt to make an offer and a "short sale".
Trust me, the banks don't want your house, and you don't want to end up still owing $100,000 for this bad deal.
You got yourself into the mess, try and pull yourself out of it.
Reply:It was an investment there was risk so deal with it.
http://www.breakingbubble.com/
Your Flip Flopped and i know you would of not shared the profits so I do not want to hear you and the other fool left holding the bag Cry like a baby.
Reply:try talking to some who does pre-forclosures. It is a gamble, what happens is you sign your rights to the house to this person they talk to your mortgage company tell them you cant afford the house any more and that they want to sell the home for less than market value, if the bank approves it and the person sells your home you are free from your mortgage obligations and check with your state to make sure it wont affect your credit. If it dosent sell you need to be prepared to either pay your mortgage up to date or let it foreclose.
What happens to a person how forecloses on a house besides just a bad credit rating?
They can sue you for the rest any balance left after they sell it. And they will tack on legal fees, extra interest and anything they pay to sell the house.
Try to find a buyer on your own and then go to the mortgage company and attempt to make an offer and a "short sale".
Trust me, the banks don't want your house, and you don't want to end up still owing $100,000 for this bad deal.
You got yourself into the mess, try and pull yourself out of it.
Reply:It was an investment there was risk so deal with it.
http://www.breakingbubble.com/
Your Flip Flopped and i know you would of not shared the profits so I do not want to hear you and the other fool left holding the bag Cry like a baby.
Reply:try talking to some who does pre-forclosures. It is a gamble, what happens is you sign your rights to the house to this person they talk to your mortgage company tell them you cant afford the house any more and that they want to sell the home for less than market value, if the bank approves it and the person sells your home you are free from your mortgage obligations and check with your state to make sure it wont affect your credit. If it dosent sell you need to be prepared to either pay your mortgage up to date or let it foreclose.
How Much Damage does a Mortgage default Do to Your Credit rating?
Does it keep you from getting another mortgage down the road? Does anyone know about a stop loss agreement with the mortgage company to eat some costs so you can sell your house?
How Much Damage does a Mortgage default Do to Your Credit rating?
A foreclosure or defaulting on the mortgage will stay on your credit report for seven years. It's only slightly better than a bankruptcy (since every credit application you fill out always asks if you've declared bankruptcy). There are "stop loss" measures like short sales, deed-in-lieu, etc. but they all MUST be approved by the lender first. In a short sale, the bank is agreeing to take LESS than the loan amount so you can sell the place at a lower price (and thereby quicker). This has tax implications since the IRS may tax you on the "forgiven" amount. For a "deed-in-lieu", you are basically handing over the deed to the home in lieu of foreclosure. Again, the bank MUST agree to this and you will be kissing any equity on the home goodbye. Either case, you have to leave the home. There are other options your lender can help with so contact them ASAP. Simply letting the place foreclose is, quite possibly, the worst option.
Reply:It's second only to a bankruptcy, if that tells you anything.
PMI is for the LENDER, NOT you.
PS: Most lenders require a 3 to 5 year seasoning after a foreclosure...Fannie Mae and Freddie Mac requires 5 years.
I have NEVER heard of anything but a fly-by-night subprime lender doing a loan 2 years out of a foreclosure and usually at double-digit interest rates.
Reply:Depends where you live, but usually your Credit rating is affected negatively for 7 years. You may be able to get small amounts of credit with collateral after 2 or 3 years. Don't expect to be able to get another mortgage for a very long time, and then if you do, you will need a BIG down payment, probably a co-signor and you will pay higher interest as well as very expensive mortgage insurance on the loan.
Reply:A mortgage default will pummel your credit rating, and you will not be able to get another mortgage for at least 2 years.
There are lenders that allow a short sale, which means they will accept less than what you owe.
Reply:If you are talking about letting the house go into foreclosure then yes, your credit will take a beating. The person who said it is second only to bankruptcy is correct. It will be at least 5 years, most likely 7, before a bank will consider lending to you again. They were correct in stating that you will pay a higher interest rate if the bank does decide to lend to you. This higher interest rate will be because you are a greater risk. You have already proved that you will let a mortgage fall through.
The question about the taxes is a bit off. First, PMI covers the lender, not you. It has nothing to do with you at all so anything paid between the PMI company and the lender has no bearing on you or what you owe.
The main thing to look at here is if you are in a state that allows deficiency judgments. Some states don't allow them, some do. What a deficiency judgment basically is is if the bank can come after you for the difference between the amount you owe them and what they sell the house for. This amount can be forgiven by the bank, if it is you will get a 1099 for the amount but you do not owe taxes on it.
Two key things here are 1, the cost of a foreclosure usually adds about $40,000 to the amount of money you owe the lender. This is for the attorney fees, late fees, court costs, etc that the lender incurs in the foreclosure process. So if you think you owe them $100,000 you really will end up owing them $140,000. If they then sell the house for $75,000 you will end up owing them $65,000. If they choose to forgive this debt (again, totally up to the lender if they want to do this, they have no obligation) then you will receive the 1099 for $65,000 just to report on your taxes. If they don't forgive the debt then you still owe this money and they will come after you for it, turn it over to a debt collector, etc and it will haunt your credit report for many years to come.
If you are in a state that does not allow deficiency judgments then you will just get the 1099, again, just to report on your income taxes (no tax due).
Best bet is a short sale or deed-in-lieu. Foreclosure should be the absolute last resort.
Good Luck!
ginkgo
How Much Damage does a Mortgage default Do to Your Credit rating?
A foreclosure or defaulting on the mortgage will stay on your credit report for seven years. It's only slightly better than a bankruptcy (since every credit application you fill out always asks if you've declared bankruptcy). There are "stop loss" measures like short sales, deed-in-lieu, etc. but they all MUST be approved by the lender first. In a short sale, the bank is agreeing to take LESS than the loan amount so you can sell the place at a lower price (and thereby quicker). This has tax implications since the IRS may tax you on the "forgiven" amount. For a "deed-in-lieu", you are basically handing over the deed to the home in lieu of foreclosure. Again, the bank MUST agree to this and you will be kissing any equity on the home goodbye. Either case, you have to leave the home. There are other options your lender can help with so contact them ASAP. Simply letting the place foreclose is, quite possibly, the worst option.
Reply:It's second only to a bankruptcy, if that tells you anything.
PMI is for the LENDER, NOT you.
PS: Most lenders require a 3 to 5 year seasoning after a foreclosure...Fannie Mae and Freddie Mac requires 5 years.
I have NEVER heard of anything but a fly-by-night subprime lender doing a loan 2 years out of a foreclosure and usually at double-digit interest rates.
Reply:Depends where you live, but usually your Credit rating is affected negatively for 7 years. You may be able to get small amounts of credit with collateral after 2 or 3 years. Don't expect to be able to get another mortgage for a very long time, and then if you do, you will need a BIG down payment, probably a co-signor and you will pay higher interest as well as very expensive mortgage insurance on the loan.
Reply:A mortgage default will pummel your credit rating, and you will not be able to get another mortgage for at least 2 years.
There are lenders that allow a short sale, which means they will accept less than what you owe.
Reply:If you are talking about letting the house go into foreclosure then yes, your credit will take a beating. The person who said it is second only to bankruptcy is correct. It will be at least 5 years, most likely 7, before a bank will consider lending to you again. They were correct in stating that you will pay a higher interest rate if the bank does decide to lend to you. This higher interest rate will be because you are a greater risk. You have already proved that you will let a mortgage fall through.
The question about the taxes is a bit off. First, PMI covers the lender, not you. It has nothing to do with you at all so anything paid between the PMI company and the lender has no bearing on you or what you owe.
The main thing to look at here is if you are in a state that allows deficiency judgments. Some states don't allow them, some do. What a deficiency judgment basically is is if the bank can come after you for the difference between the amount you owe them and what they sell the house for. This amount can be forgiven by the bank, if it is you will get a 1099 for the amount but you do not owe taxes on it.
Two key things here are 1, the cost of a foreclosure usually adds about $40,000 to the amount of money you owe the lender. This is for the attorney fees, late fees, court costs, etc that the lender incurs in the foreclosure process. So if you think you owe them $100,000 you really will end up owing them $140,000. If they then sell the house for $75,000 you will end up owing them $65,000. If they choose to forgive this debt (again, totally up to the lender if they want to do this, they have no obligation) then you will receive the 1099 for $65,000 just to report on your taxes. If they don't forgive the debt then you still owe this money and they will come after you for it, turn it over to a debt collector, etc and it will haunt your credit report for many years to come.
If you are in a state that does not allow deficiency judgments then you will just get the 1099, again, just to report on your income taxes (no tax due).
Best bet is a short sale or deed-in-lieu. Foreclosure should be the absolute last resort.
Good Luck!
ginkgo
How do I get a loan with a bad credit rating?
I lost my job 2 years ago when my contract ran out and unfortunatley was not re-newed. Most of the credit I had was the ususal - credit cards and small loans. I struggled to keep up the payments on these and fell behind badly......a friend lent me some money to bring things back up to date which it did.....in the short term.
My credit rating is now poor due to this demise and whilst I ma now back into full-time employment I am finding it difficult to catch up on everything. Above all this my friend is moving away and needs the cash I borrowed from them. I have been paying them back on a monthly basis as they borrowed the money on their credit card. She needs to clear this now before she leaves. I need 5000 in a few days time. I can afford to pay back around 175 per month but have been unable to get a loan from bank or usual sources due to my credit rating. I've tried a couple of the ones where you pay the fees but have hit dead ends there as they refer me to people I have loans with already!!
Please can someone help me?? I am now really desperate. She wants to get the money by Friday and this is a last ditch help plea.
Please don't post anything that is a scam - ie the companie that think we are all stupid and ask for details and then can't get their grammer correct and have yahoo e-mail addresses!!!
Help please?
How do I get a loan with a bad credit rating?
Yes it is difficult to get a loan with a bad credit. All lenders today ask for a good credit in order to process your loan application. Or your application is just rejected. But you can get a easy loan for bad credit if you follow some small techniques.
First of all with a bad credit you just need to contact private lenders over internet. If you apply with any banks it will reflect in your credit rating. Pls take this as a warning. So try searching in internet. You will find a lot of websites where private lenders who like to give a loan. Filter them depending upon your need and apply online.
I hope http://loan-guides.net will help you in getting a bad credit online loan.
Reply:Unless you own a property in your name and intend on getting a secured loan, you won't be eligible for a loan with bad credit, as you have proven that you are an unreliable customer, thus high risk. If somehow you did manage to find a company that would loan you money with bad credit, they will no doubt insist on payment protection and the interest would be high to cover the high risk.
Reply:I would try to get as much as possible from selling things first, things you don't use etc, to reduce the amount you need to borrow.
If you are struggling to get credit, you will find it tough, but the cheapest source will be your bank. They my be satisfied your finances are back on track and be willing to lend to you again.
Reply:Have you tried provident...? I don't think they'll give you £5000 maybe £1000. They will lend to anyone but their interest is sky high.
I really think you should speak to the citizens advice bureau.
Your friend shouldn't have lent you the money then did this to you.
Reply:want to get a loan but have bad credit.don't worry its better for you to try for an online loan.many banks in online also lend loans even you have poor credit.i think that the below website will help you to find right solution.
Reply:Try the citizens advice bureau or one of these debt relief companies that have carol vordoman on the ad
Reply:Try out http://www.online-unsecured-loans.co.uk/...
Reply:Hello my name is cyndy, my little advice is that you go to a bank in your area to request for the loan and that is if you have a collateral, but if you want loan from those that give out unsecured loan without a collateral i know of someone that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if his interest rate is the lowest, here is their contact information if you want to contact them. (kingstonloanincoporated@live.com)
Reply:In regards to your question. My little advice is that you go to a bank in your area to request for the loan, and that is if you have a collateral, but if you want a loan from those that give out unsecured loan without a collateral i know of a loan firm that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if their interest rate is the lowest. Few months ago when i had a bad credit, a friend of mine introduced me to them, inspite of my bad credit they were able to lend me a loan of £20,000 of which i used to revive my business, I think you too can do the same as well. Here is their contact information if you wish to contact them. multiplecreditloans@yahoo.com
Regardless of your nationality, i am sure they can be of help to you.
Good Luck.
Reply:Use this site: http://jbx6.NewCreditApplications.com
then click poor credit to find credit cards available for poor credit
I hope this site helps you out.
My credit rating is now poor due to this demise and whilst I ma now back into full-time employment I am finding it difficult to catch up on everything. Above all this my friend is moving away and needs the cash I borrowed from them. I have been paying them back on a monthly basis as they borrowed the money on their credit card. She needs to clear this now before she leaves. I need 5000 in a few days time. I can afford to pay back around 175 per month but have been unable to get a loan from bank or usual sources due to my credit rating. I've tried a couple of the ones where you pay the fees but have hit dead ends there as they refer me to people I have loans with already!!
Please can someone help me?? I am now really desperate. She wants to get the money by Friday and this is a last ditch help plea.
Please don't post anything that is a scam - ie the companie that think we are all stupid and ask for details and then can't get their grammer correct and have yahoo e-mail addresses!!!
Help please?
How do I get a loan with a bad credit rating?
Yes it is difficult to get a loan with a bad credit. All lenders today ask for a good credit in order to process your loan application. Or your application is just rejected. But you can get a easy loan for bad credit if you follow some small techniques.
First of all with a bad credit you just need to contact private lenders over internet. If you apply with any banks it will reflect in your credit rating. Pls take this as a warning. So try searching in internet. You will find a lot of websites where private lenders who like to give a loan. Filter them depending upon your need and apply online.
I hope http://loan-guides.net will help you in getting a bad credit online loan.
Reply:Unless you own a property in your name and intend on getting a secured loan, you won't be eligible for a loan with bad credit, as you have proven that you are an unreliable customer, thus high risk. If somehow you did manage to find a company that would loan you money with bad credit, they will no doubt insist on payment protection and the interest would be high to cover the high risk.
Reply:I would try to get as much as possible from selling things first, things you don't use etc, to reduce the amount you need to borrow.
If you are struggling to get credit, you will find it tough, but the cheapest source will be your bank. They my be satisfied your finances are back on track and be willing to lend to you again.
Reply:Have you tried provident...? I don't think they'll give you £5000 maybe £1000. They will lend to anyone but their interest is sky high.
I really think you should speak to the citizens advice bureau.
Your friend shouldn't have lent you the money then did this to you.
Reply:want to get a loan but have bad credit.don't worry its better for you to try for an online loan.many banks in online also lend loans even you have poor credit.i think that the below website will help you to find right solution.
Reply:Try the citizens advice bureau or one of these debt relief companies that have carol vordoman on the ad
Reply:Try out http://www.online-unsecured-loans.co.uk/...
Reply:Hello my name is cyndy, my little advice is that you go to a bank in your area to request for the loan and that is if you have a collateral, but if you want loan from those that give out unsecured loan without a collateral i know of someone that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if his interest rate is the lowest, here is their contact information if you want to contact them. (kingstonloanincoporated@live.com)
Reply:In regards to your question. My little advice is that you go to a bank in your area to request for the loan, and that is if you have a collateral, but if you want a loan from those that give out unsecured loan without a collateral i know of a loan firm that gives out unsecured loans, though he is the only one i have tried for now so i don't really know if their interest rate is the lowest. Few months ago when i had a bad credit, a friend of mine introduced me to them, inspite of my bad credit they were able to lend me a loan of £20,000 of which i used to revive my business, I think you too can do the same as well. Here is their contact information if you wish to contact them. multiplecreditloans@yahoo.com
Regardless of your nationality, i am sure they can be of help to you.
Good Luck.
Reply:Use this site: http://jbx6.NewCreditApplications.com
then click poor credit to find credit cards available for poor credit
I hope this site helps you out.
How many years can wage garnishment affect a persons credit rating?
is it as bad as bankruptcy?
how much can they take out of a persons paycheck on a monthly basis?
How many years can wage garnishment affect a persons credit rating?
7 years
15%
Reply:A garnishment has nothing to do with your credit rating. There is nothing(at least that I have ever seen) on your credit report that would explicitly say you are having your wages garnished. But the cause of the garnishment might be listed(such as a judgment).
Several states do not allow wage garnishment. Some allow up to 25%. Then there are others who have various criteria as to how much can be garnished. The amount is per pay period. So it you get paid weekly it is weekly, if you get paid monthly it is monthly. The amount is based on your gross pay(the amount after taxes but before any other deductions).
It also depends on the reason. In states where garnishment is not allowed for things such as credit card debt, it is allowed for things such as Taxes or back child support.
Bankruptcy is really the last resort and there is not enough information to even guess if it is an option if you are asking about a specific situation.
Reply:Your credit score actually will improve but just a little bit, but since you got nailed by court there's no way you can work out a deal or negociate the debt with the collection agency.
Well having paid off an old debt, looks bad anyways in your report, you are telling any future creditor you don't care and you only like to pay when you want.
You need to check with your state statues, some states won't even allow garnish if you don't make enough. If you do, some states allow 25% of your paycheck. If you want someone to help, reply with your state or Google around keywords like "Nevada state Statutes " or "nevada garnish statutes" and by the way, is not montly its weekly or biweekly
how much can they take out of a persons paycheck on a monthly basis?
How many years can wage garnishment affect a persons credit rating?
7 years
15%
Reply:A garnishment has nothing to do with your credit rating. There is nothing(at least that I have ever seen) on your credit report that would explicitly say you are having your wages garnished. But the cause of the garnishment might be listed(such as a judgment).
Several states do not allow wage garnishment. Some allow up to 25%. Then there are others who have various criteria as to how much can be garnished. The amount is per pay period. So it you get paid weekly it is weekly, if you get paid monthly it is monthly. The amount is based on your gross pay(the amount after taxes but before any other deductions).
It also depends on the reason. In states where garnishment is not allowed for things such as credit card debt, it is allowed for things such as Taxes or back child support.
Bankruptcy is really the last resort and there is not enough information to even guess if it is an option if you are asking about a specific situation.
Reply:Your credit score actually will improve but just a little bit, but since you got nailed by court there's no way you can work out a deal or negociate the debt with the collection agency.
Well having paid off an old debt, looks bad anyways in your report, you are telling any future creditor you don't care and you only like to pay when you want.
You need to check with your state statues, some states won't even allow garnish if you don't make enough. If you do, some states allow 25% of your paycheck. If you want someone to help, reply with your state or Google around keywords like "Nevada state Statutes " or "nevada garnish statutes" and by the way, is not montly its weekly or biweekly
Default notice. How long do they stay on your credit rating?
My partner and I both received default notices for our credit cards whilst in hospital with our new born baby. Hers was for £40 in June 07 and mine £60 in July 07. Both credit card companies were made up to date by July / August respectivly. How long will these stay on / effect our credit rating?
Default notice. How long do they stay on your credit rating?
It depends what state your in..
Default notice. How long do they stay on your credit rating?
It depends what state your in..
How do I get something removed from my credit rating if it belongs there?
I had an account go into collections about a year ago. I paid less than the full balance. Basically it was my fault. Is it possible to call the collections agency and ask them to remove it? I know the length of time for something to stay on is 7 years from time of transaction. But, is it possible to get it removed earlier than that? Is it out of the collection agencies hands now? This may sound stupid, but I am only 23 and still learning about this very important crap. And I would say that I am learning it the hard way.
How do I get something removed from my credit rating if it belongs there?
It can't hurt. If you've paid up what was owed, I'd give them a call and try. At the very least, you can ask them to add an addendum that you have paid in full.
Reply:VALID IT REMAINS..
YOU CAN TRY...SOMETIMES EVEN VALID ENTRIES DO GET REMOVED.
Reply:You don't get it removed. Even if you pay the full balance, the fact that it went to collections in the first place, stays on your record for 7 years.
What you do now is pay all your bills on time. Keep your debt low. Don't apply for a ton of credit cards. Your score will go up and that one mis-step won't make a huge difference in a year or so.
Reply:Unfortunately, it takes seven years.
I had a similar situation... I had a medical bill get turned over to collections before I had a chance to make arrangements with the hospital for payment, and once it is done, it's done. It's out of their hands.
It is a lesson learned the hard way, but keep everything else in your score up (don't open too many cards or carry too high of balances) and it won't count against you too much. Despite mine, I have been able to open lines of credit for a car, etc. It won't ruin your credit.
They can mark it as paid, but it will probably take a few months for the change to be reflected.
Reply:if the account is classed as cleared u can ask for a note putting or your credit report saying settled they may even remove it but doubtful
azalea tree
How do I get something removed from my credit rating if it belongs there?
It can't hurt. If you've paid up what was owed, I'd give them a call and try. At the very least, you can ask them to add an addendum that you have paid in full.
Reply:VALID IT REMAINS..
YOU CAN TRY...SOMETIMES EVEN VALID ENTRIES DO GET REMOVED.
Reply:You don't get it removed. Even if you pay the full balance, the fact that it went to collections in the first place, stays on your record for 7 years.
What you do now is pay all your bills on time. Keep your debt low. Don't apply for a ton of credit cards. Your score will go up and that one mis-step won't make a huge difference in a year or so.
Reply:Unfortunately, it takes seven years.
I had a similar situation... I had a medical bill get turned over to collections before I had a chance to make arrangements with the hospital for payment, and once it is done, it's done. It's out of their hands.
It is a lesson learned the hard way, but keep everything else in your score up (don't open too many cards or carry too high of balances) and it won't count against you too much. Despite mine, I have been able to open lines of credit for a car, etc. It won't ruin your credit.
They can mark it as paid, but it will probably take a few months for the change to be reflected.
Reply:if the account is classed as cleared u can ask for a note putting or your credit report saying settled they may even remove it but doubtful
azalea tree
Debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?
Having had a few home emergencies, car going majorly faulty, boiler breaking down. I have had to take out extra loans. But am struggling to make the payments and am going further into my overdraft. Just wondering if anyone has done this as advised by citizens advice.
Debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?
You could ask them for a payment break although they are likely not to agree (depends on size of debt). If you offer to make reduced payments or for them to freeze the interest on any loans for a periods of time they are more likely to agree and not lodge defaults on your credit file. These are Voluntary Arrangements.
You will get the best advice from the CCCS (Consumer Credit Counselling Service) they are completely impartial, you also get a personal adviser who will calculate what you can afford to pay and suggest what you approach your creditors with... and the service is free as they are a UK charity.
www.cccs.co.uk
Good luck, I hope you get things sorted out.
Reply:i seriously doubt that they will give you a 6month break; some will give you a month (2 at most) but it doesn't hurt to call them up and ask
Let them know that you are having financial hardship and you are willing to make every effort to pay them back
Reply:if it is a pre agreed hiatus in instalments then it shouldnt affect your credit rating............for every failed direct debit you will get a credit rating impact and they measure number of late payments.........u could go to experians website......get a free trial and look at your credit report
Debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?
You could ask them for a payment break although they are likely not to agree (depends on size of debt). If you offer to make reduced payments or for them to freeze the interest on any loans for a periods of time they are more likely to agree and not lodge defaults on your credit file. These are Voluntary Arrangements.
You will get the best advice from the CCCS (Consumer Credit Counselling Service) they are completely impartial, you also get a personal adviser who will calculate what you can afford to pay and suggest what you approach your creditors with... and the service is free as they are a UK charity.
www.cccs.co.uk
Good luck, I hope you get things sorted out.
Reply:i seriously doubt that they will give you a 6month break; some will give you a month (2 at most) but it doesn't hurt to call them up and ask
Let them know that you are having financial hardship and you are willing to make every effort to pay them back
Reply:if it is a pre agreed hiatus in instalments then it shouldnt affect your credit rating............for every failed direct debit you will get a credit rating impact and they measure number of late payments.........u could go to experians website......get a free trial and look at your credit report
Where can I find out what my credit rating and credit score are on the internet in Australia?
Is it free, or do you have to pay by the way?
Where can I find out what my credit rating and credit score are on the internet in Australia?
Try checkmyfile.com.au - its free. You can see your credit score after answering a few questions. They'll also tell you what your credit rating is (one star up to five stars) and work out from your credit score which credit companies will lend to you.
Reply:Hi Joe-
I don't know what your regulations are there "Down Under", but I surmise that you should; 1] Identify who your credit regulation agencies are [Google them?] 2] Contact each one; Email, Phone, Snail-mail%26gt;%26gt; requesting precisely what you need to do to obtain your personal rating.
p.s. I've visited Australia- a beautiful country!
Reply:Veda Advantage. Used to be Baycorp.
They hold all the credit files and register all credit checks. It is not just about a credit score but the finance companies check your defaults and enquiries which is held by this company.
You file will cover all loans and enquiries you have had in the last 5 years. Every time you apply for credit and it also lists any defaults a company has listed. It will also show if it is paid or unpaid and when it is due to fall off the register.
They have 2 types of services. They will send to you for free but it could take up to 14 days for you to receive. I have done this so many times and never had to wait 14 days. They do have a small fee in which they will supply to you within 24 hours. Every time I have paid they email or fax it within 5 minutes. They also have a service which you can sign up for which is more expensive but they notify you of any changes to your file for the next 12 months.
www.vedaadvantage.com (no .au even though Australian)
Google if you would like to double check address.
Where can I find out what my credit rating and credit score are on the internet in Australia?
Try checkmyfile.com.au - its free. You can see your credit score after answering a few questions. They'll also tell you what your credit rating is (one star up to five stars) and work out from your credit score which credit companies will lend to you.
Reply:Hi Joe-
I don't know what your regulations are there "Down Under", but I surmise that you should; 1] Identify who your credit regulation agencies are [Google them?] 2] Contact each one; Email, Phone, Snail-mail%26gt;%26gt; requesting precisely what you need to do to obtain your personal rating.
p.s. I've visited Australia- a beautiful country!
Reply:Veda Advantage. Used to be Baycorp.
They hold all the credit files and register all credit checks. It is not just about a credit score but the finance companies check your defaults and enquiries which is held by this company.
You file will cover all loans and enquiries you have had in the last 5 years. Every time you apply for credit and it also lists any defaults a company has listed. It will also show if it is paid or unpaid and when it is due to fall off the register.
They have 2 types of services. They will send to you for free but it could take up to 14 days for you to receive. I have done this so many times and never had to wait 14 days. They do have a small fee in which they will supply to you within 24 hours. Every time I have paid they email or fax it within 5 minutes. They also have a service which you can sign up for which is more expensive but they notify you of any changes to your file for the next 12 months.
www.vedaadvantage.com (no .au even though Australian)
Google if you would like to double check address.
How can I check my credit rating online for free?
Is this even possible? Thanks.
How can I check my credit rating online for free?
if you go on exsperian they offer u a free month trial all you do is make sure you cancel b4 the month runs out so u dont get charged and yes it is very easy to cancel.
Reply:You can't check the credit score for free, there's always a fee. You can however just check the report for free via www.annualcreditreport.com
or by downloading the request form the the individual credit bureau websites and mailing them in with 2 pieces of ID.
Reply:BEWARE!
Checking your rating repeatedly actually lowers it. The credit rating people look at it that you are looking to apply for a load of loans at once with different banks.
Reply:i don't know if this is what you mean but you could try this http://www.getmyfreereport.co.uk/cjaffil...
Reply:annualcreditreport.com is the real free site.
NOT freecreditreport.com
Reply:Go to free credit report.com
How can I check my credit rating online for free?
if you go on exsperian they offer u a free month trial all you do is make sure you cancel b4 the month runs out so u dont get charged and yes it is very easy to cancel.
Reply:You can't check the credit score for free, there's always a fee. You can however just check the report for free via www.annualcreditreport.com
or by downloading the request form the the individual credit bureau websites and mailing them in with 2 pieces of ID.
Reply:BEWARE!
Checking your rating repeatedly actually lowers it. The credit rating people look at it that you are looking to apply for a load of loans at once with different banks.
Reply:i don't know if this is what you mean but you could try this http://www.getmyfreereport.co.uk/cjaffil...
Reply:annualcreditreport.com is the real free site.
NOT freecreditreport.com
Reply:Go to free credit report.com
What credit rating would be needed to finance a swimming pool without using home equity as collateral?
I'm wondering if anyone knows the bottom FICO score needed to get financed on a swimming pool, without using home equity as collateral?
What credit rating would be needed to finance a swimming pool without using home equity as collateral?
If you're worried about financing and your FICO score (and asking for advice via this forum), you probably don't need a swimming pool.
Reply:you can get some personal loan here.World's top most banks offering low interest loans.those are wanted use this oppportunity.visit:http://www.freewebs.com/***********
Reply:You interest rate would be considerably less if it was collateralized, plus it would be tax deductible.
If it is unsecured, it will be higher and you will not be able to claim the deduction on your taxes.
lily
What credit rating would be needed to finance a swimming pool without using home equity as collateral?
If you're worried about financing and your FICO score (and asking for advice via this forum), you probably don't need a swimming pool.
Reply:you can get some personal loan here.World's top most banks offering low interest loans.those are wanted use this oppportunity.visit:http://www.freewebs.com/***********
Reply:You interest rate would be considerably less if it was collateralized, plus it would be tax deductible.
If it is unsecured, it will be higher and you will not be able to claim the deduction on your taxes.
lily
How does a debt counseling program effect your credit rating for the future?
I'm in enrolled and was wondering how do creditors view being in a program?
How does a debt counseling program effect your credit rating for the future?
it shouldn't affect it too much, i wouldnt worry
Reply:going through credit counseling reports to your credit almost like a bankruptcy. with the payments that you will be making to the credit counseling co you could have actually called and negotiated better payment arrangements with the actual creditor. 9 time out of 10, the credit counselers are making payments that are like 30 dollars on debts that are 3000 dollars with high interest rates.. you do the math.
Reply:Thats true as the above answer. What is your debt counselor doing for you that you cannot do yourself? Nothing. Pull out and do it yourself. The program is as good as bankruptcy.
Reply:being a collections officer it effects your rating a lot. they give you a r9 rating for 3 years and then you have to rebuild your credit from there.
How does a debt counseling program effect your credit rating for the future?
it shouldn't affect it too much, i wouldnt worry
Reply:going through credit counseling reports to your credit almost like a bankruptcy. with the payments that you will be making to the credit counseling co you could have actually called and negotiated better payment arrangements with the actual creditor. 9 time out of 10, the credit counselers are making payments that are like 30 dollars on debts that are 3000 dollars with high interest rates.. you do the math.
Reply:Thats true as the above answer. What is your debt counselor doing for you that you cannot do yourself? Nothing. Pull out and do it yourself. The program is as good as bankruptcy.
Reply:being a collections officer it effects your rating a lot. they give you a r9 rating for 3 years and then you have to rebuild your credit from there.
How do I get something removed from my credit rating if it belongs there?
I had an account go into collections about a year ago. I paid less than the full balance. Basically it was my fault. Is it possible to call the collections agency and ask them to remove it? I know the length of time for something to stay on is 7 years from time of transaction. But, is it possible to get it removed earlier than that? Is it out of the collection agencies hands now? This may sound stupid, but I am only 23 and still learning about this very important crap. And I would say that I am learning it the hard way.
How do I get something removed from my credit rating if it belongs there?
Good grief, don't people that answer on here ever read the FCRA???? (edited to add - not talking about you in my mini rant OC1999)
The account CANNOT be re-aged !!!!!
If it was for a credit card, the SOL for reporting is 7 years and starts the first time you became 30 days late, with the original creditor, and never brought the account current leading to the charge off. A bank loan is 7 years from last activity.
It does not matter if you paid or you didn't pay, if you paid the original creditor or the collection agency.
Unless you make a "new contract" to pay the old debt - i.e. accepting a "new" credit card that carries the debt or a portion of the debt - that would not actually be re-aging the debt as it would be considered a new account
Just making a deal to pay a portion of the debt or settlement "is not" creating a "new" contract.
You can try to see if the collection agency will remove it, but since you had paid you have lost leverage.
If they won't delete, look over your reports for any inaccurate information they are reporting and dispute it.
Use reports from each CRA that you paid for - that way they only have 30 days to investigate versus the 45 days if you use the free reports. Don't use tri-merge reports because many times they are not totally accurate.
Reply:the 7 year deal works like this - a bad report says on your credit score 7 years AFTER the one you owe stops reporting it. In other words it can be on your report for 12 years if the company you owe reports the bad debt for 5 years then sells it off to a collection agency.
The only way to get it off is to contact the collections agency (if the debt has been sold already) or contact whoever you owe and try to make a deal with them to pay if off. Otherwise you're stuck with it.
Reply:It is going to stay on your credit report for up to 10 yrs. As the account gets older it will have less effect on your total credit score.
Reply:Improving Bad Credit Report: If you have a bad credit record, investigate the reason for this report. If the reason is late or non-payments on your behalf, start making payments to the lender and clear off the debt. A late payment can work against you later on. If you are unable to pay due to shortage of funds, limit your spending. Another solution is to take more credit from reputed lenders who offer you flexible payment schedule. By paying off your huge debt in small amounts quickly, you can impress your prospective lenders. Then finish off the investigation of your credit report conducted by the bureau.
Negotiation of Credit Report: Credit bureaus can also make mistakes. They store the ratings of many people and are manned by humans who can make mistakes. They can enter wrong details about you, leading to erroneous credit report. Hence get a copy from the bureau contacted by the lender who refused you credit. Read the information thoroughly and note down any errors. If they try to malign you, complain to the bureau. It is bureau’s duty to look into the matter, report the facts and send the corrected details to the lenders who have turned down your request for credit.
Reply:The negative items will remain on your credit report for 7 years from date of last activity, which is basically your last payment). So if you last payment was in January of 2005 and you do nothing since, it will be there until January of 2012.
Your only chance would have been to talk to the collection agency and offer them a percentage to settle the account and ask if they will also remove any negative information from your reports.
If this is after the fact where you settled, you can still ask them but there is really no incentive for them to remove the item now. But on the good side a paid off collection account looks a lot better than one that is still in collections.
How do I get something removed from my credit rating if it belongs there?
Good grief, don't people that answer on here ever read the FCRA???? (edited to add - not talking about you in my mini rant OC1999)
The account CANNOT be re-aged !!!!!
If it was for a credit card, the SOL for reporting is 7 years and starts the first time you became 30 days late, with the original creditor, and never brought the account current leading to the charge off. A bank loan is 7 years from last activity.
It does not matter if you paid or you didn't pay, if you paid the original creditor or the collection agency.
Unless you make a "new contract" to pay the old debt - i.e. accepting a "new" credit card that carries the debt or a portion of the debt - that would not actually be re-aging the debt as it would be considered a new account
Just making a deal to pay a portion of the debt or settlement "is not" creating a "new" contract.
You can try to see if the collection agency will remove it, but since you had paid you have lost leverage.
If they won't delete, look over your reports for any inaccurate information they are reporting and dispute it.
Use reports from each CRA that you paid for - that way they only have 30 days to investigate versus the 45 days if you use the free reports. Don't use tri-merge reports because many times they are not totally accurate.
Reply:the 7 year deal works like this - a bad report says on your credit score 7 years AFTER the one you owe stops reporting it. In other words it can be on your report for 12 years if the company you owe reports the bad debt for 5 years then sells it off to a collection agency.
The only way to get it off is to contact the collections agency (if the debt has been sold already) or contact whoever you owe and try to make a deal with them to pay if off. Otherwise you're stuck with it.
Reply:It is going to stay on your credit report for up to 10 yrs. As the account gets older it will have less effect on your total credit score.
Reply:Improving Bad Credit Report: If you have a bad credit record, investigate the reason for this report. If the reason is late or non-payments on your behalf, start making payments to the lender and clear off the debt. A late payment can work against you later on. If you are unable to pay due to shortage of funds, limit your spending. Another solution is to take more credit from reputed lenders who offer you flexible payment schedule. By paying off your huge debt in small amounts quickly, you can impress your prospective lenders. Then finish off the investigation of your credit report conducted by the bureau.
Negotiation of Credit Report: Credit bureaus can also make mistakes. They store the ratings of many people and are manned by humans who can make mistakes. They can enter wrong details about you, leading to erroneous credit report. Hence get a copy from the bureau contacted by the lender who refused you credit. Read the information thoroughly and note down any errors. If they try to malign you, complain to the bureau. It is bureau’s duty to look into the matter, report the facts and send the corrected details to the lenders who have turned down your request for credit.
Reply:The negative items will remain on your credit report for 7 years from date of last activity, which is basically your last payment). So if you last payment was in January of 2005 and you do nothing since, it will be there until January of 2012.
Your only chance would have been to talk to the collection agency and offer them a percentage to settle the account and ask if they will also remove any negative information from your reports.
If this is after the fact where you settled, you can still ask them but there is really no incentive for them to remove the item now. But on the good side a paid off collection account looks a lot better than one that is still in collections.
Reading yahoo answers on credit. I read in some entries if you want to built your credit rating.?
It is not good to pay your credit accounts in full when do? True or false?
Reading yahoo answers on credit. I read in some entries if you want to built your credit rating.?
False... it is absolute the best thing to pay off your credit accounts
every month.
What you shouldn't do is just make one charge, pay off the
account and never use the account again. That does not show
a lender that you are using credit wisely.
But making small purchases every month and paying them off
completely is probably the wisest way to use Credit Cards.
Reply:It basically does not matter if you do these previously listed techniques or not. What matters is if you have a 0 balance at the time your score is pulled. If you have a zero balance then your score will be the highest it could be. The 3 credit bureaus report an "OK" every month that you did just that "OK". That means that you did not default your terms of paying agreement. 95% of your score is determined by these 3 factors.
-How long the card is open, available for use? (Length of Time Accounts Active)
-How low is its balance? (Available Credit)
-How many months did you NOT default ("Ok's")? (Payment History)
Reply: Both. You want to prove on your credit history that you will pay people back. You can do this by either keeping a balance on a card and paying some, but not all of the balance each month or you can use your at least once a month and pay the whole balance so you don't have to pay interest. Either way will help your credit score, it just depends on what you wish to do.
Reading yahoo answers on credit. I read in some entries if you want to built your credit rating.?
False... it is absolute the best thing to pay off your credit accounts
every month.
What you shouldn't do is just make one charge, pay off the
account and never use the account again. That does not show
a lender that you are using credit wisely.
But making small purchases every month and paying them off
completely is probably the wisest way to use Credit Cards.
Reply:It basically does not matter if you do these previously listed techniques or not. What matters is if you have a 0 balance at the time your score is pulled. If you have a zero balance then your score will be the highest it could be. The 3 credit bureaus report an "OK" every month that you did just that "OK". That means that you did not default your terms of paying agreement. 95% of your score is determined by these 3 factors.
-How long the card is open, available for use? (Length of Time Accounts Active)
-How low is its balance? (Available Credit)
-How many months did you NOT default ("Ok's")? (Payment History)
Reply: Both. You want to prove on your credit history that you will pay people back. You can do this by either keeping a balance on a card and paying some, but not all of the balance each month or you can use your at least once a month and pay the whole balance so you don't have to pay interest. Either way will help your credit score, it just depends on what you wish to do.
Transferring loans to my wife to increase my credit rating?
My wife is pregnant (and currently working) and does not plan to go back to work after the baby is born.
At the same time - we are selling our current house and moving to another city after the baby is born (maybe 7-8 months away).
Since I'll be the sole income reported on the mortgage application for the new house, should I transfer our car loans to my wife now (while she is still working) so I show less debt on MY credit report when I apply for the mortgage?
Transferring loans to my wife to increase my credit rating?
Your bank may not be willing to drop you from the debt. If you refinance somewhere else, a new institution may be unwilling to finance in your wife's name only. No need to try to fool around with your credit. Bankers are pretty smart and they ask a lot of questions.
Reply:Your creditors may have some say in whether you can "transfer" your debts.
Reply:Car loans are not considered revolving debt so they don't have a open to buy component on the score. So while reducing your debt load may help, this is going to be a minor improvement if at all.
myspaces.com
At the same time - we are selling our current house and moving to another city after the baby is born (maybe 7-8 months away).
Since I'll be the sole income reported on the mortgage application for the new house, should I transfer our car loans to my wife now (while she is still working) so I show less debt on MY credit report when I apply for the mortgage?
Transferring loans to my wife to increase my credit rating?
Your bank may not be willing to drop you from the debt. If you refinance somewhere else, a new institution may be unwilling to finance in your wife's name only. No need to try to fool around with your credit. Bankers are pretty smart and they ask a lot of questions.
Reply:Your creditors may have some say in whether you can "transfer" your debts.
Reply:Car loans are not considered revolving debt so they don't have a open to buy component on the score. So while reducing your debt load may help, this is going to be a minor improvement if at all.
myspaces.com
Does a Loan Rejection affect your credit rating?
I'm wanting to get a car loan, and I want to apply myself instead of through the dealership.
If a bank rejects my loan, will that affect my credit rating.. Like will there be a note saying "Bank of Montreal rejected loan for $5,000" etc.?
Cause I'm worried about applying for a loan through the bank, and if it gets rejected then the dealership won't be able to give me one either.
BTW im in Canada will that even make a difference? thanks
Does a Loan Rejection affect your credit rating?
when the bank processes your loan application they check your credit rating. the acting of checking your credit report is called an inquiry. inquiries have a minimal impact on your credit report and to answer your question, no, there are no notes or anything to indicate the status of your application.
in the event that the bank turns down your auto loan request, it could be due in part to your rating and a host of other variables which we wont get into here.
at any rate even if you were to go to another dealership, they will see the inquiry date by the dealership on your report. but that is all they will see.
dealers are in business to sell cars, they will work with just about anyone to get them into a car loan if that means they can sell a car. i know, i work for the bank and look at a lot of car loans.
Reply:Rejecting your loan, no... but running your credit to see if they can approve it... yes
Reply:i think every time you apply for a loan, they check your credit, and it automatically takes points off your credit. I'm not sure how many though.
If a bank rejects my loan, will that affect my credit rating.. Like will there be a note saying "Bank of Montreal rejected loan for $5,000" etc.?
Cause I'm worried about applying for a loan through the bank, and if it gets rejected then the dealership won't be able to give me one either.
BTW im in Canada will that even make a difference? thanks
Does a Loan Rejection affect your credit rating?
when the bank processes your loan application they check your credit rating. the acting of checking your credit report is called an inquiry. inquiries have a minimal impact on your credit report and to answer your question, no, there are no notes or anything to indicate the status of your application.
in the event that the bank turns down your auto loan request, it could be due in part to your rating and a host of other variables which we wont get into here.
at any rate even if you were to go to another dealership, they will see the inquiry date by the dealership on your report. but that is all they will see.
dealers are in business to sell cars, they will work with just about anyone to get them into a car loan if that means they can sell a car. i know, i work for the bank and look at a lot of car loans.
Reply:Rejecting your loan, no... but running your credit to see if they can approve it... yes
Reply:i think every time you apply for a loan, they check your credit, and it automatically takes points off your credit. I'm not sure how many though.
How do you calculate a credit card rating using APR?
I'm a bit baffled here.
Let's say that I am using a credit card with an introductory offer of 2.0%+ prime rate. The prime rate is currently 8.5%.
If I purchase an item for $100.00, does this mean that the interest will be $10.50?
How do you calculate a credit card rating using APR?
Go to http://www.credit-card-gallery.com/calcu... and calculate your credit card rating easily.
Reply:yes
///
Let's say that I am using a credit card with an introductory offer of 2.0%+ prime rate. The prime rate is currently 8.5%.
If I purchase an item for $100.00, does this mean that the interest will be $10.50?
How do you calculate a credit card rating using APR?
Go to http://www.credit-card-gallery.com/calcu... and calculate your credit card rating easily.
Reply:yes
///
How many others believe that the credit rating system is just a big scam established by the corporate banks?
You know, it very well may be, but until some one comes up with a better system were stuck with the one we have so people should learn how to use it to their advantage.
How many others believe that the credit rating system is just a big scam established by the corporate banks?
Who cares if its a scam or not with out a good score we cant get anything in this world and its nothing we can do about it
Reply:My hand is raised
Reply:I do its a scam
Reply:I answering with questions in hopes of spurring your thinking.
Where do you get this information? Pure speculation? The need to jump to conclusions?
Have you ever worked in loan operations? Do you understand empirical scorecards in lending? Do you know how a scoring model works?
Reply:Pretty soon you wont be able to buy anything unless you have one. I'm a slave to this system I may be new at the game but I've learned a lot and I don't get in debt I make it work for me.
How many others believe that the credit rating system is just a big scam established by the corporate banks?
Who cares if its a scam or not with out a good score we cant get anything in this world and its nothing we can do about it
Reply:My hand is raised
Reply:I do its a scam
Reply:I answering with questions in hopes of spurring your thinking.
Where do you get this information? Pure speculation? The need to jump to conclusions?
Have you ever worked in loan operations? Do you understand empirical scorecards in lending? Do you know how a scoring model works?
Reply:Pretty soon you wont be able to buy anything unless you have one. I'm a slave to this system I may be new at the game but I've learned a lot and I don't get in debt I make it work for me.
Has anyone been refused service to virgin media due to bad credit rating?
me and the girlfriend want to get virgin media at our flat, it was hard enough getting the flat in the first place considering both our credit ratings are p*ss poor, and i wondered if virgin media are likely to refuse us service. it says in their terms that they will perform a credit check but sometimes this can just be used to prevent fraud...
any advice appreciated.
Has anyone been refused service to virgin media due to bad credit rating?
I dont have a bad history but I'm young so dont have any but they still let me have the service. I did have to put a deposit down (£25) for them to deliver the stuff but that was added to my bill so I was in credit with them.
Think you'll be fine, give them a call and talk to them before agreeing to anything. They are prob best people to talk to.
Reply:Odds are they won't refuse to give you service but after the credit check they may charge you a larger deposit fee then normal to cover some of the cost should you get disconnected for failure to pay
Genealogy
any advice appreciated.
Has anyone been refused service to virgin media due to bad credit rating?
I dont have a bad history but I'm young so dont have any but they still let me have the service. I did have to put a deposit down (£25) for them to deliver the stuff but that was added to my bill so I was in credit with them.
Think you'll be fine, give them a call and talk to them before agreeing to anything. They are prob best people to talk to.
Reply:Odds are they won't refuse to give you service but after the credit check they may charge you a larger deposit fee then normal to cover some of the cost should you get disconnected for failure to pay
Genealogy
How can I get free credit info and a free credit rating that is for real and actually free? #'s please.?
I'm tired of all of the pay monthly later crappy *** web sites! Please help me. I just want to find out my credit score! Can you give me #'s to the big 3 or a good web site? I just want to know where I'm at!
How can I get free credit info and a free credit rating that is for real and actually free? #'s please.?
You can get free credit info at https://www.annualcreditreport.com/cra/i... , but you can only get them once year.
Reply:there are free sites to give you a report,but no score.but,i have a trick. you ready? go to a car dealership, and pretend you want to buy a car,when you get in the office,they will pull up your credit report,and you can get the number from them.
Reply:Would you also like free beer with your free credit score? ;-)
Not everything in life is free and unfortunately, that includes your credit score. It's not that expensive to buy. If you can't afford to buy it once a year, you probably shouldn't be applying for any loans that are based on your score.
Your credit reports are free once a year from http://www.annualcreditreport.com. If you get yours, you can look to see how much credit you have across all lenders and how much money you owe. You'll also find out if there are any outstanding bills you haven't paid - like student loans, cell phone service, utilities or medical.
If your credit report is clean, you have credit available but don't owe much (or nothing), you have no late or missed payments or no collections, your score should be quite decent and you're doing a good job with your credit.
I have a credit card from Providian (now WaMu) that gives me my credit score from TransUnion for free. I've had that card for years and don't know if they offer that feature to new applicants.
Reply:There is only one website that can provide you with your real FICO scores (not Truescore, Vantage score, PlusScore and other nonsense). It belongs to a company that developed it and its website is located at http://www.myfico.com . It is not free though but that is the only way to get all 3 FICO credit scores online.
Since FICO credit score is a commercial product you cannot get it absolutely free. For free you can get only a bull $hit score.
How can I get free credit info and a free credit rating that is for real and actually free? #'s please.?
You can get free credit info at https://www.annualcreditreport.com/cra/i... , but you can only get them once year.
Reply:there are free sites to give you a report,but no score.but,i have a trick. you ready? go to a car dealership, and pretend you want to buy a car,when you get in the office,they will pull up your credit report,and you can get the number from them.
Reply:Would you also like free beer with your free credit score? ;-)
Not everything in life is free and unfortunately, that includes your credit score. It's not that expensive to buy. If you can't afford to buy it once a year, you probably shouldn't be applying for any loans that are based on your score.
Your credit reports are free once a year from http://www.annualcreditreport.com. If you get yours, you can look to see how much credit you have across all lenders and how much money you owe. You'll also find out if there are any outstanding bills you haven't paid - like student loans, cell phone service, utilities or medical.
If your credit report is clean, you have credit available but don't owe much (or nothing), you have no late or missed payments or no collections, your score should be quite decent and you're doing a good job with your credit.
I have a credit card from Providian (now WaMu) that gives me my credit score from TransUnion for free. I've had that card for years and don't know if they offer that feature to new applicants.
Reply:There is only one website that can provide you with your real FICO scores (not Truescore, Vantage score, PlusScore and other nonsense). It belongs to a company that developed it and its website is located at http://www.myfico.com . It is not free though but that is the only way to get all 3 FICO credit scores online.
Since FICO credit score is a commercial product you cannot get it absolutely free. For free you can get only a bull $hit score.
If your home gets foreclosed, how long will this be on your credit rating?
Is there something you can do te reestablish your credit after foreclosure?
If your home gets foreclosed, how long will this be on your credit rating?
Usually about 7 years.
Reply:yes, get a few department store credit cards and make your payment on time.
If your home gets foreclosed, how long will this be on your credit rating?
Usually about 7 years.
Reply:yes, get a few department store credit cards and make your payment on time.
Can you pay a credit card in full each month? Is that good for your credit rating?
Just surveying the yahoo neighborhood.
Experts - no need to answer.
Can you pay a credit card in full each month? Is that good for your credit rating?
Yes, it is good for your report/history. By paying in full each month you avoid being charged finance charges. However, your credit report still shows that you have made an on-time payment each month you do so. Your report doesn't delineate how much was paid on the card each month, just that the minimum monthly payment according to the credit card company was met.
Reply:Of course. It's a good idea to do so too.
Your credit report doesn't distinguish between paying in full or paying the minimum as long as they are on time payments. However, paying in full keeps your percent of available credit higher, which helps your rating.
Reply:I always pay mine in full every month. My credit is excellent. Credit card interest rates and fees are so high, you should always pay them off every month. Avoid buying anything that you can't pay for in the same month.
Reply:By paying in full, you avoid interest.
Experts - no need to answer.
Can you pay a credit card in full each month? Is that good for your credit rating?
Yes, it is good for your report/history. By paying in full each month you avoid being charged finance charges. However, your credit report still shows that you have made an on-time payment each month you do so. Your report doesn't delineate how much was paid on the card each month, just that the minimum monthly payment according to the credit card company was met.
Reply:Of course. It's a good idea to do so too.
Your credit report doesn't distinguish between paying in full or paying the minimum as long as they are on time payments. However, paying in full keeps your percent of available credit higher, which helps your rating.
Reply:I always pay mine in full every month. My credit is excellent. Credit card interest rates and fees are so high, you should always pay them off every month. Avoid buying anything that you can't pay for in the same month.
Reply:By paying in full, you avoid interest.
How to start a good credit rating?
i just got my credit card and i'm wondering what this credit rating thing is all about, and how to keep my credit history good?
and what not to do
How to start a good credit rating?
Your credit rating is like a score of your debts and payments. The higher your rating, the more credit you can get in the future for things like student loans, cars or a home.
Potential employers also look at your credit rating to see if you are reliable and trustworthy.
The best way to keep your history good is to make payments on time. If you can't make the full payment when due, at least make more than the minimum payment. It will show up on your credit score. If you miss a payment, or are late with a payment that will show up too.
Protect your card as if it were cash! Don't give out your credit card info to anyone, don't loan your card to others and check your report often to see if anyone else has tried to use it. There is a lot of identity theft out there.
Hope this helped.
Reply:make all payments on time w/ at least minimum amount due and NEVER charge more than you know you can pay at bill time. DO NOT go crazy and get carried away with the charging,it can easily get out of hand. after this card has been established for approx. 8 months consider a second line such as furniture,home furnishings,etc. a little credit w/ good history is great instead of no credit or multiple lines w/ a fair pmt. history. when your credit is checked for whatever reason,if you open line OR NOT,multiple checks under 6 month time frame can lower your score.THIS IS TRUTH!! and simple things such as getting cell phone,home sat.systems,etc. all check credit.......hope i helped....just remember GOOD CREDIT can and will make a difference years and years down the road and can save you considerable amount of money on major purchases as far as interest rates on car,house,etc.
Reply:Hey Okaki,
It's good that you came to Yahoo Answers to ask about how to start a good rating and wondering how credit works. You can think of credit as a report card on how you pay back what you borrow like one of the posters said. I'm going to break down what makes up your credit score.
1. Payment history-35%. If someone borrowed $5 from you and paid them back, chances are you would want to let other people know that they didn't pay you back and not to lend them anything! The same goes for this. If you're late on that new credit card you got, best believe that the credit card company is going to let it be known. Plus, from a moral standpoint, you should pay whatever you owe, simple as that. An easy way to do this is by opening up a checking and savings account with a bank that hopefully has online billpay. This way, you have a quick and efficient way of paying all your bills especially since they get paid fairly quickly.
2. Total debt owed vs. available credit-30%. Just because you got a credit card doesn't mean that you have to go haywire and spend it up, remember you do have to pay it back, with interest. So it's important that you spend what you know you can pay off fairly easily. Maxing out the credit card hurts your score. An easy way to use the card would be to make small purchases ($20-30/month) that can be paid off on time every month. That way, you're able to control the balance and not get charged a lot of interest. Also after a year or so of paying on time, if the credit card company hasn't done it already, request for a line increase. Now that doesn't mean that you should go out an use it up, unless you're able to pay it. Having high limits that are paid off show responsibility with credit along with a cushion between what you owe altogether and what you have available to borrow.
3. Length of time establishing credit-15%. The earlier you're able to establish credit, the better it looks in the long run if you do it properly. Credit is designed to be used over time, you can think of it like a fine wine: it gets better with age. A good credit report consists of a couple of credit cards that have been opened for a long time with excellent payment histories. It shows reliability, stability and ability with credit. With regular line increases, having a credit card for several years should be the only credit card you should ever need.
4. Types of credit established-10%. Having a credit card is just a portion to building credit. There are 2 types of accounts, revolving and installment. Credit cards are revolving and car,furniture,appliance,personal signature, student loans and mortgages are installment credit. This doesn't mean going out to spend money that you don't have just to build credit. It just takes more than just a credit card to build credit, but apply for what you need(which I'll talk about in #5) but just not more than one of the same thing. An example of a balanced mixture of credit would be 2 major credit cards (Visa/Mastercard/American Express/Discover), 1 department store card and some kind of installment loan.
5. Inquiries and New Accounts-10%. Every time that you apply for credit whether you're approved or not, a "hard inquiry" is created and can drop your score several points. Like I mentioned earlier, you should only apply for credit when you really need it. Applying for credit left %26amp; right gives the appearance that you're desperate and you're "fishing" for credit. Now the only time that this doesn't completely apply is when you're shopping for what's called "big ticket" items like cars or home mortages. This is allowable as long as it's pulled within a certain time. Also keep in mind that that it will take anywhere from 6 months to a year for that new credit card you got to start reporting on your credit.
so in closing, the main things I'd like to tell you is pay on time, use what you need, and...
Good Luck!
lilac
and what not to do
How to start a good credit rating?
Your credit rating is like a score of your debts and payments. The higher your rating, the more credit you can get in the future for things like student loans, cars or a home.
Potential employers also look at your credit rating to see if you are reliable and trustworthy.
The best way to keep your history good is to make payments on time. If you can't make the full payment when due, at least make more than the minimum payment. It will show up on your credit score. If you miss a payment, or are late with a payment that will show up too.
Protect your card as if it were cash! Don't give out your credit card info to anyone, don't loan your card to others and check your report often to see if anyone else has tried to use it. There is a lot of identity theft out there.
Hope this helped.
Reply:make all payments on time w/ at least minimum amount due and NEVER charge more than you know you can pay at bill time. DO NOT go crazy and get carried away with the charging,it can easily get out of hand. after this card has been established for approx. 8 months consider a second line such as furniture,home furnishings,etc. a little credit w/ good history is great instead of no credit or multiple lines w/ a fair pmt. history. when your credit is checked for whatever reason,if you open line OR NOT,multiple checks under 6 month time frame can lower your score.THIS IS TRUTH!! and simple things such as getting cell phone,home sat.systems,etc. all check credit.......hope i helped....just remember GOOD CREDIT can and will make a difference years and years down the road and can save you considerable amount of money on major purchases as far as interest rates on car,house,etc.
Reply:Hey Okaki,
It's good that you came to Yahoo Answers to ask about how to start a good rating and wondering how credit works. You can think of credit as a report card on how you pay back what you borrow like one of the posters said. I'm going to break down what makes up your credit score.
1. Payment history-35%. If someone borrowed $5 from you and paid them back, chances are you would want to let other people know that they didn't pay you back and not to lend them anything! The same goes for this. If you're late on that new credit card you got, best believe that the credit card company is going to let it be known. Plus, from a moral standpoint, you should pay whatever you owe, simple as that. An easy way to do this is by opening up a checking and savings account with a bank that hopefully has online billpay. This way, you have a quick and efficient way of paying all your bills especially since they get paid fairly quickly.
2. Total debt owed vs. available credit-30%. Just because you got a credit card doesn't mean that you have to go haywire and spend it up, remember you do have to pay it back, with interest. So it's important that you spend what you know you can pay off fairly easily. Maxing out the credit card hurts your score. An easy way to use the card would be to make small purchases ($20-30/month) that can be paid off on time every month. That way, you're able to control the balance and not get charged a lot of interest. Also after a year or so of paying on time, if the credit card company hasn't done it already, request for a line increase. Now that doesn't mean that you should go out an use it up, unless you're able to pay it. Having high limits that are paid off show responsibility with credit along with a cushion between what you owe altogether and what you have available to borrow.
3. Length of time establishing credit-15%. The earlier you're able to establish credit, the better it looks in the long run if you do it properly. Credit is designed to be used over time, you can think of it like a fine wine: it gets better with age. A good credit report consists of a couple of credit cards that have been opened for a long time with excellent payment histories. It shows reliability, stability and ability with credit. With regular line increases, having a credit card for several years should be the only credit card you should ever need.
4. Types of credit established-10%. Having a credit card is just a portion to building credit. There are 2 types of accounts, revolving and installment. Credit cards are revolving and car,furniture,appliance,personal signature, student loans and mortgages are installment credit. This doesn't mean going out to spend money that you don't have just to build credit. It just takes more than just a credit card to build credit, but apply for what you need(which I'll talk about in #5) but just not more than one of the same thing. An example of a balanced mixture of credit would be 2 major credit cards (Visa/Mastercard/American Express/Discover), 1 department store card and some kind of installment loan.
5. Inquiries and New Accounts-10%. Every time that you apply for credit whether you're approved or not, a "hard inquiry" is created and can drop your score several points. Like I mentioned earlier, you should only apply for credit when you really need it. Applying for credit left %26amp; right gives the appearance that you're desperate and you're "fishing" for credit. Now the only time that this doesn't completely apply is when you're shopping for what's called "big ticket" items like cars or home mortages. This is allowable as long as it's pulled within a certain time. Also keep in mind that that it will take anywhere from 6 months to a year for that new credit card you got to start reporting on your credit.
so in closing, the main things I'd like to tell you is pay on time, use what you need, and...
Good Luck!
lilac
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