0
If your credit score is a 560 and you want to buy a house and have bad debt on your credit report should you pay them off or just get a few new accounts in good standing on your credit report?
Wiki User
∙ 15y ago
Getting new accounts is the worst possible thing you can do. Obviously you have a problem using credit already getting new accounts will just dig you deeper. You need to pay off the accounts that you have and close a few of them out. The more open credit lines you have the more "Risky" you look to potential lenders. Also opening new accounts drops your score even more. It is going to be difficult getting a house with a score of 560, You may want to get an apartment lease for a year first and pay your rent on time to build your credit some. A car can do the same to. Best of luck.
Wiki User
∙ 15y ago
Anonymous
Income to debt ratio will determine eligibility if you owe to much you won’t qualify
Add your answer:
Earn +20 pts
Does cosigning a loan go on your credit report if the loan is in good standing?
Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.
What negative credit report records should I stay away from?
A negative credit report record can decrease your credit rating and also keep you from getting approved for credit cards and financial loans. It can make you pay more in interest and security deposits. You should avoid late obligations, charge offs, collection accounts, high credit card balances, too many recent applications for credit. or personal bankruptcy.
If you filed bankruptcy a year ago and cleaned up your credit report how long will it take for trade lines to appear on your credit file if you use your mother's merchant accounts?
If by "piggybacked" you mean that you can use the card, doesn't mean that these accounts will show up on your credit report. If you mean that you sign on the application with your mother on both Penneys and Sears, then they should show up the first time both stores update their information to credit bureaus.
When will a 1999 discharged bankruptcy be removed from a credit report?
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
Can creditors remove their accounts from your credit report?
no, it should stay on your credit report for life.
What should you do to get paid collections off your credit report?
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
Does cosigning a loan go on your credit report if the loan is in good standing?
Your cosigner's credit report should also reflect the loan. In this case, it should show as paid on time as agreed.
Do credit card companies by law have the right to periodically do a credit report on you?
You bet your credit report they do. That is their right ... Banks and Credit Unions will also do this periodically if they so feel inclined. If one is paying all their bills on time and have no delinquent accounts or have their credit cards maxed out, then they should have nothing to fear from a credit report query.
If a person was sued many years ago for child support but recently the arrears were suspended by the court can this be removed from their credit report by going through a dispute process?
Yes, the person can dispute the debt with the credit bureaus to have the information removed from their credit report. They should provide documentation of the court's decision to suspend the arrears when disputing the information. It's recommended to monitor their credit report after the dispute to ensure the changes have been made.
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
What if your credit report is missing information?
If your credit report is missing information, you should contact the credit bureaus to request that the missing information be added. Provide documentation to support the missing information, such as proof of payment or account statements. It's important for your credit report to be accurate and complete to ensure your credit history is fairly represented.
A consumer credit report: What is it?
A consumer credit report is a record of your credit history. It shows lenders how you have managed your credit in the past, and it helps them decide whether to lend you money and how much interest to charge you. A consumer credit report includes information about your: Credit accounts, such as credit cards, loans, and mortgages Payment history, including how often you have paid your bills on time Amounts owed Length of credit history Types of credit Public records, such as bankruptcies and liens Your credit report is compiled by credit bureaus, which are private companies that collect and sell credit information. In the United States, there are three major credit bureaus: Equifax, Experian, and TransUnion. It is important to review your credit report regularly to check for errors. If you find any errors, you should dispute them with the credit bureau. Your credit report can have a big impact on your ability to get loans, so it is important to keep it accurate and up-to-date. By understanding your credit report, you can make informed decisions about your finances and improve your credit score. Here are some of the things you can do to improve your credit score: Pay your bills on time. This is the most important factor in determining your credit score. Keep your credit utilization low. This is the percentage of your available credit that you are using. Aim to keep your credit utilization below 30%. Don't close old accounts. Closing old accounts can lower your average age of accounts, which can hurt your credit score. Dispute any errors on your credit report. If you find any errors on your credit report, dispute them with the credit bureau.
How long do adverse accounts remain on your credit report?
7 Years, and then they are removed. Under your adverse account, there should be a removal date for each account.
Why You Need a Yearly Credit Report?
Getting a yearly credit report can help you keep track of your credit situation, as well as look out for any identity theft. It is a good idea to look at your credit report from time to time, even if you don't want to pay for monthly monitoring. You need to look at what your lenders are putting on your report, as mistakes do happen. You also want to address any collection accounts that pop up, whether you think they may be yours or not. Lastly, any accounts on your report that you don't recognize should be addressed immediately, as they could be a sign of identity theft.
Is it better to have paid off open credit accounts on your credit report or should you just go ahead and close them?
It all depends on your income. It is good to have zero balance credit cards on your credit report. But if your potential debit to income ratio is too high, having too many credit cards could be a negative reflection on your credit score.
How can I check my credit report?
You can check your credit report online. You should go to www.experian.com or www.myfico.com or www.equifax.com/ to check your credit report. It is easy to do.
