Top Answer
User Avatar
Wiki User
Answered 2015-07-15 18:48:51

Hang in there. Dont give up. You are probably a one in 100000 case. You are doing it the right but hard way.Avoid the B/K if theres any way possible. You've made 3 yrs, dont waste all that hard work.It will get better. Someone (lender) will see that you are paying on the balance and RESPECT that enough to cut you some slack.

Your credit rating (or score) depends on All the information contained in your credit report. A repossession, which shows as a charge off or collection account, is considered a significant derogatory listing and would have a big impact on your credit score. Any derogatory item that has been updated, for any reason (including recent payment) would have impact your score the most. 35% of the your credit score is based on your payment history. In general, derogatory information remains on your credit report for 7 years from the date of last activity.

User Avatar

Your Answer


Still have questions?

Related Questions

Does paying off high balance credit card help your credit?

Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.

Can paying your credit card balance early hurt your credit score?

It shouldn't ! Paying off your balance early shows you're in good control of your finances - and can budget your bills based on your disposable income !

Vehicle in both names can spouse take it if other is not paying the payment while separated?

Yup. Pay your bill.Your spouse has the same right to the vehicle as you do. Your problem is that your paying nothing on the vehicle - so she has to pick up the bill. If she is paying the bill, then she deserves to have the vehicle. If you are paying the bill, then you deserve to have the vehicle. You cannot "one-up" your spouse by driving a vehicle that also has her name on it, and not paying for it. Your credit and her credit will suffer. My advice? Pay your bill. She has the right to the vehicle until you do.

After paying off a credit card balance how much does your credit score go up?

it will go up by 10 to 50 points depending on the amount owned and cancelled. You can further improve it by continuing to use the credit card, and paying the balance in time.

How can paying down your credit cards lower your credit score?

Paying down your credit cards won't lower your scores-- but paying off and closing the credit cards will lower the scores. You want to show that your cards are not maxed out and you have plenty of room between the credit limit and the balance .

What are some advantages of a 0 balance transfer?

When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.

If you pay off your credit card balance monthly will this help your credit and are you paying no interest?

Paying off you credit card balance helps you, yourself the most. but according the the fico score they like to see a small balance, for some reason its not good to pay off a card totaly, I have never understood this.

What are the bad habits of a credit card?

Paying late Going over the credit limit Keeping your balance high

Should your sister be paying on her credit card balance if her credit card debt has not yet been discharged but her accounts have been closed by the credit grantor?

Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.

What if you want to pay your credit card off will they lower your balance?

Usually not. Agreeing on paying offf a lower balance is knowing as a settlement. This will afffect your credit score neg.

If a relative dies and you were paying their credit card debt for them and you are an authorized user of that card are you then responsible for paying off that card debt balance?


If you stop paying on a collection account that no longer shows on your credit report can the collection company report the unpaid balance to the credit bureaus?

Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.

How can a cardholder avoid paying interest on a credit card?

pay the balance in full every month

Can your driver's license be suspended for not paying the balance of a loan after the vehicle was repossessed?

No. Absolutely not. Your driver's license cannot be suspended for not paying a loan or the balance of a loan, repossessed or not even if you get threats from the loan company.

If you pay off a credit card balance is it bad your my credit report?

not always, depends on your credit situation. keep using and paying off your credit card every month to improve your credit score

What causes your credit score to go down?

Late payments will do it, so will missed payments. Exceeding your credit limit without authority and increasing your credit limit without paying off your existing balance will all affect your credit score. Managing credit responsibly means paying off your balance before using the facility again, and making the repayments in plenty of time for them to be credited to your account.

How to write off account payable?

You can right off accounts payable by either: -Paying the balance, -Entering a credit memo against the open balance.

What reflects better on your credit report a zero balance on your credit card or buying something once a month and paying it off?

Buying something and paying it off. It shows the creditor that you are responsible and not a credit risk. Be aware though, you will be flooded with competing credit card company offers.

Why is it unwise to pay minimum credit on your credit card?

Paying only the minimum due on your credit card balance maximizes the amount of interest you will pay to the credit card company. This is why it is better to pay as much of your balance as you can each billing cycle - it saves you money by reducing the amount of interest you pay. Also, depending on the terms of your credit card agreement, paying the minimum can actually make your principal balance increase. The minimum payment may not cover the amount of interest due.

How do you pay off all the credit card all at once?

You pay off a credit card balance by paying the full balance shown on your monthly statement at least 7 days before the due date.

Having multiple open credit cards with no balance is bad or good for credit ratings?

The Credit agencies look at your debt to available credit to determine 30% your credit score which if you have no balance it is good for the ratio but they also like to see your paying history which is worth 35% of your credit score and if you have no balance how are they going to see that. In keeping with being debt free it is recommended to use they once in a while and pay them in full so they can be maintained as active (credit card companies sometimes close them due to inactivity which is bad because you lose your credit history with them) and it shows your good paying history.

What are the odds of a bank coming after you in a deficiency judgment?

99.9% unless you are in prison or otherwise known to be completely incapable of paying. Then they just report you to the credit bureau

What are your rights if you are a primary borrower of a vehicle and the seconday borrower is not paying the loan?

If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.

What happens to a joint credit card when one account holder dies?

Both owners of a joint credit card are equally responsible for paying off the balance on the card. When one dies the survivor is responsible for the full balance.

After paying off a debt collection does your credit go up?

Yes, if you have a bad debt reported to your credit listing and unpaid balance this hurts both your credit rating along with your balance between debt-to-income if you had been considering purchasing or refinancing a home. When you payoff this debt, the balance is changed to reflect that you have made this payment, which will improve your credit standing.