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What happens to your credit if you stop paying on a secured loan that was not reaffirmed from a bankruptcy 10 years ago?
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What is your credit score after filing chapter 7?
There is no set credit score that everyone is assigned after filing bankruptcy. How much your credit score drops depends on a lot of factors, including how many debts you discharged, what your score was before you filed, how many secured debts you reaffirmed, and what type of debts were discharged. Hope this helps!
If the mortgage was reaffirmed but on your credit report it appears as Bankruptcy is this an error?
Yes, a reaffirmed mortgage needs to reflect the mortgage payment history before, during and after the bankruptcy proceedings. "In Bankruptcy" needs to portray only DISCHARGED BY or INCLUDED IN...Bankruptcy. Contact your mortgage company so that all of your payment history shows on all three bureaus. No. Not if it were a part of the bankruptcy filing. It may or may not be marked included in bankruptcy or reaffirmed in bankrutpcy. It will still remain on the CR for the prescribed time.
Can you get a secured credit card with a bankruptcy on your credit record?
Yes. You are not really getting credit-it draws from your balance like an atm.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Can I get credit cards after bankruptcy?
It is possible to recover from a bankruptcy. You should start by getting a secured credit card to rebuild credit. After about seven years you should be able to find a standard credit card that will allow you to get a card.
If you just filed for bankruptcy and you need a credit card where can you go?
Try your bank to see if they offer a secured credit card. Bank of America offers a secured Visa and the credit line is equal to your deposit amount. Beware of secured cards with high interest rates and fees!
What happens to credit cards in a bankruptcy when there is a zero balance?
it does not work
When finished with bankruptcy what happens?
The bankruptcy stays on the credit report for 7 years, so you need to try to build up your credit profile.
How to rebuild credit after bankruptcy?
A great option to rebuild credit after bankrutpcy is getting a secured credit card. Secured credit cards can be used just like regular credit cards, the key difference is that they require an up front deposit to secure the credit limit. For example if you want a $500 credit limit, you will need to make a $500 deposit. For most secured cards there is no credit or bankruptcy check. You will receive a card as long as the issuer can verify your identity, residence and deposit. You will build positive credit as long as you make your monthly payments on time and keep your balance below your credit limit. Once you build positive credit histoty, you can then qualify for unsecured credit cards. You can close your secured credit card account at any time and receive a full refund of your original deposit amount (minus anything you owe). For more information secured credit cards check out http://www.yourcreditcardgps.com/best-secured-credit-cards.html
After bankruptcy what are some ideas on how to repair credit on credit cards?
One of the most common first steps to repairing poor credit after bankruptcy is to get a secured credit card. This is because a secured credit card needs a security deposit in case you don't make payments.
What happens to your credit rating when you file bankruptcy?
Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.
What happens if you run up credit cards before filing bankruptcy?
The judge may disallow those debts from the bankruptcy because you are obviously attempting to defraud the credit card company.
