answersLogoWhite

0


Best Answer

Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What looks worse on your credit report Late payments or a bankruptcy?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Will your credit report only show a discharged bankruptcy or will it also show all the accounts included in the bankruptcy?

Your credit report will show both the accounts (which were listed first) and the legal entry of the bankruptcy in the public records portion of your credit report. Once a bankruptcy is discharged, credit grantors should update the account listing (called a trade line) and make sure that no derogatory information is showing (like past due balance or collection account notations) EXCEPT for the "included in bankruptcy" statement. This is what SHOULD happen. It's up to you to follow up and make sure that your credit report looks like it is supposed to after a bankruptcy.


Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?

The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.


How long does a paid credit card account that has been closed stay on your credit report?

Forever, since it looks good on your report.


What does your car credit look like?

To know how it looks you will need to get a credit report, which can be acquired online or at your own bank. Equifax, Freecreditreport or Credit Report online


When needed how may one show proof of financial responsabilty?

Your credit report and related score show exactly that. It shows that 1) lenders have trusted you by extending you credit and 2) that you have kept your promise (or not) by making your payments on time. The longer you have had credit and been responsible in paying it back the better it looks. What your credit report and score do not show is your borrowing capability which is related to your total debt versus your total income.


How much will cosigning a student loan lower your credit score?

Hi-Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign.The way that cosigning will affect your credit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high.Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own.


Does it effect your credit score when request your personal credit file?

if someone looks into your credit report, yes it will effect your credit score. it will reduce between 3-10 points.


Could you still get a credit card abroad if you have bad credit rating in UK?

Yes, U.S. creditors cannot see what your credit report looks like in the U.K.


If an account is 90 days past due can making a settlement with the company hurt your credit?

I am not certain what you mean by "hurt," but paying your debts always looks good, even if you have the late payments on your CR. Anytime a debtor voluntarily pays on/off a debt it shows they are trying to do "the right thing." Sure it can hurt, depending on how the creditor reports it. If they report "paid in full" and agree to remove late entries from your credit report, you are home free and looking good. If they report it as "settled" or "paid -- collections" or anything to that extent, it surely hurts. In fact, any variation of the word "settled" triggers an R-9 reporting code, which is the same code used for charge-offs. It is just above bankruptcy in terms of credit severity and will stay with you for 7 years.


What happens to your credit when the car is returned because neither party can pay the note?

It's noted on your credit score that you were unable to make payments/late payments. It just looks very bad. Avoid taking out a car loan on a car you can't afford.


What does charge off on a credit report mean?

It means the creditor has essentially given up on trying to collect a debt from you (though they may have sold it to a collection agency for pennies on the dollar). There's also a "paid charge off", which means that, after they gave up, you paid it off anyway, which really doesn't do you much good, because a paid charge off looks just as bad on your credit report as a charge off. A charge off, of either kind, is the third worst thing you can have on your credit report, after (1) bankruptcy, and (2) repossession/foreclosure.


Dose it affect your credit score when ever someone looks at your score when shopping around for a mortgage?

When you ask a possible creditor to inquire about your credit, it may affect your credit. This is because it implies that you're possibly opening a new line of credit. But you have the right to look at your credit report without affecting your credit. When you request your credit report it's called a "consumer pull" and has no affect on your credit.