Why "however?" Obviously, you can do one of three things: 1. pay the judgment, interest, etc.; 2. negotiate a settlement with the judgment creditor;, and 3. file bankruptcy. The judgment will stay on your credit report for at least 10 years (20 in some states, and renewable in others for an additional 10 years). The bankruptcy would have been on your report for 10 years from the date of filing. Go ahead, believe the corporate "financial analysts" on CNN and the networks who tell you NOT to file bankruptcy. It certainly helps them keep their jobs.
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
You can apply for anything you want, you most likely won't get it however until the discharge is listed on the court docket and your credit report is updated.
Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
==Answer == Not in any way. Your credit rating is only determined by how YOU handle your credit on anything that is in your name.
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
Speaking from experience, if the discharge of bankruptcy is pending, a credit check may not pass, however, having discharged voluntarily from bankruptcy may have the same result depending on the policy of the employer or financial institution.
will bankruptcy increase you credit score over time
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.
From prior discussions...it would seem you don't have to do anything. However, the issuer, upon finding out (from credit checks and services that provide this info to them), will likely cancel it. Although sometimes, it slips through the cracks.
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.