One can go about paying off their debts in a number of ways. They can save money from their salary to pay of a certain amount each month, they can consolidate their debts into one payment and simply things or use a debt management company.
You didn't really explain what you mean by "all debts". Paying down (or off) your revolving debt CAN cause your credit scores to increase. Paying off bad debts, like collections and charge offs will not necessarily (immediately) raise your credit score, although it helps in the long run. It depends on what you have owing and what the overall picture is. Do some research to see what would be in your best interests before you start writing checks.
There is no better way to rebuild your credit reputation than paying off your debts. There are some other ways to do this, however. Some good methods can be found, for example, on the web domain "Experian."
How long does it take for credit score to go up in rating after paying off debt?
Information about paying off credit cards can be found on sites that deal with credit problems. There you can find places to go to to help pay off your credit card debt within your budget.
paying off bad credit will take about 60 days to have an effect on your credit score. But, if you don't have any credit cards you will never have a good credit score because no one is giving you credit.
The estate has to resolve all debts. That would include paying off any claims against it.
You didn't really explain what you mean by "all debts". Paying down (or off) your revolving debt CAN cause your credit scores to increase. Paying off bad debts, like collections and charge offs will not necessarily (immediately) raise your credit score, although it helps in the long run. It depends on what you have owing and what the overall picture is. Do some research to see what would be in your best interests before you start writing checks.
No. If the assets of the estate doesn't cover the debts, the creditors will have to write them off. But that means that no one can inherit anything from the estate as it would have to be liquidated to pay debts.
One can go to the debtor to pay the debt off. To refinance debt and reduce the interest rate being paid, one can refinance one's debts. For this, it is best to talk to one's bank.
when you pay off previous debts
If their debts are more than 30K, yes (although the 30K would need to be declared and will go towards paying off the creditors).
Yes, the deceased's assets will go towards paying off their debts, before the remainder is distributed to the beneficiaries.
There is no better way to rebuild your credit reputation than paying off your debts. There are some other ways to do this, however. Some good methods can be found, for example, on the web domain "Experian."
How long does it take for credit score to go up in rating after paying off debt?
Information about paying off credit cards can be found on sites that deal with credit problems. There you can find places to go to to help pay off your credit card debt within your budget.
If the credit card company who put the lien on your property won a lawsuit - making it a judgement, then the charges never go away. When you sell the property, the first monies you get will go to them.
paying off bad credit will take about 60 days to have an effect on your credit score. But, if you don't have any credit cards you will never have a good credit score because no one is giving you credit.