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If a person has numerous charge-offs on their credit report and wants to pay it off is it better to pay these in full or is it OK to settle?
Charged off accounts are classified as derogatory items. Even if paid in full, they will remain on your credit report for the legally allowable term (usually 7 years). While it may "look" better to have paid the full amount rather than settled the debt, the deductions are the same. Make your decisions on what works best for your lifestyle, not the outcome to your credit.
What else can I help you with?
What is the relationship between a credit score and credit report?
A credit score is a numerical representation of a person's creditworthiness, while a credit report is a detailed record of a person's credit history. The credit score is calculated based on the information in the credit report. A higher credit score indicates better creditworthiness, which can lead to better loan terms and interest rates.
Is 696 a good credit score?
Yes, a 696 is a very good credit score. The higher the score a person has the better chance to get credit.
How does a person go about building their corporate credit?
A person goes about building their coperate credit by getting a secure credit card. only charge what you can pay off in full, pay on time every month, avoid applying for numerous accounts, check your progress, after a year apply for an unsecure credit car.
Is a co-signer's credit better than the credit of the person listed 1st on the loan?
Lenders look at the middle credit score of the person with the worst credit score and not the person with good credit. You can get a free credit report from www.freecreditreport.com every 12 months from all 3 credit agencies. Look for any duplicate or erroneous items on your credit report and dispute them.
Is a person with higher credit considered the primary borrower even if they are cosigning?
Usually no--the lender goes by the lowest credit rather then the higher. So----if you are applying and your credit is better and you can apply alone--DO IT! Then work on the other person's credit to improve it for the next time.
What is the relationship between a credit score and credit report?
A credit score is a numerical representation of a person's creditworthiness, while a credit report is a detailed record of a person's credit history. The credit score is calculated based on the information in the credit report. A higher credit score indicates better creditworthiness, which can lead to better loan terms and interest rates.
Is 696 a good credit score?
Yes, a 696 is a very good credit score. The higher the score a person has the better chance to get credit.
How does a person go about building their corporate credit?
A person goes about building their coperate credit by getting a secure credit card. only charge what you can pay off in full, pay on time every month, avoid applying for numerous accounts, check your progress, after a year apply for an unsecure credit car.
Is a co-signer's credit better than the credit of the person listed 1st on the loan?
Lenders look at the middle credit score of the person with the worst credit score and not the person with good credit. You can get a free credit report from www.freecreditreport.com every 12 months from all 3 credit agencies. Look for any duplicate or erroneous items on your credit report and dispute them.
Is a person with higher credit considered the primary borrower even if they are cosigning?
Usually no--the lender goes by the lowest credit rather then the higher. So----if you are applying and your credit is better and you can apply alone--DO IT! Then work on the other person's credit to improve it for the next time.
How many credit card accounts is someone able to have?
There is no limit to how many credit cards a person can have, However, it is very hard to get approved for numerous ones once you reach a certain amount. It all depends on your credit rating and your employment history.
How are credit scores rated and what factors determine a person's credit score?
Credit scores are rated on a scale from 300 to 850, with higher scores indicating better creditworthiness. Factors that determine a person's credit score include payment history, amounts owed, length of credit history, new credit, and types of credit used.
What does a 0 credit score mean and how does it impact a person's financial situation?
A 0 credit score means that a person has no credit history or credit activity. This can make it difficult for them to qualify for loans, credit cards, or other financial products. Without a credit score, lenders may see the person as risky and may offer them higher interest rates or deny them credit altogether. Building a credit history is important for accessing financial opportunities and better terms in the future.
Where can a person get help to get better credit score?
You can either go to your local library, read a few books and do it yourself. Or you can hire a professional credit repair service to do it for you.
How can one clean up their credit?
To clean up credit contact a reputable credit counselor. The credit counselor will give guidance on how to manage finances so credit reports and scores will be better. It will probably take some time before a person has good credit again.
Where can a person get advice on credit counseling?
There are a number of sites one can visit to get advice on credit counseling. One can find such advice at the 'National Foundation for Credit Counseling' or 'Better Business Bureau' who have a good advice on choosing a credit counseling agent.
If you have bad credit what kind of interest rates do lenders charge?
If a person has a bad credit rating, lenders typically charge a higher rate than they would charge a person with a better rating. For example, if a person with 840+ credit got a rate a 4% for 100k over 30 years, a person with about a 650 rating might be offered a rate at 5% or higher.
