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Credit
The procurement of money, goods and/or services in exchange for a pledge to repay the amount at a future date
10,683 Questions
How does a home forclosure effect your credit rating?
A Foreclosure is a legal process through which a banker tries to recover the outstanding loan dues from a home loan borrower, who has defaulted in making payments to the banker. The banker will realize the dues by forcing the sale of the asset, given to the banker as a collateral security for the loan. A banker or the mortgagee as he is called in banking parlance, obtains a termination of a mortgagor, equitable right of redemption, either by court order or by operation of law after following a the prescribed statutory procedure in this regard.
The foreclosure process is normally applied to residential mortgage loans given by a bank repossessing the immovable property after the owner has failed to repay the loan arrears to the lender as agreed originally upon. When the process is complete, the banker can sell the property and keep the proceeds to pay off its mortgage loan dues and legal costs, if any.
Since foreclosure is resorted to after the borrower defaults in his payment, the credit rating of the borrower is adversely affectd. This will impact badly the borrower's loan payment record , also called CIBIL report, and he may find it difficult to get loan from banks in future. So it is always better to pay the bank dues on due dates without fail, to keep our records clean and pure.
M.J. SUBRAMANYAM, XCHANGING, BANGALORE
Is a VISA Credit Card being used as 'Debit' if you use a pin?
No - its still a credit transaction. The PIN is simply used to verify you are the registered owner of the card.
Can you get in trouble for using another person's credit card?
yes you can if the person has life lock
(additional answer) If you use another person's credit card without that person's permission, that is theft, which is a crime for which you can go to jail.
Is unknown status on a credit report negative?
Normally a credit rataing, like for example, the CIBIL rating contains marks or points on which the credit rating of a loan applicant is determined. If the credit rating is high, then the credit rating of that person is good. If the points are low, say for exqample around 400- 450, it is risky to give a loan such a borower. Such a borrower is not credit worthy!!
Thus a credit rating either relects a positive or negative score. But the credti rating also indicate "0" (Zero), whichi is an unknown status. We will not be knowing the credut history of the borrower.
A "ZERO" credit score indicates that the borrower has no credit exposure so far and he has not availed any loan from any bank. That is why the credit score is shown as zero! Thus a zero credit score does not mean that the credit history of that borrower is bad!! It indicates that the borrower has not so far availed any loan from any credit institution.
M.J.SUBRAMANYAM, XCHANGING, BANGALORE
How do you get the ATM card in same number of expired card?
go to your bank and they will isssue a new card with the exact number as your expired one.
How can you find out the date a bankruptcy should be removed from your credit report?
Look at the date your bankruptcy was filed. 10 years from that date it should be off.
Can a credit card company garnish a pay check?
Yes. Any person or organization that you owe a debt to and have not paid that debt can get a court ordered garnishment for any income that you have.
Can a person get money owed for credit cards that is ordered in the divorce?
Only if you have the credit card if your divorsed it dosent matter
How can you get a record of your credit report?
According to Consumer Reports Magazine: Dial 1-877-322-8228 to get a copy of your free annual credit report.
How much would it raise your credit scores if you were added as an authorized user on a credit card?
If you are an authorized user of another persons credit it has no effect on your credit at all. It will not raise nor lower your score. The credit card company simple issues you a card with your name on it and then holds the person who holds the credit with them responsible for any charges you make.
How do you remove a home loan from you credit report after bankruptcy it was listed on Bankruptcy.?
Bankruptcy information (and other legal actions like judgments) may stay on a credit report for up to ten years after the fact. If your credit report still reflects a bankruptcy after ten years, create a dispute/update request with the associated credit reporting company and include proof that the bankruptcy is older than ten years old (the state record of the original date of bankruptcy action is typically all of the proof one needs).
Negative items (including home loans that may have been forgiven) may stay on your credit report for up to seven years after the occurrence, regardless of bankruptcy status. Similar to the process above, if there is negative information on your credit report after seven years, one can request an update/modification of the credit report by providing appropriate proof.
How long does bad debit stay with your credit?
It depends on your situation but a foreclosure for example will normally cause you to have bad credit for 7 years. Most of the time bad debit will stay with you 7 years, but may sometimes remain with you for as long as 11 years.
How to get credit rating removed?
If the credit rating is factual then it can't be removed till 6-7 years has pasted. If the derog/negative information has past few years then it won't be very significant if you've paid and kept your balances low since then. If the consumer feels it's bad and has an explaination to a bad rating, he/she can put a consumer narrative on thier credit bureau. A consumer narrative is a brief explaination that can be put on the consumer's credit bureau file so that when a lender/merchant pulls a credit bureau file, they will know that the consumer has looked at thier own file and has given an explaination.
If the credit rating is NOT factual then the consumer needs to report it to the credit bureau and to the merchant to investigate before correcting the rating.
How often can you pull your credit report?
The credit report holder can check his or her report as often as they choose. When you check your credit report it is considered a "soft inquiry" and will not affect your status.
Can you get a job in a bank with a fair credit rating?
yes, we all have debt, it depends on how you handle it.
What is the meaning of credit rating in simple language?
credit rating is how a merchant/lender evaluates how a consumer is going to pay them back. In order to do this they pull a credit bureau on the consumer. They evaluate the consumer's credit obligations ie) debt load (money they owe to creditors), payment history (when payments are made on time or not), age of accounts ( how long the consumer has had creditors for).
Can you use line of credit to buy a house?
You can contact your bank or financial institution for Housing Loan for buying a house, by using their line of credit.
Do chase ATM's accept visa debit cards from any bank?
Any ATM in the world (including chase) that has the Visa logo will accept Visa but they may charge you a fee for any transaction
Will credit card increase my score?
That depends on the consumer using the credit card. Paying on time and keeping low balances will keep your good credit standing ...good. Not paying on time and having the balance close to the credit limit will decrease your credit score dramatically
Having a lot of credit cards is not good either because the risk of possibly being in debt is high.
Also if you apply for a new credit card it will reduce your credit score because it's consider a new loan with no credit history, as the credit card gets older and more established the score will go back up.
How long can credit card companies put you in bad credit standing?
First of all, it's not really the credit card company putting a consumer in bad credit standing. It's due to the consumer not paying thier bill on time.
Information on payment history is on your credit bureau for 6 years.
