Being late paying your bills is not unusual and happens to the best of us. If a situation arises where you suddenly cannot pay your bills – loss of a job or a medical emergency – it is important to understand just what will happen if you find yourself delinquent on a loan or other debt. The last stage of a delinquent debt is generally identified as a charge off and this item, when it is recorded in an individual’s credit report may very well be one of the most damaging items impacting … [Read more...]
Bankruptcy and Credit Scores
October 10, 2010 By Leave a Comment
A bankruptcy record in a credit report can take a big bite out of a credit score. A bankruptcy is considered one of the most damaging occurrences in a credit report measured by the major credit score models, regardless of the type bankruptcy. As long as the bankruptcy filing is listed in a credit report, it is calculated into the credit score. The more time that goes by after the bankruptcy is initially recorded in the credit report the less the impact the bankruptcy will have on the … [Read more...]
Review the Credit Accounts in Your Credit Report to Improve Your Credit Score
September 9, 2010 By Leave a Comment
Once a consumer is familiar with the components from a credit report that factor into a credit score, one of the first step steps to try and improve a credit score is to review the credit report for errors and inaccurate information. Credit reports are often filled with numerous errors however; most of these errors do not impact a credit score. The focus in reviewing the credit report is to have the accounts and records that impact the credit score repaired or removed. When reviewing a … [Read more...]
Bankruptcy Filing Fees
September 6, 2010 By Leave a Comment
There can b a variety of costs associated with a bankruptcy filing, some of the fees or costs are mandatory bankruptcy filing fees and some are optional costs such as hiring an attorney to represent the individual filing for bankruptcy. At the time a petition for bankruptcy is filed, the petitioner is required to pay a bankruptcy filing fee. The bankruptcy filing fees required to file a chapter 7 case total $299.00, the bankruptcy filing fees to file a chapter 13 case total … [Read more...]
Bankruptcy and Bill Collectors
July 23, 2010 By Leave a Comment
Bankruptcy protection is made available to consumers who can’t pay their creditors or debts to help resolve the debt burden. One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed or brought to a standstill. This means that any debt collection efforts and foreclosure procedures are halted. Once a creditor or bill collector has been notified that a consumer has filed for bankruptcy protection, the bill collector or collection agency … [Read more...]
Credit and Credit Scores after Bankruptcy
March 16, 2010 By Leave a Comment
Filing bankruptcy is a series decision that impacts an individual’s credit and credit score for quite some time. Bankruptcy doesn’t have to shut off credit access altogether nor does filing bankruptcy have to be significant detriment for financial success. There are certainly numerous cases of individuals that have filed for bankruptcy and rebounded stronger and gone on to create significant wealth. A bankruptcy is always one of the biggest negative factors that impact a credit … [Read more...]
Drawbacks of Credit Cards and Credit Use
March 5, 2010 By Leave a Comment
One of the primary reasons consumers run into credit issues and subsequently suffer with a low credit score is too much credit card debt. Excessive and unmanageable credit card debt not only causes credit and credit score problems but also is a primary cause of personal bankruptcy filings. The use of credit usually involves spending money that is not readily available. Obtaining a home mortgage is one form of credit in which borrowers use the money extended with the credit to buy a … [Read more...]
Handling Credit and Credit Score Problems
November 2, 2009 By Leave a Comment
Credit has become an almost indispensable tool in our society. Almost everyone uses some form of credit whether it is in the form of credit cards, car loans or mortgages. Credit allows us to purchase goods and services by paying for them later which can be very convenient to buy big ticket items or stretch our monthly budget. But credit can cause money problems if not managed wisely. Money problems are often the immediate result of too much debt with unmanageable monthly payments. … [Read more...]
Bad Credit Options
September 17, 2009 By Leave a Comment
Once your credit score is turned truly terrible and new credit appears to be unlikely, there are a variety of options to consider. First, don’t ever let bad credit get you down. There are millions of consumers who are having the same financial difficulties and struggling to review what options are left. There is always hope for someone who has a bad credit and bad credit score. Regardless of how bad a credit or debt situation maybe, there are always some actions that can be taken. … [Read more...]
Rules to Follow with Debt and Debt Collectors
August 13, 2009 By Leave a Comment
We all want to pay our bills on time but sometimes due to some financial crunch it is not possible to make even the minimum payments and meet due dates. If a debt goes unpaid for an extended period of time, creditors may turn your account to a collection department or agency. It is true that debt collectors have the right to demand payment and take legal action if necessary, but often they would rather collect a portion of the debt than have to take more drastic actions. Before you start … [Read more...]