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Samantha · Posted: Mon Jun 05, 2006 9:48 am Post subject: credit score and bankruptcy

Hi Debbie,

Welcome to MortgageFit Forums.

As long as you are eager to improve, you will see a definite change in your credit score. Your efforts and time can bring about that change.

Try to bring your debts current and then maintain the regularity in your payments. This is the major way that is going to help you improve your score.

You can go through this section on ways to improve your score to get some more information. Don't get worried. Make a plan for your payments and try to stick to the budget that you make.

There will be definite improvements in your score. I wish you good luck.

Feel free to ask for suggestions whenever you require.

God bless you.

For MortgageFit,
Samantha

Guest

what if i pay the whole amount of credit each time I use my credit card, will this negatively impact my credit score? like for example I purchased an item worth $500 then later pay the whole $500 before due. How will this impact my credit score
Martin

Caron · Posted: Fri Jun 09, 2006 8:45 pm Post subject: RE: Impact on credit score

Hi Martin,

Welcome to our forums.

I don't think it will affect your credit score; rather you will be able to build up a good score. Making payments on your credit regularly is always a good thing and paying it off before it is due is even better. So go ahead with what you have planned out.

Thanks,

Caron.

Guest

how does transfering balances to 0% interest affect the credit score. I have 3 cards that I am trying to pay off and I transfered them to 0% interest for the first year. Will this affect my score?

livinginnky · Posted: Sat Sep 29, 2007 11:16 am Post subject:

520 is not bad after a bk.

Pull your credit and verify everything is accurate.

Make sure that everything was included in your bk. If any items still show remaining balances have them updated.

The most important thing to do is reestablish credit. As shown above Scores are mainly based on the fact that you pay or don't pay every month and the available balance to available credit. If you keep your new credit balances low compared to your available credit and pay the payments on time for 12+ months you will be on the path to good credit.

If you are having trouble reestablishing, get a secured credit card. These can be gotten at pretty much any bank. You'll need around $500 dollars upfront but this can be a great way of building credit. Just make sure they report to the major credit bureaus.

Don't expect to never here about your bk again but go about it with a positive attitude. If you stick with it you will again qualify for good lending programs.

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

I live in a rented property and recently applied for a credit card from that adress, however i was turned down on the basis that my house had a bad credit rating. seeing as at the time i had been there less than a year how come the previous occupants' debts effected my application? Any help on this greatly appreciated!

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I don't think that it is the address that gave you a bad rating. I think it may be the short amount of time that you have lived at the address that have given you a bad deal on the card.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

Very true jbarto. A new address can cause some problems but can only be part of the problem. Maybe combined with other determining factors they could have considered the person high risk.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I find it hard to believe that the address has a lot to do with it, they usually run social security numbers to do credit and possibly drivers license, but I have never heard of an address being a reason not to give credit to someone.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

I tell you I have seen this happen. We had to apply for a Sears card when our frig went and before they would approve my hubby they inquired about the phone number having past due accounts. He had to clarify the whole situation.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I am sure it happens, but this is the first time that I have heard of it. It does not surprise me any though. I would just think that they would have a better way of doing things, you have no control who lived in the place before you. That just seem stupid to look at an address as a means to determine if someone is credit worthy or not.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

I have to say that this whole conversation surprises me, how can you deny or approve credit on an address, this makes no sense and I would think that it would be an illegal way to do things, normally it is by social security number. I have never heard of this before in my life.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I guess it happened if this conversation is going on, I don't think it is right and I too find it surprising.

Guest

Can you tell me if you get dinged for checking your own credit reports or only if a third party runs a check.

adonis · Posted: Fri Apr 03, 2009 1:05 am Post subject:

Welcome Nancy,

If you asked for your own credit report, then it is considered as a soft inquiry and it would not effect your credit score. When a lender or a credit card company pulls your credit report, it is considered as a hard inquiry and that would effect your credit.

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What factors affect the credit score calculation?