How can you get your credit rating better? if you have been on debt for 6 years & not made any payments & avoiding then debt collectors then i assume the credit rating is bad, so if you file for bankruptcy then the credit rating is still bad right? if i dont file for bankruptcy but also never made a payment to my current debt can i still get another card? can i still get a mortage? etc.
2007-10-30 06:30:21 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
You can still get a mortgage, but it will be consider a *High risk mortgage* and you would have to put a large amount for down payment. And for credit cards, yes you can but higher percentage, depend if you have to make an initial deposit or not.
2007-10-30 06:39:30 · answer #1 · answered by jessicaivelisse1 2 · 0⤊ 0⤋
I don't understand how you have never made a payment in six years and no-one has filed a court order against you. Your credit rating will not be good, to say the least, and I would think your chances of getting a credit card ot mortgage would be slight unless you lied, which is not advisable. Pay off some of your debts, go to the Citizens Advice Bureau and ask for help. If you want a mortgage you need a good credit rating.
2007-10-30 06:40:01 · answer #2 · answered by translatorinspain 4 · 0⤊ 0⤋
You will have a hard time getting a mortgage if your credit is bad with or without bankruptcy. Why do you think it's a good idea to get a mortgage if you don't pay any other debts? You are a very bad risk to any lender and your interest rate will be sky high (and probably variable) if you manage to get one. If you file bankruptcy you typically have to wait two years to get a mortgage. During those two years you can bring your credit to a decent level by ceasing to be a dead beat and establishing good credit.
2007-11-02 09:19:50 · answer #3 · answered by Lesley 5 · 0⤊ 0⤋
You might be able to get a mortgage. This is a sub-prime mortgage and the interest rates would be very high. If you can't meet payments the people to whom you now owe could eventually sell the house over your head, the company for the new mortgage could , (and would), do the same. This would definitely not improve your credit rating. Only paying your present debts would do that. Don't even begin to think about it. Things would just get even worse.
2007-10-30 06:45:34 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you want a decent credit rating you need to start paying your bills, it's really just that simple. Sure, after 7-7.5 years the negative information will be removed from your file, but the debit is still legal and collectible. Even if the SOL have expired on these debts, they are still valid, just means you cant be sued for them.
2007-10-30 17:42:39 · answer #5 · answered by kshawks18 2 · 0⤊ 0⤋
No you will have a bad credit rating. If you file for bankruptcy you may still not be able to get cards etc because you will have no credit rating at all.
2007-10-30 06:40:13 · answer #6 · answered by hiddenmyname 7 · 0⤊ 1⤋
You should check the statute of limitations in your state. Some of those debts may be out of the SOL and may not even be collect-able. Just a thought... If you need more help, you can contact me.
2007-10-30 07:20:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Think of it this way: you know a guy who has borrowed money from several of your friends, and you know he's never paid any of them back. Would you lend him more money?
2007-10-30 06:45:45 · answer #8 · answered by Debdeb 7 · 1⤊ 0⤋