Posted on: 13th Nov, 2012 06:59 pm
My Chapter 7 discharged and the house was foreclosed in May, 2012. I have months of late payments leading up to the bankruptcy filing in September. I may have a pathetic credit score. Anyway, I did re-affirm one debt – my car note. I confirmed that will start reporting after the bankruptcy discharge. However, there is a notation on the debt indicating it was Re-affirmed. She mentioned this as if it has some significance that I am unaware of. At any rate, it is reporting my timely payments to the bureaus. I have two questions:
1. This is a positive thing right?
2. Will this be enough on it's own to land us in a decent unsecured credit card deal in a few years?
1. This is a positive thing right?
2. Will this be enough on it's own to land us in a decent unsecured credit card deal in a few years?
Hi Kolis,
Iif you have reaffirmed the debts and if you're paying it on time, then it will have a positive impact on your credit report. Once your credit scores improve, you will be able to get a decent unsecured credit card deal.
Iif you have reaffirmed the debts and if you're paying it on time, then it will have a positive impact on your credit report. Once your credit scores improve, you will be able to get a decent unsecured credit card deal.
Hi Kolis!
Welcome to forums!
To me reaffirmation of debt is a positive thing. Though you become liable for the debt, the lender/creditor also becomes liable to report the timely payments to the credit bureaus This helps in improving credit score to a great extent. Apart from this, you should also take further steps in order to improve your score. To know more in this regard, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To me reaffirmation of debt is a positive thing. Though you become liable for the debt, the lender/creditor also becomes liable to report the timely payments to the credit bureaus This helps in improving credit score to a great extent. Apart from this, you should also take further steps in order to improve your score. To know more in this regard, you can check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane