Credit Repair Specialist Ivory
Credit Repair SpecialistForum Replies Created
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Hi Lisa, one of the issues many consumers have had is affording credit repair. For those who cannot afford credit repair, Credit Score Pro AI may be a great option. Feel free to check it out: http://www.creditscorepro.ai
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Creditors do have the abililty to reduce the credit limit based on several factors, income changes, (or lack of inputting your income when prompted. Many creditors do this annually), seeing a lower credit score, seeing higher outstanding balances on credit cards, and potentially other internal policies outlined in the terms of service. Essentially, if they see a higher risk profile, they are going to do what they can to mitigate the risk. In an environment like today, their policies are likely more conservative as more people are defaulting on credit cards.
Even if someone has not been late on a payment, other factors may be seen as a risk, causing the credit limit decrease. This can include not paying the balance down on that card, or as mentioned above, overall carrying higher balances on revolving debt.
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The new Fresh Start program offers instant approvals with a phone call to enter rehabilitation now. Just a heads up!
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It will appear on the credit report for 7 years from the date of default, this would be the first delinquency that caused the account to go into default (leading to the repossession).
If there is a deficit balance and it is not paid, it can be sold to a third party collection agency who will then add an additional negative tradeline to the credit report. This collection can only remain on the credit report for 7 years from the date of the the original delinquency and is NOT based on when the collection agency purchased the debt.
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Within the first 90 days of the bankruptcy the courts report this information to the bureaus. Most courts across the country do not have ongoing reporting after this timeframe.
If it is not reporting, if the credit report pulled was from a lender, they may not be pulling in public records. Most lenders do pull in public records, but I have seen this from time to time. It will be identified at a later point during the lending process, however.
The other option is that the bankruptcy has aged off of the credit report or has been disputed and successfully removed.
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No, this would be damaging to your credit score. This would impact the average age of open accounts on your credit report, typically lessening the average age which is damaging because the algorithm looks for longevity. In addition, it will adversely impact the overall credit utilization ratio on the report, decrease the number of open accounts and inhibit positive payment history from being added to your credit profile. Credit cards report on time payments even when not being used.