Financial Advice Questions and Answers…

by Steven on March 4, 2013

Q. Can I still fix my credit if I file bankruptcy?
A. Yes you can.

Q. Can I get a negative items removed off of my credit report even if I don’t pay it off?
A. Yes you can, regardless if you owe a debt or not it can come off of your credit report 1 or 2 ways. 1) If the debt collector or creditor doesn’t validate the debt by producing documents that you really obtained the debt it must come off. 2) If the debt has been on your report for 7 years and the debt collector or creditor doesn’t resubmit the debt by contacting you with-in 7 years.

Q. How many years can a bankruptcy stay on my credit report?
A. Normally 7 to 10 years unless you take proactive action to get it removed earlier.

Q. Can debt collectors call my neighbors looking for me?
A. No they cannot if they mention that they are a debt collector. It is a violation of the debt collections laws to discuss your debt with anyone that you don’t authorize them to release information too.

Q. Does my credit score really matter?
A. Yes it does because the higher your credit score the lower the interest rates you’ll pay. BUT you shouldn’t go out and get a lot of credit to increase your credit score, let it increase over time on its own.

Q. How many credit cards should I have?
A. I personally don’t have any credit cards but if you think you really need one only keep one card and make sure the balance is 40% of what you can charge.

Q. What is the credit score needed for a mortgage loan?
A. There are new programs coming available monthly. From what I’ve been seeing a 659 is the lowest acceptable credit score right now. You must resolve all outstanding credit issues and have a low debt to income ratio.

Q. I’m thinking of getting married but I have bad credit will my bad credit jump onto my wife’s credit report?
A. No it will not jump on to your wife’s credit report. But you should clean up your credit so you can come into the relationship equally.

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