Am I dumb for trying to improve my credit rating the right way.?
Answer:
Bankruptcy is almost always a bad deal. These people are not "smart." Even if you have heard it very frequently, all that means is that other people are repeating bad advice they have heard. Improving credit is a difficult business, and a bankruptcy has a negative impact on your credit for years. You have made excellent progress in eliminating your debt and raising your credit score. Don't stop when you are so close to your goal. If you think about how much you have paid off, then you can save at least that amount once all the debts are paid off.
pay your bills on time and dont bounce checks, and surely don't max out a credit card and claim bankruptcy.
Filing for bankruptcy? That seems like a really stupid idea, filing for bankruptcy will go on your record, and if you ever have to get a loan or something they'd see that you've filed bankruptcy. Do it the right way, pay your bills on time and in full.
No! Bankrupcy is very harmful! Do the right thing and pay off your debts as fast as possible, concentrating on those that are most overdue. Talk to your creditors about protecting your credit, and pay off the higher interest stuff ahead of the lower interest stuff.
Bankruptcy , is perceived by creditors as a coward's way of NOTmeeting thier financial obligations. If you think you will have any credit standing at all after bankruptcy, just talk to someone who has been through it. No one is going to entend you credit for a piece of bubble gum. The people who gave you this "genius" advice doesn't know diddly.
Whoever tells u to file bankruptcy is stupid! I've done it and never want to go that route again. Do it the right way girlfriend. You'll feel better and proud of yourself in the long run. I'm trying to do the same thing right now. Doing it the right way will help u to not get in that same predicament(sp?) again. You've made a smart decision doing it the right way. Stay focused and encouraged. Pray. It works!:)
there are a lot of good reasons for not going bankrupt. if you own a house or gain an inheritance they can be seized by your creditors for example. besides the more money you can evidence being able to maintain the monthly repayments on, the more you will be lent in future
Depends on your sense of self-esteem. People with low self-esteem file for banqruptcy, run credit up for7 years, then do it again. You'd feel much better about yourself doing it the right way, make payments on time, stay out of financial trouble.
Yes. it is smart to do it the correct way, it is also the honest and moral thing to do.
Your plan to pay off your debts as quickly as possible is a good one.
Deliberately running up debt with no intention to repay it is no better than stealing.
And if you don't think a bankruptcy will hurt your credit rating, you're wrong.
You are not dumb for doing it the honorable way. If I could have paid my creditors instead of filing for bankruptcy, I would have. The judge even thought I was goofy for not filing some section that would have protected money owed to me that I had not been able to collect. I simply told him that if my creditors could get it, they should have it.
The "max out" strategy is old news and would be a mistake because the bankruptcy laws have changed. Even in 1993 when I filed, they disallowed any debt I had incurred within the 90 days prior to my filing (not much, thank goodness). I think it's even more strict now.
If you have just $2k left, good for you and pay it off. It will fall off your credit report faster than a BK will.
How to Avoid Bankruptcy Explained
http://www.debt-explained.com/category/h.
Your doing it the right way.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: