Will my ‘very poor’ credit score hinder me from being able to take out a loan?
chelsncurt asked:
All of my debt is unpaid medical bills. other than that i would say i have no credit seeing as i have never paid a mortage or car payment or even credit card. My current score is a 550 and i know its best to pay off the debts but as i understand it the creditors can take as long as 7 years to take it off my credit and my score go up.
All of my debt is unpaid medical bills. other than that i would say i have no credit seeing as i have never paid a mortage or car payment or even credit card. My current score is a 550 and i know its best to pay off the debts but as i understand it the creditors can take as long as 7 years to take it off my credit and my score go up.
Some have told me that medicals arent a big deal when it comes to getting a loan but i still have concerns seeing as it has dropped my score so low.
help!
Marilyn
January 8th, 2010 at 5:26 am
Jennifer
yes you will have problems getting a loan at less than a very,very high rate
January 11th, 2010 at 1:45 pm
Joanne
Of course.
January 12th, 2010 at 11:38 am
Eva
Not from big guys named Guido. It’s no problem. Banks… could be a problem.
January 14th, 2010 at 2:39 am
Charles
My ex husband racked up medical bills onto my credit, now my credit score is shot because I refuse to pay bills that are not mine… my score is similar to yours… I got denied for every loan I applied for… medical bills count…
Good Luck.
January 14th, 2010 at 5:13 pm
William
unfortunately it will hinder you from taking out a loan unless you have some collateral you can put down they can hold or a person that can co-sign the loan for you who does have a very good credit score
January 16th, 2010 at 4:39 pm
Karl
Work out a payment schedule with your creditors and stick to it. Debt by itself doesn’t hurt your credit rating. Debt that you’re not repaying on schedule hurts your rating. Debt that you *are* paying on schedule helps your rating. (So if you’ve never had debt, you don’t have a great credit rating.)
January 17th, 2010 at 5:01 am
Dolores
Yes, medical bills count.
Just for the record, if you pay off your debts the debts themselves disappear immediately. You current record of missed payments will remain on the record, though.
Still, the fastest way to clear your record is to pay your debts as quickly as you can. Until you can do that, you can forget about any loans.
January 18th, 2010 at 10:01 am
Peter
Yes, they matter. Yes, you will not be able to get a loan. If you pay the bills off, your score will improve.
January 19th, 2010 at 2:22 am
Lillie
Your score will make it very difficult unless you have enough cash to show the bank. If the only thing you have is medical bills,then you need to show proof that payments are being made. Also like I said,the bigger your bank account looks,the more chances of getting that loan will be. The problem is that if you get approved,the interest rate will be up the roof.
January 19th, 2010 at 8:45 am
Lydia
Yes it will, you won’t be able to obtain any credit in reasonable terms,, not only that also it will affect your ability to obtain a job, your insurance rates, if you need to rent a house you’ll have a problem too…. There is several things, you need to take care of that.
Contrary to the advise given for some folks above, at this point it won’t make a difference for you if you pay that debt or not, unless you do something about it it will be on your record for seven years since the first missed payment on the accounts paid or unpaid. I would think it over before paying specially if the debt belongs to your ex-husband, they probably can’t sue you
January 21st, 2010 at 8:59 am
Todd
You will not be able to get a loan without a co-signer.
January 22nd, 2010 at 1:49 pm
Lillie
credit-report-free.totalh.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.