Poor Credit

What is home equity?

Home equity is the difference between the market value of your home and the amount you have paid towards that value.

What is bankruptcy?

Bankruptcy is the term that describes the court proceedings a person must go through to relieve the debts they are unable to pay their creditors.

How long can I wait to pay a bill before it shows up on my credit report as being late?

Payments must be at least 30 days late before they can appear on your credit report. Since this is not a long period of time, it is best to pay your bills as soon as possible or in a timely manner after receiving them.

How long will late payments or bankruptcy remain on my credit report?

Late payments (30 days past the due time) will appear on your credit report for 7 years and a bankruptcy will appear on your credit report for 10 years.

Can I create a new credit file with a new social security number?

Federal law has made it illegal to use an alternative social security number when applying for credit. By using another social security number and new identification you cause the credit bureaus to generate another report for a person that does not really exist, and then use that new report to obtain credit. One of the problems with this technique is that it requires that you lie on applications for credit, which in most states is a criminal offense.