Bankruptcy can negatively impact every aspect of your life, but it has a particularly terrible effect on your credit score. A declaration of bankruptcy can sink your credit rating by as much as 220 points for seven years or more. That’s enough to take a “good” score down to “poor,” which means that you won’t be able to enjoy your low interest rates, cash back rewards and high spending limits for a long, long time. However, filing for a Chapter 13 or Chapter 7 bankruptcy doesn’t mean that you should stop using credit altogether. Continue Reading
It seems Capital One is having trouble letting go of discharged debt. And it’s not in just a few isolated instances. Earlier this year, a court-appointed auditor documented thousands of bogus claims seeking money previously erased by bankruptcy. Capital One stated in an earlier filing that the claims are “neither willful nor intentional” but considering they write off billions in uncollectible debt each year, it’s no wonder they invest heavily into debt collection. Collecting debts between the time when the bankruptcy proceeding is filed and when it is completed is very lucrative. Are you troubled by threatening calls, mail and law suits from creditors? Is your home facing foreclosure or your car likely to be repossessed? Are your wages being garnished? It’s not worth losing sleep over legal matters. You need a reliable Kansas City bankruptcy attorney who can provide immediate relief. The Sader Law Firm has more than 30…
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There’s a new kind of credit score in town. It’s called the CoreScore. Have you heard of it? While the new CoreScore looks at the typical FICO credit related patterns – credit card borrowing, bank transactions and mortgage data, CoreScore digs deeper. CoreScore examines transactions that are likely to occur at the lower end of the income scale such as car and rental payments, payday loans (if you’re familiar with this blog, you know what we think of payday loans), and even missed child support payments. If it can be financed, it can be linked to the new CoreScore. For more on this new consumer credit rating, check this out. Do you feel it’s too invasive?