Quote:
Originally Posted by moon
I don't mean to derail the thread but since the theme seems to be housejunks concern about his credit rating being effected maybe it isn't too off topci.
I have a horrible credit rating, or at least had may have improved now, and still was able to get 10,000 LOC from a bank and a mortgage for my house.
I hear people all the time,and especially from collection agencies when calling me, talk about how you will never be able to buy a house, get a loan, blah blah blah.
Was I just a freak case or is a poor credit rating just a boogeyman sent out there by people that want to scare you into paying off debts/paying them/using their services etc.
I did plenty of bad things to drop my credit rating. Didn't pay credit cards bills for over 6 months, didn't pay other bills, didn't pay collection agencies when they called for over a year at least, got involved in those buy 7 CD's for a penny and then stopped after getting the 7 CD's at first, didn't pay any impark tickets etc.
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I'm no expert, but from what I understand:
A bad credit score on your report will affect your interest rate, and how much you can borrow.
A debt on your report (ie: an outstanding claim against you) may cause requests for credit to be rejected until it is paid.