Jona U asked:
5 collections for small amount (each $500 or so)
5 credit cards debts (max out and never pay a cent) so 180 and over past due.
and a car repossession (owing 15000) default.
2 written off loans over 1000
10 cash advances hasn’t gone to collection yet.
5 collections for small amount (each $500 or so)
5 credit cards debts (max out and never pay a cent) so 180 and over past due.
and a car repossession (owing 15000) default.
2 written off loans over 1000
10 cash advances hasn’t gone to collection yet.
or
nothing on credit report but
$40000 written off default personal loan.
or bankruptcy for the first options and everything written off. for 10 years.
what kind of scores would each one get? and how low can one credit score actually be? 500?
NOTE!. IN situation which the person has no income, no job and no asset(no paidoff car, no house, no worthy property) and living off someone else.
Barry
#1 by SPIFIMAN1 on September 20, 2010 - 7:48 pm
Elizabeth
FICO scores from 300 to 850 with anything that calculates to below a 300 defaulting to a 0.
In the scenario’s you have laid out the score would be the same 0.
#2 by StephenWeinstein on September 21, 2010 - 8:37 pm
Denise
With the first two options, the person will be unable to borrow any money for 7 years. With the third option, 10 years. So the third (bankrupcy) is worst.
#3 by mister ed on September 23, 2010 - 12:08 am
Stacey
well if you are living off some one else file bk — with it the credit score will be the same as the first two but last longer 10 years but you get rid of the collectors calling day and night!!!
#4 by TaylorProud on September 23, 2010 - 10:09 am
Allan
File Bankruptcy and it all goes away.