True/False: Medical bills and student loans don't look as bad on your credit as consumer debt?
This is what I've been told, but I was wondering if you know if that's true or not. Thanks!
By consumer debt, I mean credit cards, mainly.
So lenders don't care what type of debt, they just see debt?
False they still get counted when a potential lender is calculating how much you can borrow for a car, mortgage or other loan you might try to get beecause they take your income and look at in relation to your total monthly payment obligations, no matter what the source of those obligations might be.
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false, you still have unpaid debt…..your credit worthiness is generally measured by total debt/total income.
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November 22nd, 2008 at 1:31 pm
It's all bad if you are not paying them
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http://www.marketstock.net
November 22nd, 2008 at 2:09 pm
So, let's rephrase your question to its most basic form. What you are asking is this:
Is it worse to have late or no pays on my credit reports or is it worse to have late or no pays on my credit reports?
When you ask the question in its most basic form, the answer just kind of pops out at you, doesn't it?
Often times we get so caught up in the details that we forget to get to the root of the problem. In most cases, if you get to the basics, the answer is self evident, such as in this case.
It matters not to the bureaus what kind of debt you have, all they care about is that someone buys your information from them. The root of their situation is, money. As long as someone will pay them to collect your information and someone else will pay them to get your information, they are happy. Remember this when dealing with the bureaus. They are evil. A necessary evil, admittedly, but never forget that they are solely motivated by the dollar and nothing else.
If you have any further questions regarding this or any other credit issue, please feel free to contact me at nebula7693@yahoo.com
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November 22nd, 2008 at 2:42 pm
Any unpaid debt looks bad on your credit, it doesn't matter where it is owed to.
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November 22nd, 2008 at 3:30 pm
False they still get counted when a potential lender is calculating how much you can borrow for a car, mortgage or other loan you might try to get beecause they take your income and look at in relation to your total monthly payment obligations, no matter what the source of those obligations might be.
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November 22nd, 2008 at 4:14 pm
False. Any unpaid debts affects your credit. And would ruin your credit. Thus its advisable to pay off your debts. If you find difficult to pay off your debts then you can go for a debt consolidation program. The are special program available for medical debts and student loan debts.
Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference.
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November 22nd, 2008 at 4:24 pm