Does using the service put a mark on your credit rating? Currently my rate is at an r1, which i think is the highest. The problem is that my morgage payments are high and trying to pay down debt is a very slow process. I`ve calculated my monthly payments for daily expences and figured out what intrest I am paying with the debt. I also calculated how many years it would take to pay the debt off at a fixed monthly payment but I am not seeing any result because of the intrest on the debt.
affecting credit rating
posted by Questions @
1 Expert Comment:
At June 23, 2010 |
12:10 pm
, Bart Goth, Trustee in Bankruptcy Said...
Anytime you file a bankruptcy or a consumer proposal there is a blemish on your credit.
The only thing I caution people to consider is that what credit rating you have at credit bureau can be a little mis-leading. The reason for that is your true credit rating, as considered by the banks and other institutions, is a combination of who you owe money to and what is reported by Equifax and TransUnion. As a result you may find that despite the R1 is reported, when coupled with your existing indebtedness your true credit rating may be quite poor.
Overall the best of credit is whether or not you can qualify for a loan at your bank. If you can I would argue you have a good credit rating, if you can’t I would argue that you do not.
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