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Will a foreclosure increase interest rate percentages on credit cards with existing balances?
Wiki User
∙ 9y ago
No, there is very little danger in this occurring. Missing payments on credit cards is the cause of increases in signature loan interest rates and reduced card capacity (which frequently happens in foreclosure situations).
Most credit cards now have clauses that indicate a default in any other debt can lead to an increase in the interest rate of that particular card, however, this happens with other credit card defaults far more often than mortgage loan defaults. There is no incentive for credit card companies to make a mortgage payment default situation that much worse. This would cause a consumer's tight financial situation to spiral quickly out of control, and the likelihood of their getting any money would fall dramatically. The converse is also true for the mortgage loan.
Be real: Compare being homeless or crowded renting to defaulting on credit card(s) and enduring higher credit card interest rates. Unless the mortgage/home value is extremely inverted, it is more important to pay the mortgage on time, rather than worry excessivly about defaulting on credit cards.
Wiki User
∙ 9y ago
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Is it better to pay everything to increase the credit score?
Using credit wisely, and paying off all balances immediately, is ideal but often not possible to everyone. An alternative to paying off all balances at once is to increase the lines of credit on your accounts. This reduced the ratio of debt to the card's maximum allowance, which is a factor in credit ratings. You can call most credit card companies and ask for credit line increases and also a reduction in APR. But I wouldn't suggest this unless you will NOT increase your balances, and will continue to make payments to reduce overall balances. Also, account inquiries impact your credit score, so I wouldn't do this right before requesting a loan for a car or mortgage.
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According to RealtyTrac, there has been an increase of 54% of home foreclosures in the US from 2007 March to 2008 March Credit: http://www.mortgagetonight.com/2009/01/how-foreclosure-affects-credit/
How can you increase your credit score after a foreclosure?
A credit score may be increased after a foreclosure by optimizing the factors involved in calculating the credit score.What are the factors of a credit score?»Payment History 35%»Amounts Owed 29.5%»Length of Credit 15%»Credit Variance 10%»New Credit 10%»Personal Information Variances 0. 5%
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It's a 4.3% increase. Subtract 127375 from 132885 & divide that number by 127375. Then multiply by 100.
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