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Does your credit score go up if you sell a house?
yes
What is a credit report?
Credit Report - If you've ever applied for a credit card, loan, insurance, or a job, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Companies that gather and sell this information are called Consumer Reporting Agencies (CRAs). The information CRAs sell about you to creditors, employers, insurers, and other businesses is called a credit report. Banks and other companies use your credit report to assess your credit worthiness. So at times when an individual has been turned down for a loan or credit it is the information held in the credit report which is an issue. In other circumstances, credit reports also also used in getting the capacity of an individual to pay their mortgage credit or any other type of loan. Even when an individual has a poor credit report, he/she can still improve it by paying his/her debts and settling payments and other important credits. Credit report is a snapshot of everything you have ever done in your life that has involved your use of credit. Try to visit Simple Credit Online for more advise.
If foreclosure proceedings are started but the loan was reinstated will it show negatively on a credit report?
Yes. Foreclosure proceedings do not begin in most states until you are a number of months behind in payments. That will negatively impact your credit report. I had foreclosure proceedings begin on my home, but I was able to short sell the home before it went to auction. On my credit report it says, "loan was paid for less than amount owed".
Do you have the right to see your credit report for free if you have recently been turned down for something?
Yes. In the United States, if you are denied credit, you can demand to see a copy of the credit report that caused you to be denied. HOWEVER, anybody can get a free copy of your credit report EACH YEAR, from EACH credit reporting agency. So you can get a free copy of your credit report every 4 months. Go to "annualcreditreport.com", pick one of the three credit reporting agencies (TransUnion, Equifax, and Experian) and start the application. I recommend that everybody make it a point to monitor your credit report every 4 months. I've set an annual reminder so that I can be sure to request my credit report regularly. DO NOT simply search for "free credit report" on search engines; most of those sites will try to sell you a credit monitoring service for $15 bucks a year, for nothing more than you can get REALLY for free. The only interesting thing that isn't included in your free annual credit report will be your "FICO Score", which is sort of the bottom line number that car dealers or mortgage lenders use to determine if you're credit worthy. (FICO, or "Fair Isaacs Credit Organization", determined some of the original guidelines for credit worthiness.)
What happens when a Bank loan is charged off?
It will show on your credit report where your bank loan was "Charged Off". This means the bank wrote off the money and gave up on collecting it. However they can sell that debt to a collection agency to try and collect it. It will show on your credit report for 7 years.
