Rebuilding credit with no credit cards

flags6262 · 11-02-2009, 04:14 PM

We are filing chapter 7 (credit cards and medical) and are keeping our home. We have lived here twenty years and have never missed a payment. We financed a new van in 1999 and made all 60 payments on time. Will our mortgage help our credit score over time as we do not want to have even one credit card?

liz417 · 11-02-2009, 09:20 PM

Are you reaffirming the debt/home loan? If not, then it most likely WON'T be reported to the credit agencies.

StartingOver08 · 11-03-2009, 04:33 AM

If you don't plan on having credit cards again, then don't worry about your credit score.
You have your home, keep paying on it until it is paid off.

Really the credit score is suppose to be a measure of how well you pay back borrowed funds and if you are paying cash for everything (and already have your mortgage) that score is meaningless to you.(And in the big picture is meaningless anyway because it does not measure what it purports to measure, but that's another discussion!) Congratulations, you are ahead of the system!

11-02-2009, 04:14 PM	#1
flags6262 Registered User Join Date: Nov 2009 Posts: 1	Rebuilding credit with no credit cards We are filing chapter 7 (credit cards and medical) and are keeping our home. We have lived here twenty years and have never missed a payment. We financed a new van in 1999 and made all 60 payments on time. Will our mortgage help our credit score over time as we do not want to have even one credit card?
flags6262 Registered User Join Date: Nov 2009 Posts: 1

11-02-2009, 09:20 PM	#2
liz417 Registered User B/F Guru Join Date: Jun 2008 Location: Inland Empire, SoCal Posts: 2,409	Are you reaffirming the debt/home loan? If not, then it most likely WON'T be reported to the credit agencies.
	May '08 Stopped paying Creditors/Hired 1st Attorney May 21, 2009 Retained 2nd Attorney May 28th - Filed for Ch 7 (FINALLY!) 9/11/09 - DISCHARGED!!!!

11-03-2009, 04:33 AM	#3
StartingOver08 Registered User B/F Guru Join Date: Oct 2008 Location: SE Florida Posts: 3,487	If you don't plan on having credit cards again, then don't worry about your credit score. You have your home, keep paying on it until it is paid off. Really the credit score is suppose to be a measure of how well you pay back borrowed funds and if you are paying cash for everything (and already have your mortgage) that score is meaningless to you.(And in the big picture is meaningless anyway because it does not measure what it purports to measure, but that's another discussion!) Congratulations, you are ahead of the system!
	Filed CH 7 9/30/2008 Discharged Jan 5, 2009! Closed Jan 18, 2009 I am not an attorney. None of my advice is legal advice in any way, shape or form.

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