short sale mortgage payments
My credit score is now 543 because of late payments and Mortg a short sale. should I still pay my CC?
Then the worst happened (My Credit of 780 dropped to 543), I wanted my credit card payment of $ 11,000.00. I could pay off if they are, but I was told it was a waste since credit card Debts are unsecured and the effect would not be on my credit worse than it is, and a mortgage (secured) carries more weight. Should I save my money, I to start my life all over (I'm moving in a apt in 1 month bin.)
With that amount of credit debt and defaults on the mortgage, you may want Been declared bankrupt. A short sale is really no other way / bad for your credit score as a bankruptcy. At least then you would also have medical, etc. removed, all other debt … If bankruptcy is no longer an option (probably not, because you already know the mortgage wiped … but that sometimes they go after you for the balance owed on a short sale), then you have no choice but to pay the credit card, if you see an improvement in your score, will at some point in your life. It is there for seven years (such as bankruptcy). Even after the 7 years, you still owe the debt. Since you obviously want to start fresh, you should pay it off. Once you pay it out, Your credit score will increase (hard to say how much), because the available credit limit will then increase (that is a huge scoring point). But this depends on your situation. Are you exhausted on the cards but the accounts are still open? Then the credit score will increase a lot. However, if you maxed it and the company CC had "closed" the account, it will not be increased much because the company CC is not extended credit to you, even if you pay it.