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Jennliner

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How much information can credit card companies get from mortgage companies?
My husband and I filed for bankruptcy 7 years ago; we did not reaffirm our mortgage. We were recently told by an attorney to stop making mortgage payments since we owe more than our home is worth. We intend to allow our home to go into foreclosure. I want to apply for a credit card to help improve our credit scores and the application asks for our monthly mortgage/rent payment. Should I report what we used to pay? Will the credit card company be able to see we haven't made our last 3 mortgage payments even though our mortgage does not show up on our credit report? Will applying for a credit card, in our current situation, hurt our credit score more than help it?

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First, the credit card companies do not get information from your mortgage company, they get the information from your credit reports. Second, if you are no longer paying your mortgage payments, then the answer would be $0 in mortgage/rent payments. It may be a good idea to get a card as long as you keep it in good standing. Open accounts in good standing are what builds and maintains good credit. In addition to that you should do some thorough reading about credit, you need to understand how it works in order to succeed.

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