If i pay off my debt of 4,000, will my credit be good? will i be able to get approved for credit car

i want to pay off my debt,but was wondering if after its paid off and shows paid on my credit report can i get approved for credit cards again ? how can i re-establish my credit? HELP!!!!!

If i pay off my debt of 4,000, will my credit be good? will i be able to get approved for credit cards?

Not right away, there are a number of ways to re-establish your credit, you can try a gas card and make sure you pay the balance in full every month, or if you dont want that hustle due to high gas prices you can first continue to pay all your bills (electric, phone, etc) on time and you can try to get a credit card through your bank

If i pay off my debt of 4,000, will my credit be good? will i be able to get approved for credit cards?

It would depend on where you live? Credit reporting agencies have a scoring system with highs and low%26#039;s even when you pay off your debt you may still have a low score (depending if you were delinquent and written off) did they send you to a collection agency or force litigation against you? these are all determining factors. there are a number of credit card companies that will help you re-establish your credit while offering you a secured card (capital one is one of the better ones)

If i pay off my debt of 4,000, will my credit be good? will i be able to get approved for credit cards?

Paying off your debts is a good thing, but it does not remove the record of the debt from your credit file for at least 6 years.

Believe it or not, your creditors have no legal obligation to inform the credit referencing agencies that you%26#039;ve repaid the debt! Once you repay the debt you can ask for a Certificate of Satisfaction (costs about 鎷?0 per entry) which states that the debt has been paid but, like I said, the debt is not expunged from the file for 6 years.

Just because you%26#039;ve repaid your debts does not mean you will get credit. Each credit card company has different acceptance criteria.

To start re-establishing your credit, I%26#039;d suggest you start by applying for a credit card from your bank..after all, they know your finances better than anyone! If that fails, apply for a card aimed at people with less-than-perfect credit (Capital One is a good place to start, also Aqua %26amp; Vanquis). Be aware tho%26#039;, the interest rates on these cards are high! Make sure you make the repayments on time. Then after about 6 months apply for a more mainstream card (if necessary, approach your bank again) with a better interest rate.

Bear in mind that each time you apply for any form of credit, a credit search is done and stored on your credit file. Too many searches may also put lenders off, as they may feel you%26#039;re making fradulent applications.

Good luck!