Monday, April 12, 2021
Economy

Stay away from credit while you clear your mortgages bad credit

Mortgages bad credit is a predicament that no one would like to find themselves in, especially not when you plan on getting more credit. It is thoroughly ill-advised however to stay away from getting more credit while clearing the bad debt from the mortgage defaults, for it is completely counterproductive to seek more debt while you’re busy trying to get rid of bad credit history as a result of debt.

While it is a cold reality that many consumers live on credit, from the homes they live in, the cars they drive and even the household products they buy, there is such a thing as too much credit or better yet, redundant credit. And at no time is this better illustrated than when one is getting rid of a bad credit rating on one hand and seeking to secure new credit on the other. This level of madness is tantamount to exiting a jail cell, only to put chains on ones legs and arms in order to lock oneself against a pole. If you weren’t able to handle the credit the first time around, what will have changed that the new credit will not get you into a bad credit situation like the mortgages bad credit?

Only you can answer that question, but certainly the nature of credit will not have changed between the time you took the mortgage loan which ended up giving you a bad credit rating, and seeking the new credit. You’ll very likely go from clearing the mortgages bad credit to claiming a new bad credit rating.