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Originally Posted by atatat
I am just worried that in another year or two when our bankruptcy is off our reports, our cars payments are payed and we have no mortgage...when it is time to pay that balloon payment, will we have a credit? That I guess is my concern.
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Make that one of your goals. To keep your credit report in good shape so that you can get a loan for the baloon payment. Review your credit report regularly to check for any errors. (you can get a free report from each CRA each year from
www.annualcreditreport.com) Learn what factors go into calculating the FICO score, so that you keep yours up & get the best interest rate when you are ready to apply for that loan.
You might want to consider paying your grandfather with checks instead of cash, so that you have a record of the transactions. Those records can help prove to lenders that you can make payments on time & regularly.