Is a judgement worse than a BK?

Anonymous · ‎12-12-2008

Hello all...

I have an unpaid judgement on my reports that I am trying to gather enough money to pay. I have applied for Alliant CU and Citi, and were denied by both. After reading many posts on this forum, I see people with BK's getting approved for all sorts of credit cards, but I cannot seem to get one because of my judgement. Already have Cap1, WaMu, and Orchard, all with perfect payment histories, odest being Orchard which is 4.5 years old. Never late, never over the limit, and always pay more than minimum, but not PIF typically. I want to obtain another card, but cannot seem to get approved. I feel like I am above the bottom feeders, but maybe not. Am I screwed for the next 5 years until this judgement falls off my report, or what? My Scores are EQ 672 EX 650 and TU 615 Thanks

manyquestions · ‎12-12-2008

Unpaid Judgement counts as a big negative. Both are "big bads". With a BK you didn't pay your debt but now you have a clean slate. With an unpaid judgement you didn't pay your debt and now you have a kind of debt that in many states can be collectable for a very long time (10 - 20 years in some cases). So they are both "big bad" as far as someone thinking about extending you credit, but unpaid judgement is still owed, BK equals fresh start.

smallfry · ‎12-12-2008

IMO a BK trumps all. It's an across the board flip of the bird to one and all. LOL.

jmbfl · ‎12-12-2008

An unpaid judgement is an unresolved baddie. Unresolved baddies are frequently a bar to other that sub-prime credit offerings. A judgement, whether paid or unpaid will remain on your CBR's for 7 fo 7.5 years. Paying the judgement will move it from unresolved to resolved - but it will remain on your reports to be seen on MR unless you obtain a court order for its removal. That type of court order is not frequently issued, but is highly desirable.

smallfry · ‎12-13-2008

I assume judgments are paid. Apples to apples a BK7 stains for 10 years while a paid off judgment loses its flavor fairly quickly and it is only 1 flip of the bird not a come one come all.