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Does Purchased by another lender open a door of opportunity

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julieray419
Established Member

Does Purchased by another lender open a door of opportunity

I have an installment loan for a furniture business that filed for bankruptcy. It has been a shaky payment history. Since this will probably go to New lender per say, will this be a positive situation where it will show as a new account with new payment history?

 

I would hope so because I am not planing on opening any new lines of credit to maintain a decent credit history after all I have been through.

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AndySoCal
Valued Contributor

Re: Does Purchased by another lender open a door of opportunity

The credit history of the account will transfer to the new lender. The date open on the account should remain the same.

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