You often hear of Americans who are lucky enough to win lotteries for HUGE amounts of money-hundereds of millions of dollars,sometimes.Does posession off such large amounts of cash automatically improve your credit rating?If so,to what degree?
JuanB
It does not instantly effect your credit rating. You could catch up on all your bills and keep them current, and it eventually goes up. You would likely just pay out your debts. But millions of dollars in the bank isn't part of your credit rating. But sure, you'd go to your bank and they'd give you a credit card without problem, or move banks.
Also worth noting that a majority of lottery winners eventually end up broke or bankrupt.
?
You will be moved to the level of VIP with the lowest interest rate the bank can offer.