Short Answer is that it dies with you IF.....
If you have bad credit be encouraged you can have good credit, if you want it.
Having a “prime” credit score can make a significant beneficial difference in your life. Non-prime credit scores will result in limited more expensive borrowing options, if available at all.
Borrowing from time to time is a reality and necessity of modern financial life. Short-term borrowing costs impact your long-term financial well-being. Your ability to minimize those costs is based on your financial capability. In this adversarial economic system, you can either "play the game" or "be played by the game."
Credit heals itself. If you do nothing on your credit for the next 7 years you will have a clean credit report by law. The only exception would be the 10 years required for a Chapter 7 bankruptcy to clear. But just waiting for the bad news to fall off your report isn’t good enough. You also need to engage the system for your benefit.
It is difficult to give generalized financial advice. Because everyone’s situation is different and the dollars are in the details. Having said that, here's a look at the benefits of a balance transfer.
A balance transfer is when you move the debt from one debt instrument to another. In most cases, a credit card is the receiving instrument.
Some pros to doing a balance transfer.
Some things you should be aware of when making a balance transfer.
A good credit score is not enough to be mortgage-ready
Yes, you need a good credit score. Just as important is your debt-to -income ratio. Your debt to income ratio tells a lender how close you are living to the edge. It is known as DTI.
DTI measures the percentage of your gross monthly income is used to service certain debt types.