I hаνе very bаd credit. At lеаѕt 3000 dollars worth οf credit card аnd doctors bills. I аm wanting tο pay thіѕ οff, аnd try tο rebuild mу credit. Aftеr everything іѕ paid οff, hοw long before thе creditors(actually collection agencies іn mу case) take thе points οf οf уουr credit, аnd dο thеу even dο thіѕ? Wіll іt really hеlр іf I pay іt οff, οr аm I doomed? I want tο bυу a nеw house, nеw car, аnd gеt a credit card, bυt I cant ( even though I mаkе gοοd money) before I gеt married- whісh ѕhουld bе soon. I see creit repair agencies аnd debt consolidators, bυt hаνе heard thеу mаkе matters worse. I wουld lіkе tο pay οff mу debts, bυt іf іt doesnt hеlр mу credit score-I feel lіkе I сουld spend thе money οn οthеr things.( I аm a single mother, whіlе I mаkе gοοd money-I dont hаνе іt tο throw around). Dοеѕ anyone know whаt I ѕhουld dο?
I wουld lіkе tο add, thаt I dο nοt hаνе a large amount οf credit card debt-іt іѕ very small.Mοѕt οf mу debt іѕ medical.I аlѕο аm nοt іn аnу way saying thаt I mаkе a grеаt deal οf money- bυt іt іѕ a very gοοd amount fοr mу age аnd experience. I саn afford tο mаkе PAYMENTS οn thеѕе items posted tο mу credit, bυt аѕ οf thіѕ moment ( holidays аnd аll) I саnnοt pay thеm οff- аll аt once. Wουld mу credit report list whο I ѕhουld pay іn specific ? I doubt very seriously thаt I hаνе mаrkѕ against mу credit thаt аrе fаlѕе, bυt іf ѕο іt іѕ worth a try tο send thеm thе сοrrесt info. Thanks fοr аll οf уουr hеlр !Keep thе grеаt аnѕwеrѕ coming! I аm taking notes!
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By Paying a lawyer $1500 and you wont owe anything. But you wont be able to buy a house, get any credit again, etc. !
Get the bills paid down and make payments on time and things will get better; but it’ll be 7 years before the “bad” credit pops off the credit report
I would suggest that you focus on one bill at a time and try paying at least $25. 00-$50. 00 a month to pay it off and then move to the next bill. It’s always good to pay any bill off, because eventually it will come off your credit report and it looks better that you did pay it off instead of not paying. Once the bills are paid you can ask the creditor if they will remove it.
Then the next time you get a credit card don’t charge more than you can pay off in that billing cycle unless it’s an absolute emergency and that’s the only means you have to pay for that emergency.
Generally, about 7 years until your credit rating with the CRA has been cleared. Being a single parent with a sole income won’t work in your favour either. People often never think of things like this until AFTER the fact and they have proven to be a bad creditor. You have really made a rod for your own back in this instance. Make sure you pay all your utility bills on time and any other expenses that are pending as quickly as possible. Your only real hope is that your future husband has a good credit rating, if he doesn’t, you are basically screwed for at least 10 years. Apart from that, you could always take the option of going bankrupt, but that should be a last resort.
Negative credit data stays on your report for 7 years except for bankruptcies and judgments which remain for 10 years. As you pay off your debt, establish and maintain an on-time payment record and age the derogatory information your score will gradually improve. This will take several years.
The only negative information you can have removed from your record is anything that is incorrect. The majority of credit files do have invalid information in them — my score is in the upper 700s and I catch one every year or so that clobbers my score until I get it removed — so it is worthwhile to check your record periodically and challenge any bogus data.
Anyone who tells you that there is a quick fix for a valid poor credit record is lying. And anyone who charges you money to “fix” your record (other than requesting the removal of incorrect information, which you can do yourself for the price of a postage stamp) is a scam artist. Likewise, stay away from “debt consolidators” as all that they really are are ripoff loan mills that will put you in worse shape than you are right now.
Credit counseling agencies CAN help you get your budget on track and can sometimes intercede with creditors on your behalf to get interest rates reduced and late fees removed. They generally charge a small fee for their services though this should be less than the reduction in your monthly payments after any interest rate reductions. Stick with the ones who are certified for bankruptcy counseling and you’ll be fairly safe.
I’m really sorry you’re in this position. Just know you’re not alone, there are thousands of people out there with the same problem (I don’t know if that’s encouraging or not).
The best bet is to pay everything off and don’t get behind again.
NEVER take one of those loans for people with bad credit, they are too risky. The only time you should take something like that is if you are out of food.
It will take time for all the bad credit to go away, if it does, but you can rebuild by paying everything on time every time.
Thats really not much debt. You have to pay it off in order to repair your credit. So start. Perhaps they will take smaller lump sums so you wont have to pay so much. But if you make as much as you say you do, 3000 shouldnt be a problem to pay off. Do not use credit repair when you can just pay it off yourself. and yes it does make credit worse, plus you’ll be paying them a fee and paying more money that you could use to pay off the debt. after you settle your debt, get the companies to send u a letter saying you are settled. then write to the credit reporting agencies and ask them to remove it from your report. And the seven year this is false. It will not be removed until you pay it off. You cant owe money then wait 7 yrs and it’ll come off. It doesnt work that way. Its a myth.
First of all obtain your free credit report from all three credit bureaus: Experian, Transunion and Equifax. Then review them for inaccuracies. ANy inaccuracies you dispute by writing the bureau it is listed on (more than likely all 3) and explaining why it is wrong and proving what and why it is wrong. ANy thing that is truly wrong, must be removed. . . creditors look at overall payment history, etc.
Once you pay things ff, get duplicates removed, inaccuracies removed, which cantake up to 90+ days, your score will rise. Keep in mind, everytime you give out SS# and creit is pulled on you your score goes down. Theredfore, do very infrequently.
After reviewing, contact you debtors and work out a payment plan yourself.
ANd do NOT ever, ever use a credit counseling company, they put you further behind, and make your credit worse.
Attorneys and Credit Repair Clinics have 3 secrets. It’s these 3 secrets that keep them in business. First, when it comes to ANY negative marks on your credit, the big secret they don’t want you to know is this. . .
THE ONLY NEGATIVE INFORMATION that CAN REMAIN
on your credit report
is NOT what is accurate, but what the Credit Bureaus
CAN PROVE TO BE ACCURATE under the F. C. R. A.