Horrible Credit
My husband and i have horrible credit, when we turned 18 we got all the credit cards thinking it was a good thing, and used them, then we lost our jobs and had to move out of state. Now we are almost 22, the cards are in collection, we together have 10,000. worth of card debt, we have great jobs and have the ability to start paying these off. our credit scores are below 500 we are desperate to get them back up, we make the income to buy whatever we want but no credit. Please help
sam
thats great that you have great jobs now, have you thought about consolidating all your debt by refinancing( thats if you own a home), do you guys own a home? what are you exactly trying to accomplish?
no we dont own a home yet. We are just trying to get rid of the collections and get our credit scores back up. If i want something, i want to be able to go buy it, like a cell phone, or anything else u have to have some good credit for.
Sam, consider looking at obtaining a secured credit card- to help you obtain some small items that require a credit card. To start showing a credit line that's being paid & is current. Look at citibank- as a example, can open w/ less than $500. for starters. Go to "quicken.com "for some others - to compare others
Being focused on paying off the cards, on time, is critical. Calling your creditors & informing them that the
situation has changed & will be corrected in the near term may get them off your back. You should indicate in your credit report a brief statement about what happened & you are know corecting it. Hope this helps. Mark
8-)
By now i'm sure now the balance owned on the old cards are way over the limit. you can work with the collection agency and get a pay off for alot less
you've said you have the $ to do buy whatever you want. pay the cards off first. the smallest ones first then pay the next smallest until you have paid them off. them work on building your credit........km
I am about to get a settlement from a car wreck and i should be able to pay them all off at once. Should i contact the card agency directly>? They are already way over in collections, and have been for a while. what is the best way to pay them off. Should i try and settle them for lower than owed?? any help is awesome!
sam
Don't pay off these debts without first seeking validation or at the very least securing wriiten agreement from these creditors that they will delete your negative credit information in exchange for deletion. Go to www.creditboards.com ASAP and start with the Newbies section. Also, be careful when you agree to pay for less or settle for less. Your credit will still be bad. It will say settled, charge-off or unpaid collection. All of these will tank your score.