isntdeadyet
 |
I've been where you are. Pay them.
www.creditexpert.com
Look at your report, find all of the bad debts, get their mailing addresses & account numbers, and start mailing payments. Within 3 months AFTER you've paid one completely, there should be a change in status on your credit report to "PAID". If there is not, you can then call creditor to have it reported, and then dispute the item through Experian.
Having it charged off and later show as Charged Off, Paid is much better and does help your score. Everyone goes through hard times and showing your willingness to pay your debt when you are a little better off financially says alot about where you are NOW as opposed to then. Then the credit card offers will start rolling in and you might want to open ONE and not use it much to up your score. Then your score will continue to go up. It won't happen overnight but it will happen. Good luck. |
|
Bill
|
DO NOT ATTEMPT TO REPAY THEM until you talk to an attorney.
There are cases of people who reaffirmed old debts that had been discharged in bankruptcy by making a payment...and pow, they came back to life. Be careful mucking around with this til you get legal advice. |
|
Judge Judy of Y/A
 |
Be really careful before you make any payments. I believe I heard Suzy Orman say that if you even make one small payment against a debt which was charged off, the entire balance is collectible again. You should ask a professional credit counselor or financial adviser before you do anything. Even if you do pay off all those debts, your credit score isn't going to get much better quickly. You probably wont be buying a house in your name for quite a few years with a credit score in the 400's. |
|
ne11
|
Your score of 416 means you are an at- risk- borrower.
7 cc were charged off 2 years ago. The remainder of the non paid debt can remain on the credit bureaus' reports for 5 more years.
It's true that by making payments on charged off accounts, you can end up owing the original amount plus interest and maybe even penalties. By doing this, the card companies would record your payments as late. I can't see how that would help your FICO score.
If you filed bankruptcy, no lender will sell you a mortgage at this point. You need to build a reliable credit history. That means paying all debts on time. Do't make any late payments. Cut up any remaining credit cards.
Call a lawyer for help with your dilemma. |
|
Jen
|
I just bought a house, and I used to have terrible credit. I did pay part of my charge offs. They will usually settle for a smaller amount. And most importantly keep everything current from here on out. |
|
Michael B
|
You will not be buying a house with a score of 418.
Take some pride, pay off your debts , learn a life long lesson on living below your means and in a few years you will a) feel good about yourself and b) be able to buy things that you can afford.
rule 1: spend less than you make
rule 2: pay off debt
If you follow these you will retire well off. |
|
Pam
 |
Good luck buying a house. Ain't no way you're getting a decent loan with a score of 418 - so do what you will with the credit cards. Too late now. |
|
wwtpo
 |
I agree with Bill, get an attorney, one familiar with the Federal Fair Credit Reporting Act and Bankruptcy Laws in your state! Each state has different laws regarding this. Pay him or her a retainer to deal with the creditors and collectors. By now, all of these accounts will have been turned over to them. Regardless of what they say or threaten, don't agree to anything, if you do it starts all over again! When they call refer them to your attorney, and don't give them any bank account numbers, some will tell you they will only deduct an "x" amount from your account and then wipe you out completely! This is illegal, but it happens and since you owe the debt, you would have a real hard time getting the money back!
Do yourself a favor, get the attorney! |
|
Jason S
|
I wish you luck, but doubt that your 2-year time frame is realistic.
You may be renting for quite some time. |
|
Andy
|
7 cards?
lol, you have to pay them off, the amount you owe grows expontentially each month because of interest |
|
HarryMay
|
confused...it was my understanding that once they are charged of they are removed from your credit...it may not be these cards that are affecting your score...there are a number of things that affect it |
|
*****
 |
The only way you credit score will improve, is by paying your ALL of your bills when due, not just the credit card bills. If you maxed out 7 credit cards, you are in one BIG financial hole. How on earth are you going to be able to get any financing for a house, with your credit history? |
|
Always Right
 |
Given that they are legitimate debts, the responsible and moral thing to do would be to pay them. |
|
Bergdorf
|
Pay.
www.shiseidocity.blogspot.com |
|
names_idol
|
pay! |
|
Anita G
|
You need to get this credit cards payed of...the lower the balance and on time payments the better your credit score will be. |
|
carrie
|
I went through the same thing, I filed ch.7 had everything discharged and was able to get a mortage one year later. The answer was right about trying to pay off, if you make arrangments and default they will get you and you'll be garnished and everything else. Talk to a attorney they will give you several options. Goo Luck! |
|
Ashley J
 |
pay them off now |
|
Jayne
|
You really need to pay off your cards to raise your credit score. I don't know who told you that if you pay them it will hurt your credit score. That is just silly. When applying for a loan they look at your debt to income ratio. If you have more debt than income it looks bad. If you pay your cards off your ratio will look better due to the cards giving the illusion of more income due to having the ability to charge amounts onto those cards. I would pay the cards off and then only keep three of the lower interest cards open maintaining a $0 balance every month. Cancel and cut up the other four. Only charge on the cards if you are able to pay the amount off the next billing cycle. You are wasting your money paying interest.
Your credit score goes up by paying bills on time. It also looks good if you pay more a month than the minimum requirement. If you only pay the minimum you are paying the interest and not even touching the principal (the amount you spent to pay back). This takes extra time to actually make your payments work towards paying off the card.
If you want to buy a nice house with a good mortgage I suggest you take my advice and not the ones that think paying off debt hurts your credit. You may want ot ask them what their credit score is. |
|
doanel
|
Well, negative items stay on your credit report for seven years, so I don't think it's going to matter either way. Don't pay on them and save that money for a bigger down payment on your house. |
|
~* Garden Empress*~
|
Improving it would be to pay those cards off. I don't know who said your credit would go down if you paid your bills. That's crazy. You score will go down if you don't pay. Best option is too pay or you may not be able to get your loan for your home. Best of luck and pay those cards. I know you don't want bad credit. |
|
SPIFIMAN1
|
You need to concentrate on paying off your credit cards. Just because they are charged off doe's not mean that you don't have to pay them.
What they will do is transfer them to collections and the collection companies will come after you. If you still do not pay, they will take you to court and get a judgment against you and then they can garnish your wages, attach bank accounts and file liens on any property you own like vehicles, land or homes.
This will stay on your credit for 7-years from the last reported date.
I would not worry about buying a home because with a 418 score and 7 charged off credit cards nobody is going to give you a mortgage anyway. |
|
beauty s
|
yes!!!! always pay them off |
|
cwilsonhappylife
 |
pay them bad credit will kill you in the long run |
|
Caroline
|
If you default on the payments, the score will get even worse. Plus with the score you have now, unless someone co-signs the loan for you, you will not be able to get the mortgage. |
|
Talk Dirty to Me =P
|
umm definitely pay them because if you just leave them they're gonna come after you and make you pay them anyway and if u plan on buying a home with a credit score like that you can forget about cuz if you cant pay your credit card bills what makes you think they'll trust you to pay your mortgage on time..and if you dont do that the IRS will take your house away.. so think about it. |
|
Anah B
|
If you ignore them, they will not go away. I would knock out the 3 with the lowest balance first. Start socking away $$. When you have about 75% of the smallest amount set aside, contact just that card, and offer to "settle in full" for say, 30-40% of the balance owed. This gives you negotiation room. Don't send a check, though, until you get IN WRITING that it is a settlement in full. Repeat for the next 2. When this is done, Contact the last 4 and see if they will "reage" the account. |
|
Thelizardking
|
What you need to do is keep them below 50% of total credit limit, Ex: $1,000 credit limit, until you get below $500.00 owded it goes against your credit, below 500 it helps your score. Also keep all of them open even if paid off because closed accounts go against your credit, So pay at least 50% off and make monthly payments until paid off.. |
|
pinkyismygirlfriendniluvhur
|
as long as yuo can borrow more than you will need
then no problems |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
