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Additional Details
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Michael T | Credit card debt scenario..need some advice.? |
So, I have about $4400 in debt, which I have to payoff completely, but I am not sure the best way to help repair and save money now. I have one card that has $1200 and the limit is $1300. I have one in collections at $800, and one that is closed that $2400, limit at $2000, with an interest at 22%. I have the opportunity to settle the $2400 at $1900, with a 1099 on the difference. Should I save $500 or just payoff all of the debt? I want to start to raise my credit score, but it is really low, so the fact that I am paying off the others, even though I am settling on one, won't that offset the negative? Also, should I keep one open or just close them all? My wife has great credit, so we don't need one of mine open. This is what I get for not getting financial guidance when I was 18. All of this is from my 18-20 yrs. credit card mistakes. Bummer! |
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Waine
|
hi,
here you'll find tons more info than I could possibly
post here. It'll take a bit but it's your money and well worth
taking your time over it
http://credit-cards.ebookorama.com
and here http://finance.ebookorama.com
also plenty more to read here
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck! |
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Karrien Sim Peters
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When your credit is screwed like that just wait it out. Those companies will offer you a better deal if you just wait. |
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rye252000
 |
Start by paying off the card with lowest balance, pay the minimum on the other 2 cards (don't settle the other card this will have a more negative effect on your credit) pay as much as you can on the lowest card every month until you pay it off then move on to the next card. Don't close any of the cards! When you get your credit score, the more credit you have but don't use actually raises your credit score example; if somone only has 1 credit card with a 2000 line and they are using 1800 of that they will have a lower score than someone that has a 4400 line and has no debt on them. Companies that want to loan you money want to see that you have good enough credit to get cards and that you will pay off the debt Good Luck |
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shorty_7123
 |
Do NOT do NOT do NOT settle for any of those. If you want to improve your credit score, pay them all off. And really, as long as you make even a little more than the required payment, your credit score will start increasing. Your debt is only $4400, that's not alot at all. The other thing you can do it play the "balance transfer" game with you companies, or one of them. Get one of them to give you a really low balance transfer rate, and transfer the 22% card over to that. Even if it is a new card, you'll still come out better. As long as you are not carrying large balances on all accounts, it will not effect your credit score negatively. It will still be the same balance, but you have more credit available to you, so it helps it a little bit. Paying off the others and settling for one is still not good.
Also, I re-read your post, and just wanted to make sure you got the part about not closing your accounts. Even if you are not using them, you are not supposed to close them. It shows that you have a large amount of credit available to you that you are not having to use. If you close all of your accounts, that looks bad to people who are looking at your credit report. You can call the company and tell them you want to keep the account open, but to make it so you can't use your card. (I can't think of what it's called). And what that other person said about settling, that still affects your credit score for awhile if you just settle. It does show that you did not pay off in full. It's not that much money, just pay it, you'll be much happier! (And so will your wife one of these days when she doesn't have to worry about what is on your credit report) Good luck! |
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mom_of_4
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Just put all the extra money you have on the smallest one, (while your making your regular payments on the rest) once that is paid off do the same and put what you were paying on the one you paid off on the next, and so on until your debt free! No savings, no going out to eat, watch what you spend like crazy and just throw all the money you can onto the cards! Good luck! |
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spiritcavegrl
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Well, you learn from your mistakes, I would pay off all the credit cards, whatever you can, if you can make settlement on them yourself that would be great, but I would suggest you keep one open so that your credit will get better, just don't abuse it. I made the same mistakes, I have really bad credit, right now, but am working to make it all better. You would think that paying your debts that you are able to would offset the negative, but sometimes it does not work like that, unfortunately. Hopefully your credit will get better. Mine is getting better. Best of luck. |
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Milana P
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Don't settle, like the others said. If you're on good terms with the $1200 one, call and ask them to lower your rate and/or raise your limit. Then work on the $2400 one- transfer part of the balance or pay a bigger amount- and get it under the limit. The overages are probably killing you! |
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BrwnSgr
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Okay the best thing for you to do is pay off the bad debt first get rid of it and get letters stating you have a zero balance. Do not do the 1099; never heard of that. If they will settle, settle for that exact amount no more and make sure you get a 0 bal letter. for the ones with a high balance make sure u are not late anymore and once the bad debts are taken care of you can concentrate on getting the balances down! hope this helps. dont be late again that is very important. and get a credit a report! |
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mazziatplay
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If you settle with a creditor for less than the amount due the creditor may report it so in your credit history. You are better off paying off all outstanding debts. I would not, however, close all of the accounts. Keep a couple available for potential future emergencies. Also, closing them all could negatively impact your credit score.
Even though your wife has good credit, you need to get yours cleaned up and kept straight.
Expensive lesson, huh? |
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theophilus
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Credit card companies are not happy when they lose money. I suggest you pay the amount in full. I won't ruin your day telling me that I don't have the brains God gave a goose, when it comes to running up credit card debts - however I can access money to pay them off. Yours looks like a walk in the park!
You don't want to depend on your wife's credit - that's not fair to her and not a very mature way of dealing with debt. If you can keep one open for emergencies, then that would be best, but lower the limit yourself so that it is only used for emergencies. Pay it off monthly, and rebuild your own credit.
I have never had to rely on my husband for my credit rating - it's frustrating and demeaning. And I'm so glad that I didn't now, because he died three years ago. |
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