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John M | How would you pay this debt. Advice Please!!? |
I just received a check for my stock that is $3,700.00. Im 22 and want to improve my credit enough to get a loan in about a year to go to flight school about $40,000. My "plus" credit score is a 496. Amounts charged off are....$318.00/ $446.00/ $350.00/ $305.00/ $2185.00. I also have a student loan which is now CURRENT but is $10,000. Would it improve my credit score to pay off the charged off amounts with the money and use my monthly income to stay current on my student loan? Or would it benifit me to take a chunk out of my student loan. Total debt owed is $13,000 and continue paying off the small debts with my monthly income? Is it a reality to think that I can even get a loan for flight school in about a year if I pay these off soon? All feedback is GREATLY appreciated!
Additional Details
All the Charged off amounts were credit cards the $2,000 one was for a computer through Best Buy but was financed which all closed in 2006. So those are the balances showing on my report which im guessing if I pay will be it. So paying the Charged off amounts which arent going any higher and have been on there since 2006 is the right thing to do. Not to mention never doing that again and paying on the student loan.... |
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DCK2003
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It depends how long ago the charge offs occured and what state you live in. Really, in your situation if the charge offs have exceeded your state's statue of limitations for collection I would not pay them at all. If they are more than four years old most likely it is not worth paying them at all. Also, remember if you are willing to pay a lump sum settlement most credtiors will settle for 50 cents on the dollar if you offer it. If not less. Always, get any agreement for settlement in writting BEFORE paying a settlement or agreeing to pay.
In your case I would not worry about the student loan, yet. I would take care of the charge offs if less than four years old and call and try to negotiate a settlement. |
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kbmoose1
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You should pay off the small debts (< $1000) first. That reduces your monthly outgo. And if they're credit cards, reduces the percent of available credit in use. A plus for your FICO score.
After that, pay an extra $100 or so on the $2185, and an extra $100 on the Student Loan.
Then put the remaining cash in an emergency fund (like a short term CD).
And don't incur new debts. Don't consolidate debts. Don't take advantage of 'low interest consolidation' teasers.
Whether or not you can get a loan for Flight School will depend on your credit score and your income. It's hard to say from this info what you'll qualify for.
But raising your FICO is important. 496 is too low. Aim for 700.
You can do it. Good Luck |
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Serge M
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Charged off is a meaningless term, so I don't know what is the status of those debts. You also don't mention any interest rates. You can't expect good advice with no information. but I will make an assumption.
I assume that the small amounts you mention are possibly credit card debts that are either due or already in default. Definitely use the money you have to pay these off, then keep up with repayment of your other loan. A year of no defaults, payments on time, and small debt can do wonders for your credit rating. |
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joycaro
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It depends on how long the charge-offs have been on your report. If you are getting close to the 7 year mark - then paying off the charge-offs will open them up again to show for another 7 years from the date of payment.
You can make an agreement - in writing!!!!! - with the companies that have charge-offs to remove all traces from your credit report if you pay the balance owed. This is a little tricky because you will have to stay on top of making sure that they do (most will lie to you just to get your money) - and there is a legal statement that you must print on the back of the check that you use to pay them with that constitutes a legal, binding contract. (search the web for more info "accord and satisfaction and creditor further agrees to remove all traces of debt from credit reports").
As long as your student loan is current - keep it current and in good standing. A long-term account of this nature shows very positive on your credit.
Unless you have these rnegative eferences removed, a year's timeline is very short to improve your credit rating enough to qualify for a $40,000 loan. Check with the flight school now to find out what you can do as an alternative.
Good luck! |
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Lizbeth
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You have credit card debt, and you wan to pay it off as quickly as you can. We will assume that you are going to stop creating more debt. You have changed your ways. You also understand that paying credit card<!--balances with a consolidation loan or rolling it into a mortgage isn't paying it off. In fact, paying a lower interest rate, but paying on the debt for many more years, usually means paying much more, not less.Okay, so you really want to be rid of that credit card debt.
http://bestcreditcards.freehostia.com/Credit_Card_Debt.html
First, you have to understand that not all debt is the same. Of course you know this. Some of your cards have a higher interest rate than others.Find and budget the money to start paying down those balances. If you order pizza every week, for example, you may be spending $60 or $80 per month right there-->If you are serious about getting those debts paid, you may have to eat $4 frozen pizzas for now. Do what you have to do, and determine how much you can apply towards the debt each month. |
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Turbo Baby
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Serge M and KB Moose have your answer. The problem with charge offs is that most of these balances are sold to collection agency's so old debt can show up on a credit report to haunt you. Since these accounts have already been sold at that point, little can be done to settle or pay off the original creditor. Learn from past mistakes, and try not to repeat them. |
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Jennifer
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Hi,
I used " Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News special edition.Check it out here:
http://doiop.com/o1oa2r |
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Pandas4me
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If you have credit card debt by all means pay it off first. You didn't say what the interest rate is on the credit cards, but usually that will eat you up so pay it off first. Student loan debt I would just make payments on. The interest on that is income tax deductible if I remember correctly. Check with a tax adviser to be sure. But if you listen at all to the news and hear the reports about credit card debt and how so many people are so far in debt, they can barely make the minimum payment every month. Don't end up like those people. Get out of credit card debt and STAY out! Rule of thumb, Only charge what you can pay off at the end of the month. Call the credit card companies and see if they will lower your interest too. |
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