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Additional Details
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Additional Details
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MikeN | I have about $7k in debt....whats the best way to rebuild credit.? |
Should I pay amounts off in full(lump sums) or pay in large installments to show I am able to repay them. If so how long should I do this for?
I got laid off and have been out of work for about 10 months. During that time I was unable to pay most of my cards and loans and have seen 2 accounts get closed.
I recently got a job that pays about 3k/mo after taxes so I am able to pay them off now. The question is whats the best way to pay.
Here are my current debt breakdown
Mastercard - 5000
Visa - 750 -Paid in full
Visa 2 - 700 (made $100 payment)
personal loans -1000
I have about $2000 in cash available now. What should I do?
Thanks
Additional Details
OK thanks for the advice. I guess I should also add that the MC for 5k account is closed and the visa for 750 is suspended.
My original plan was to pay off the visa 2 with a lump sum, but thinking of putting the money away now and making a set amount of payments for a couple months. How long should I let it go for? 6 months at double the minimum?
Also the MC I had plans of getting it current by paying 800 lump sum to get it around 4200. THEN pay about 800/mo for 6 months til I pay it off. Think thats the way to go? Or pay less for a longer period? |
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carolinethefierce
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If you do go for debt consolidation (which I would NOT recommend for an amount as small as yours), make sure it's a non-profit company, &/or ask for their fee schedule up front. One company I went to wanted 20% of my debt to pay it off - no way! Find a company w/ low/no fees for debt consolidation.
I think the best way to rebuild your credit would be to pay off as many companies as you can in full, making sure to leave some $$ left over to make minimum payments on the rest. That way you've got fewer creditors listed on your bureau, & your bills seem more manageable. You'll also be able to make larger payments on the remaining bills, which will decrease the amount of interest you owe.
Pay bills in this order:
-anyone threatening to take you to court
-any bills majorly past due
-any bills slightly past due
-any government bills (i.e. hydro)
-any personal loans
Also, MAKE SURE you keep in contact w/ the companies you owe money to. You'll be treated better than someone who looks like they're avoiding their bills. Make sure to ask for lower interest rates & extended grace periods to - it can't hurt to ask. Play up the getting laid off part as much as you can. =)
That's been my experience. I was threatened by several companies once upon a time, & now I've got near-perfect credit. Good luck! |
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Jack
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Don't close any accounts! Start paying off the card with the highest interest rate first, because it is costing you the most money each month. Pay slightly more than the minimums on the other cards while paying off the highest interest card. When that is paid off, proceed down to the next card, and so on.
The best ways to rebuild your credit are to not miss any payments and to keep the balances on your cards low once you do pay them off. Certainly, use the cards, but pay them off at the end of the month. |
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Dr Dee
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Pay it off as soon as you can. Pay your bills in time in the future. |
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Aries
 |
Try and bring to under $5000. ALways keep some money with you, so that you will have it during an emergency. As long as you pay more than double the minimum balance, you should be fine. |
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homeschoolmom
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Keep the cash for an emergency fund (or just use $1000 as a one-time payment and keep the other $1k in emerg. fund).
Keep paying monthly, but pick one account and put more than the minimum on it every month until it is paid. Then, take everything you WERE paying to debt #1 and ADD it to debt #2, so your total debt payment stays the same. You don't have much debt really, so either way will save you interest and the difference is so small it really won't matter much.
Next, go to the library and get either "Financial Peace" or "Your Total Money Makeover" by Dave Ramsey. He's got great PRACTICAL advice for getting out of debt, staying out, and building wealth (NOT getting rich quick). Check out his website (listed in sources). |
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Darren
 |
My advice to you is to pay off all of your debts at once as quickly as possible using any spare cash you do not need to live on.
Its likely that your debts have a high rate of interest on them than your current account or savings account does so that means you're losing money. People who say put the money in a saving account are wrong.
The credit card might be charging 15% interest and the savings account will be giving you 5% interest. It means that you are loosing money. Pay off the debt as quickly as possible.
These are my tips:
* Lower the rate of interest.
If you can move your debts to another provider, such as balance transfer your credits cards to a card with a low rate introductory offer then move the debt so you aren't paying as much interest on your debt.
* Pay off the highest rates first.
You should pay off the debt that has the highest rate of interest attached to it first and as quickly as possible.
* Don't save until you have paid off the debt.
If you have spare cash in a savings account, use it immediately. Don't start saving again until you have paid off your debts. You can start saving again when you are debt free.
* Try to pay off your credit cards with a low rate loan (consolidation). This option will depend upon you credit score.
* Budget and reduce your outgoings. Use the spare cash to pay off the debts quicker. Sometimes you'll have to make sacrifices but those sacrifices will be worth while when you've paid off the debts.
* Check your benefits.
Contact your local benefits office / agency to see if you are entitled to any benefits, tax relief or grants.
* Contact the professionals.
Contact an independant debt counsellor. I'm not talking about the ones that advertise on TV or in the newspaper. They will likely get you into more debt. Seek out impartial advice such as your local Citizens Advice Bureau (not sure if you have these in the USA??).
I hope the above helps. |
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flowers70
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We were trying to buy a truck, and the guy at the car lot told us the best way to build our credit up is to make monthly payments the same time each month, that way it is on record you did it that way, shows you are responsible he said. |
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Stuart
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Make payments on all of the debts. Make at least the minimum payments - on time - and if you can, add an extra $25 or $50 to each payment. It takes time to rebuild credit. The lenders want to see a pattern, not a sudden buy out.
Lenders extend credit based on the past and a prediction of the future. So make a good impression, and soon, they'll be predicting that you'll pay any loan you take out. In credit terms, actions speak louder than words.
Good luck. - Stuart |
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tonalc1
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Use the $1500 to pay off the Visa and pay the rest into the Mastercard. (Keep the $500 for emergencies.) It's important to get cards paid off, as that has a strong effect on your credit rating. Personal loans don't.
Then set up a monthly payment plan for the rest of your debt. The amount should hurt a little bit.
Re them closing your accounts: They have the right to stop being a loan guarantor on a bad credit risk. |
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coconut
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Buy a very cheap second hand car or get a visa from your bank. These 2 things both build your credit. |
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Andrew
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pay it all back |
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white_goth_11
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you should jsut start making the minimum paypents on all your debts, so it shows up that you are paying all of them. as long as your putting something down each month, it will look alot better on your credit |
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2glock
 |
I am a certified credit counselor with Debt Management Credit Counseling Corp in Boca Raton, Florida. First thing to rebuild your credit is to make all your payments on time. Late payments kill your credit report. Pay the newer cards off first because the older ones have been on your report longer. Pay more than the minimum payment. If you need more info: check out our site at www.dmcccorp.org. You can get a FREE credit report at www.annualcreditreport.com. This is the ONLY free one. Other services say they are free but they are not. Good Luck |
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scottFL007
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The goal you laid out is that you want to rebuild credit. First, realize that this is not an overnight process. The MOST important thing to do is to ensure that you can always make at least your minimum payments on time. This means managing your entire financial situation better in the future.
You should never get yourself in a position where a layoff will cause you to miss payments. That means setting aside at least 3 months worth of expenses, and preferably 6 months of expenses as a 'rainy day fund'. Consider putting together a budget that works for you in order to avoid any further problems like these. Once you get behind in your payments, there is a fast downward spiral, and it is a long climb to get back on top.
As for what to pay off now, that depends on what you CAN pay off without risking your future. I'd suggest paying off as much as you can. But the important thing is not how MUCH you pay today...they aren't going to notice that. All their records will show is that you paid what was required at every point in time from here on.
Then, make a plan to pay down all the others. Begin with a plan that tells you how much you can afford to pay each month toward your debt. Start with the highest interest rate card first, and pay minimums on all the others, while putting all the rest toward that card. When that one is paid off, switch to the next highest, and put your full effort toward that. This way you can get control over your debt, and kill it off, one piece at a time.
Good luck to you as you take control of your finances. |
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HardRocker213
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to rebuild credit, get a few little loans that u know u can pay back easily and build it up like that |
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Kristen B
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Consolidate debt with like one big loan from the bank and pay large amounts to it and close all other accounts. |
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Chocolate Sista 4 eva
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pay an amount every month |
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J.R.
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Paying the minimum is fine but the interest just continues to mount. I recommend "negotiating" the debt, especially with MC. If YOU approach them with a comprehensible plan to pay them, they'll consider it over the obvious alternative. It's reasonable and it's good business. Just think about it and good luck. |
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Kim
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Since you have the means to pay this debt, I would not suggest taking your entire $2000 and putting towards the debts. Even though you receive about 3k after taxes, you should keep funds in a savings for a rainy day or an emergency.
Two options: Consolidate all the loans into one with a reputable debt consolidation company. Do not pay anything "up front" and be sure to review the contract for any "hidden costs." By consolidating the loan, you will have only one monthly payment in which you can pay very high monthly payments.
Second option: First pay one Visa in full, make a payment on the second visa, half of the personal loans or 1/4th (depending on what you can afford) and a large payment on the Mastercard, the next month pay the other visa in full, make another payment on the personal loans, and a large payment on the visa. The third month, pay off the personal loans and continue making large payments on the visa. At this rate, you should have your debts paid in 6-7 months.
Next, get rid of the credit cards since apparently this caused your problem. If your credit is currently in bad standing, and you want to repair it, once you have paid these debts, get a secured credit card to begin repairing your credit. |
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