 What happens when you don't make ur minimum payments (credit card debt)? |
| so i'm having a little trouble making the minimum payments right now. In about 2 months, i know i'll be able to make them. But what concerns me is how the credit card companies keep calling ... |
|
 Can i still be eligible for a car loan even my car is under reposession? |
| our car was repossessed.and we cannot pay for the whole amount.instead of paying it,we are planning to used the money for down payment for a brand new car.can i still be eligible for a car loan?we ... |
|
 Which credit card companies will give credit cards to someone who is a discharged bankrupt? |
| A friend of mine was made bankrupt a few years ago, but has been discharged for about 18 months or so. So he can try and build his credit up, which credit card companies would allow him to obtain a ... |
|
 At work they want me to do tasks that go against my beliefs.am i being unreasonable by refusing? |
| i work for a place that distributes loans. i got the job through an agency and was told itd be basic admin work. now they are trying to get us to take applications for loans and take money from ... |
|
 I am in desperate need of a loan and I have horrible credit in the boston area? |
| I am interested in obtaining a loan to pay off debt that I find myself sinking into. The problem is, I have horrible credit. I dont want it to get worse. I have a great job but I was recently hit ... |
|
 I am only 17 and i have a credict card with chase. i pay my monthly bill but am i messing up my credict? |
Additional Details
i pay my bill,more than the minimum, i make random payments.but i was just wondering how will it effect my ... |
|
 Credit card debt! please advice.....? |
| So basically I have 2 maxed out credit cards. One of 2,000 and the other 500. I'm a really broke college student. The little money I make I need it for food, shelter, supplies etc. That's ... |
|
 Is it possible to buy a home with really BAD credit? |
| My husband and I have really bad credit. We both were in previous marriages and that is were it all started. He has a foreclosure on his credit report because his ex decided she wanted to keep the ... |
|
 Can debt collection agencies impose deadlines on repayment? |
Hi,
I've just been contacted by a trace and collection agency, who reckon I owe an electricity bill from 5 years ago! Madness!
Anyway, do they have a legal right to impose ... |
|
 Are debt collectors allowed to call your work? |
| I tell them go away I'm at work and youre keeping me from making money, but they think they can keep calling me at my office.... |
|
 How bad is it on my part if i continue to pay my mortgage late? |
| I have up to 15 days every month to pay, but i sometimes pay after . I don't mind paying the late fees, it's not an issue. How about credit wise (there is nothing that i can do right now to ... |
|
 What is the worst case senario if my car payment is late? |
say 2 weeks late?
Additional Details
im kind of embarrased to call and tell them it will be that late. i ran into a difficulty this month and something more urgent came up. i was trying ... |
|
 Can a cell phone or cable bill late payment affect your credit? |
hello,
I have a ton a bills and i forgot to pay my cell phone and cable bill on time. They were only 5-10 days late. i know when you are late with a credit card the day after it, its on your ... |
|
 How can colletion agencies buy out you debt and keep it on your credit report? |
| Why is this possible. It's like it will never go away. A 10 year old debt came back from the dead recently. It is crazy. 10 years ago. I'd like to move on with my life now and just when you ... |
|
 How do you spell budget? |
| like i'm on a tight ... |
|
 I have a quick question about a credit card? |
| ok, lets say you have a credit card with 500 dollars on it, then you spend 100 dollars, you pay back the whole 100 dollars to the credit card company....so do you have the 100 dollars back in your ... |
|
|  |
sheila s | I want to improve my credit but all my debt is at least 3 years old and all in collections. What to do? |
My credit score is currently 570 and I want to improve it but because my debt is all in collections and they are all at least 3 years old I don't know what to do. |
 |
 
margarita
|
Start paying them off. A closed account on your report is 100 times better than one still in debt. It takes 7 years for an account to come off your credit report, but the fact that you took the initiative to pay your debt will look better with creditors like banks. Most collection agencies will work out a payment plan with you - keep working with them until they settle for an amount you can afford per month - most agents will ask for a higher payment plan just to get their monthly bonus fatter! |
|
CALIFORNIA GOLD
|
If you are a homeowner, fill out the free evaluation form at
www.totaldebtsolutionsllc.com
They offer many programs from credit repair to debt settlement to a network of loan officers they deal with or a combination of these. Good luck! |
|
mr.debmerica
|
Hello Shiela, I definitely understand that having old collection accounts lingering on your credit report can be frustrating. I agree with the other posts that your best thing to do is try to negotiate a lump sum settlement. Only problem, trying to do it yourself can be quite challenging. I recommend to use a debt setttlement company because they have relationships with collectors and can get you the best settlement offer. Also they do everything for you! Call this company - Debtmerica at 1-800-470-8155 Ext. 109. They have a AAA better business rating and a money back gurantee. |
|
Jen G
|
FYI: Keep in mind that yes, it does take 7 years and then it SHOULD come off your report. If it doesn't you can report them. The 7 year statue just means that after 7 years they can't take you to court to get the money, that doesn't mean the collections department can't still call and harass you. The best thing you can do is try to knock them off one by one and make payment arrangements with them. You may also be able to get them to settle for a bit less if you can come up with what the want up front. |
|
juli o
|
Building a good credit can be done in various ways. If you are fed up of the collectors tirelessly chasing you to pay your debts or if you are disappointed at your loan application being turned down, because of absence of credit history, you should learn how to do build your credit. |
|
Studly
 |
Let me clear up a couple bad answers.
Jen G is confusing the Statute of Limitations with the credit reporting period. Take a moment to read the first link below as it discuses both.
Margarita gives the standard collect agent answer of "just pay the bill". Sorry, but in a lot of cases paying the bill actually hurts or credit score even more. And it certainly does NOT improve it.
When you pay off a bill in collections, all the collection agent is required to do show the account is paid on your credit report...but all information about late payments, collections, and charge off's will remain. It's still a bad item on your credit report, and will hurt you until it automatically drops off after the 7 year period.
Why on earth would you pay a debt and still have a bad credit history? Remember, the reason you said you were paying is was to fix your credit?
What you need to do is negotiate a settlement with the creditor. In exchange for payment, demand that they delete all negative information about this debt from your credit report. Get this agreement IN WRITING before you pay them a dime.
It is completely legal for them to do this. Many will tell you they can"t (against the law...not allowed by the credit reporting bureau)....
They are lying! I've researched this a lot over the past year. I've challenged many people to show me where it says they can't do it. Not one has answered my challenge! It's hard to prove something that doesn't exist.
So my suggestion is to first try to get this removed through the dispute process (see the second link), then negotiate a settlement with the creditor. If they won't agree to delete the entry, don't pay them! |
|
Inquistive_man
 |
Start paying off them...
i would suggest that start paying off the one with the minimum debt on you.. |
|
chris
 |
punt |
|
nebula7693
 |
Whatever you do, DO NOT use a debt consolidation company. Sometimes they call themselves debt negotiators or various other names. Don't use them. They will damage your credit score and you are trying to fix your credit. Here is what happens when you use a debt consolidation company.
Let's say for the sake of this answer, that you owe A Credit Visa the amount of $10,000. The scandelous fiends at debt consolidation companies call A Credit Visa and tell them that there is no way that they are going to see that $10,000, ever. You have too many bills to pay and can't afford it. But what they will see is $2,500 payable in 25 monthly installments. Of course A Credit Visa is going to take the offer because something is better than nothing. But they will report to the credit bureaus that they have charged off the remainder of your debt. A charge off is the absolute worst thing you can do to your credit report. Even a bankruptcy isn't as bad as a charge off.
But remember, that your "friend" at the debt consolidation company is making these negotiations with ALL of your creditors. With the same result from each of them. Now it doesn't take a rocket scientist to figure out what will happen to your credit score.
As posted by another person, sometimes paying off a debt in collections that is that old will also hurt your credit score. So you need another option. There is one. Now you will have to do some work, but it will work especially if the bill collectors have stopped trying to collect. It is called credit restoration. No it is not illegal. Yes it does work if you use a legitimate company. No it will not work if you use a scam artist. Read my article on my blog at http://creditconcerns.blogspot.com/ to learn how to tell the difference.
And as always, DO YOUR DUE DILLIGENCE.
If you have any questions about credit issues or concerns, you may email me at nebula7693@yahoo.com |
|
The Scorpion
 |
pay them off, don't just let it set there on your credit report. And it's wrong to just let it go for 7 years, that's basically theft. And even after the 7 years, they might sell the debt to yet someone else and it then stays on your credit. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
11 | 20 minutes(s) ago
| | | |
10 | 23 minutes(s) ago
| | | |
11 | 44 minutes(s) ago
| | | |
11 | 55 minutes(s) ago
| | | |
11 | 1 hour(s) ago
| | | |
11 | 3 hour(s) ago
| | | |
5 | 6 hour(s) ago
| | | |
11 | 10 hour(s) ago
| | | |
6 | 2 day(s) ago
| | | |
11 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
