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My daughter has a car loan in her name, and 1 credit card (no balance). Can I sell the house to her, even though I will be making the payments behind the scenes?
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Ami H | I was careless with my credit in my youth, is there any hope? |
When I was in college (1999-2003) I messed up, BIG TIME. I used credit cards like free money, quit paying my bills, I made a big mess of my credit.
Now that I'm an adult, graduated from college, I want to try to get a handle on it but I dont know where to start.
My estimate is that I owe probably 7,000.00 but I dont even remember who to, or what for anymore... there's no telling what I've left in my wake. Between leaving landlords hanging, not paying utilities, running up all of my credit cards... all the bad stuff, I don't even know who I owe.
I feel horrible. I see all these people my age (26) with beautiful houses, cars that aren't second hand from their mother (she's bailed me out a lot) and what seems like half the worry, grief, and misery that I live in every day kicking myself for not doing something about this sooner. I have horrible spending habits, even now.
Do I need to find who to pay?
Do I need to file bankrupsy? Is it charged off and off my credit by now? HELP |
 |
 
Miss Know It All
|
To boost your credit score:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
www.equifax.com
www.experian.com
www.transunion.com
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Then make sure you pay all your revolving accounts to below 50% of your credit limits.
Make sure that you make all your payments no more than 20 days from the date it is due.
Good Luck! |
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sugarBear
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You should order a copy of your credit report, from all 3 major credit Bureau's: Equifax, Experian & Trans Union. Your credit report will have all the information of every business, landlord, credit card & store you owe & failed to pay. All these people you owe reported you as a bad non-paying consumer, so that's how the information is recorded when you fail to pay. What you can do is contact all the creditors, landlords, utility companies & credit card companies, talk to them, find out how much you owe & work out a payment plan with every one of them so you can pay off all the bad debts, they will probably refer you to the Collection Agency. Paying it won't clear the record, but it will show that you paid the balance even though it took this long. It will look a little bit better on you. From there on, you can start off by paying all of your bills on time. I don't think any credit card companies, banks or any finance companies will approve you for anything until your credit gets better, you can get yourself what they call a "secured" credit card, where you open up an account, deposit $300 & use that as your credit line, but you got to pay the bill on time every month, so then it will show up as a good thing on your credit. Over all, you need to change your ways. If you want good credit, then you need to be more responsible, smart & reliable. PAY YOUR BILLS or pay the consequences. |
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dances with unicorns
 |
The first thing you need to do is get a credit report from each of the three major credit reporting agencies in the U.S. Once you have these, you'll have a list of companies to whom you owe money. Next, contact a credit counseling service - choose a reputable one that is non-profit. Do NOT call your creditors yourself, or they will demand ALL their money RIGHT NOW. Let the counseling service do that; they will arrange a payment schedule that you can handle. Worst-case scenario, in seven years from the time you pay off your creditors, presuming that you don't run up any more debt, your bad credit history will have dropped off the report (seven years is as long as they can remain after being paid off), and you can use your restored credit to spend WISELY and get the things like a car and a house that you need.
I know that seven years sounds like an incredibly long period of time right now; but if you don't do this, in seven years you're still going to be in debt, and looking at seven MORE years of problems.
Good luck! |
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G
|
you can probably file bankruptcy -- part of the process is going to a credit counciling service where they could instruct you on all your options.
all your uncollected debts will show up two or three times on your credit report so you need to get it cleaned up because it will look a lot worse than it is -- when someone buys your debt it gets reported again and that can be taken off your report because in reality its the same credit. credit report agencies are very lazy and sloppy -- its amazing they have the power they do.
fyi most people your age with beautiful houses have them because they are in a bigger credit mess than you are -- don't be kicking yourself because you don't have a million dollar mortgage. they will be kicking themselves when their mortgage payments rise and they have to sell in a falling market. the same with the car thing. thank your mom and be thankful you have learned some humility out of the whole thing.
it didn't kill you so learn from it and you will be stronger. i learned to get rid of my credit nightmares by buying only with cash no matter how badly i thought i needed something. if you sit down and figure out how much you pay for something on credit the interest is often 2 to 3 times what the price was -- so the shirt you had to have for 40 you are paying for over 3 years and its 120.00 before its paid. that is wacked and the situation most people are in. the average united states citizen saves .5% of their money and over 75% of money is held by people over 50. those are some messed up statistics. it basically means most people are drowning in debt.
basically no matter how bad you think you are there are millions of people in this country worse off than you. 7000 in the credit game is a drop in a bucket. most people owe that on just one of several cards. |
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beauty s
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Get a copy of your credit report and they should have numbers of the people u need to talk to.. Ask them to settle or a payment plan.. It will take time but u can do it and not use any card till u paid everything off.. |
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deflowerer
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Bankruptcy will not help. Congress passed a law several years ago protecting credit card companies from spendthrifts. So even if you DO declare bankruptcy, that doesn't relieve you of your obligation to the credit pirates.
Learn to live within your means. No vacations, home cooked meals, perhaps a bit of moon lighting. Seven thousand is not that big of a deal. I have to agree with the advice of the poster above--consolidate onto one or two (the fewer the better) and make sure you scrimp to save enough to be able to make multiple payments per month. Be very careful--the credit card companies are thieves, and they will rob you blind. 30% rates, $50 over fees, $40 late fees. These blood thirsty vagabonds have fewer morals and scruples than mafia loan sharks. Once you get out from under them, NEVER go back. Credit card a$* bandits will rape you hard, and they don't bother with niceties like vaseline or condoms.
At $150 a month it will take you about 7 years to pay them off. It helps to view them as leeches, sucking your blood, making you weak and weary with their interminable demands. That way your anger will serve as a tool to keep you from repeating the mistake. Don't be mad at yourself, these evil doers prey upon the young, innocent, naive, and foolish. It is why they have raked in more profit than almost any other industry. They steal from the poor to give to the rich. 7 years may seem like a long time, and it is. Indentured servant contracts used to last about 7 years, and that is what you are now--an indentured servant. Bide your time--the relief you will feel when you're finally free from under their onerous, smothering burden will be well worth the trouble and pain you'll suffer until then.
And warn your friends. Usury used to be a crime, but congressional sycophants sucked up to these amoral criminals, soaking it to little folks such as yourself. If your parents had been wealthy enough to endow you with a trust fund--it would have been protected from the a$* bandits. |
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Mrs. Moran
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You shouldn't turn to Bankruptcy just yet. I know exactly where you are coming from and I'm only 20. I used to prepare bankruptcy's for my uncle, he's a bankruptcy lawyer, and usually he told people with 10K or less to try to consolidate first. If you go to an agency, they will check your credit and pull up your discrepency's. They will work out a payment plan with you that is within reason. I did mine lower than what I can actually pay that way when it's time to pay, I can give them more. (It looks a lot better) So if you can pay $150 a month, tell them all you can pay is $100. Then pay $150. That way also, if you can't pay $150, you have the option to pay as little as $75. Just do it as soon as possible so you can get it over with! |
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superwow_rl
 |
yes, there is hope.
i did pretty much the same thing when i was 18, and i'm still paying the price, but it does get better.
your first step needs to be getting your credit report from all 3 bureaus: experian, equifax, & transunion. that will tell you who you owe money to & how much you owe them.
chances are, you don't want to pay any of it, because then it will be on your credit reports for more time. BUT DON'T TAKE MY WORD FOR IT!!! i am NOT sure, so please be smart & double-check before you do anything. i can only go with what happened in my situation. for me, it WAS better NOT to pay anything, but i didn't know any better, so i ended up paying everything, which meant it got to stay on my credit report longer. =(
i know how you feel....i'm 27, and i have TERRIBLE credit, almost 10 years after the fact. but it will get better, you just have to be REALLY patient. good luck. |
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EMMY L
 |
BEST ANSWER RIGHT HERE:
1) Will show on your credit report for seven more years. Your credit report is the only thing used to decide if you ever get Any house.
2) You will not be able to buy a house untill you pay off all of the debts or wait the seven years.
3) Bankruptcy will extend credit report problem to the date of Bankruptcy plus seven years.
Possible Solutions:
1) Use no credit cards, wait 7 years.
2) Marry someone rich.
3) Make money, pull credit report, and pay all your obligations with your high-paying college job.
Regardless of which option you choose, your memories of living the good life will easily carry you through. Personally, I would choose option 3, but hey, I just think I should pay people back for what they were nice enough to give me, even if they were stupid for trusting me. |
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