 Bad Credit At 18..but before I was legal.It Wasn't' Me.Help Me? |
| I have just recently turned 18 years old last month.I applied for a credit card but was denied. So I decided to check my credit report.Anyway,I discovered that things such as credit cards were taken ... |
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 Have you ever been in over $50K of debt, & eventually got out of it? Is it possible? |
I'm talking about credit cards, student loans, lines of credit, financing cars, homes, etc.
How did you do it? I know you had to work, but did you have to work enough to be ... |
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 Extremely bad situation need credit advice? |
| I got my first credit card when I was 18 thinking I was cool now 23. Now I have 6 in total credits cards all maxed out about 7000 in debt in all 6 not to mention almost all are written off since I ... |
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 Will they catch me if I...? |
| order a magazine in someone else's name with payment option of "Bill Me Later"... |
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 21 and need help badly with credit repair.? |
| I am 21 and have a 550 credit score. I am buying a new truck in a week or two. I got an interest rate on 24000 of 23% I have had my credit reprt for about a month. I have about 10000 in debt some ... |
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 Second Chance Banking or Best Prepaid Debit Card? |
| I've been on a quest to find the best prepaid debit card. I used to have one through Virgin Mobile that allowed you to pay a direct fee monthly and you could use the card as often as you liked. <... |
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 Where to get a credit card for someone with very little credit? |
| I'm sure many of you have been in the same boat as me. I'm 24, not much credit to my name and I've tried about 5 different places (Amazon, Ebay to name a few) and all have rejected my ... |
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 I'm new to the USA, how do I start credit? |
Hi, recently I moved to the USA, right now I'm seeking to complete my steps of the USMLE and hopefully getting into a residency program at a hospital near 'home'.
Thing is ... |
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 Cleaning up credit? |
| I am working on cleaning up my credit after some hard times. I have a few things that have been sent to collections. Is it better that I pay the collection agency or the place where the debt ... |
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 How do i get out of credit card debt? |
| I am being smothered by credit card debt please ... |
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 Is a 836 reasonable credit score? |
| I checked it with experian and that was the score is that good for a 24 years old guy?... |
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 I am having trouble getting student loans because of a lack of credit history.? |
| I applied for an additional student loan for this coming school year, but I have been declined by every lender due to a lack of credit history. I thought I could get a credit card to help add to my ... |
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 What do I do? My mom ruined my credit.? |
| I need help!!! I'm 25 years old and have only held 2 credit cards in my posession that I always pay over the minimum amount or completely if possible and a student loan that in deferment till D... |
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 Debit card question? |
once ive withdrawn the maximum amout from an ATM can i still use my card in the supermarket to make a payment? ( dont want to be embarrassed at the checkout!)
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Amber | If credit card debt comes off of your credit report in 7 years anyway why should i try to pay it? |
I am in debt from when I was on maternity leave and I did not have a paycheck for 6 weeks. I am still having money problems and I can't pay the credit comp. all of the money they want, most won't take payments. I have not made payments for at least 15 months. They are all charged off. I have stopped answering the phone calls because all they want is money that I don't have. So why should I pay them, if all of it comes off in 7 years anyway? |
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Crazyjester9
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Good question.
While it's true that it can trash your credit, after 4-5 years these old collection accounts have little effect on your score.
The trick to this is to negotiate pay for delete agreements with these collection agencies so the negative mark is removed if you pay. If they won't agree to delete the listing, don't pay it. No reason to pay the debt and have your score trashed.
Edit - Robert is correct for the most part in stating that the SOL does not negate the debt. However, there are a couple states in which the expiration of the SOL will extinguish the debt, unfortunately I don't have the list in front of me though.
Also, if you send the collection agency a cease and desist letter then by law they cannot contact you any further. Now if the SOL has expired, and the 7 year reporting period is over you can send the C&D which will effectively cut the legs out from under the collection agency as they have no means to collect the debt. Their only recourse would be to sell the debt to another collection agency, but another cease and desist letter will cut them off too. |
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Jen M
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Well, first and biggest reason one would be that it is the honest thing to do. If you don't want to be honest, then I guess you are not going to be honest.
Secondly, if you do get or have a job then they can take you to court and garnish your wages. I have friends who this has happened to and they take 25% of their paycheck. This maybe different for the state you live in.
You will have trashed your credit rating and may have trouble buying a car or house in the future and if you have a bad credit rating and purchase something like a car, then they can charge you a LOT more in intrest. |
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nebula7693
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There are a couple of issues with your strategy.
First, just because it is no longer on your report does not mean you won't still owe the debt. You will owe the debt for the rest of your life. It is just a matter of whether or not it is pursued or whether or not it can be reported. But the debt is still there until you pay it off or the company forgives the debt. (You will see people talk about statutes of limitation and such, but the truth is that a SOL does NOT negate the debt. It only means the creditor cannot actively pursue collection activity. You STILL owe the debt.)
The other thing you need to consider is the long term affect this is going to have on your life. After a while someone is going to ask a Judge to make an official ruling. Once that happens, a lot of bad things can happen to you. Your wages can be garnished. If you own a business, the Sheriff can come in and empty your cash drawer, they can seize your vehicles, they can put a lien on your home, etc. The possiblilties are limited only by the human imagination and the laws of whatever jurisdiction you live in.
There are many options available that may be of help. These can range from debt elimination, professional credit restoration, debt restructuring, bankruptcy, and so on. There are literally hundreds of strategies to consider.
Take some time to educate yourself as to what is available and then make your decision.
If you have any further questions regarding this or any other credit issue, please feel free to contact me at nebula7693@yahoo.com |
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Rosee
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What state do you like iun? The laws are different in every state. You could be sued. |
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David B
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Transunion, Equifax and Experian WON'T necessarily drop your collection off at 7 years. I have seen many credit reports with 10+ yr old liens, collections, etc.
HOWEVER, if a collection agency does NOT report every month, the collection will stop having a negative effect on your score after ~24 months.
Getting together with a mortgage professional (one who knows what lenders look for on credit, to strategize what and how to dispute and what collections to ignore) is essential to improving your scores.
Don't pay for a credit repair service that disputes every bill willy nilly. You can be more effective yourself... IF you know what and how to do it.
Best of luck! |
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puttyhands
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I took that attitude when I was in debt. you are kind of right, you can get away without paying all that happens is a load of letters every month telling you if you dont pay them within 7 days then blah blah blah.....I used to put them in the bin withiout opening them
to be honest i dont know about this 7 year thing
BUT.
it is short term gain.
Now I am getting on my feet (and you will because the kids grow up giving you more free time like me) I am having a nightmare doing things like obtaining credit.
I cant get a current account I dont have a debit card so I cant send some one flowers or pre book tickets. there is the top up debit card but you pay more for that.
these guys always say they just want the full amount but if you thrash it out with them you will be able to negotiate repayment plan. its money they will not get otherwise. however the prick on the other end of the phone is just getting paid to make calls regardless of wether you pay so you just have to persivere . speak to his superior.
good luck |
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Cheliebean
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The actual record of the credit card debt may roll off in 7 years, if they stop trying to collect it today. However, once they send the debt to a collections agency, then it is 7 years from the time the collections agency receives the debt, and this can continue. Also, the debt may roll off of your credit report but your credit score will be so low that you won't be able to get decent credit. Think of it this way, that bad debt will be on your credit report for the next several years, but your credit score will not automatically go up once that is off your credit report. It will continue to be low from that. |
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Ryan
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This will destroy your credit if you ignore it, after 7 years you dont magically get a clean slate, it would simply mean that the statute of limitations would have possibly run out on that debt, assuming you could make it that long without paying anything. In addition, you won't be buying cars, homes, or renting apartments in that time with outstanding judgements on your record. Those would be the reasons. Also, the cost of what you owe will be far less than the interest costs you will receive if somone would actually extend you credit, if they ever do. |
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andifabulous
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between now and seven years from now you may want or need better credit. Otherwise there is no reason. Except to make them stop calling, which you can do by writing them a letter telling them to not call you anymore. Or just change your number! I h8 bill collectors!! |
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