 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.... |
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 Credit card problems? |
| i tried to order something through Paypal (which i do all the time), but the transaction didn't go through and it said that my card was denied by my credit card issuer. I didn't cancel my ... |
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 Is there a way to get your money from someone who borrowed your credit card? |
| I let my friend use my credit card to charge something, he said he was going to pay it right back in a couple of days, or he could put the limit right back on my Visa with his Visa. But since I let ... |
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 I have a 1 year old debt, does credit get worse the longer I don't pay? |
| I'm currently 20 and about a year ago had to visit the hospital due to an ear problem. The bill is approx 2,500 and I have yet to pay it. I have no other form of credit history that I am aware ... |
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 Which is the best credit card to get?? |
| I dont know much about credit cards...help please. I have the student visa from bank of america but i want another one.... |
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 Credit card? |
| Is there any problem if we'll not pay the bill of credit card. Or, If we'll go for settlement, they keep the details as defaulter or, wht? plz advice....... |
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 Can I get a used car loan? |
| I just turned 18 last week. I have been driving a 1988 Ford Escort for a year and a half. I paid $500 for this car so I am not sure if it is even applicaple for a trade in. I think it is time to ... |
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 Do negative records really "disappear" from your credit report in 7 years? |
| I recently viewed my credit report, and a lot of negative/delinquent accounts and records are not on it. So is true what they say about negative items being deleted from one's report after 7 ... |
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 Personal loan 5,000? |
| I need a four thousand dollars to pya off my credit card debt becuase I am looking ot buy a house in three years and I would not have gotten rid of my credit car debt by then.... |
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 Would this hurt my credit? |
| I have perfect credit as of right now I always pay of my credit cards and on time. I got a the cell phone service Altell and didn't really like it to much, so i canceled after a few days, now i ... |
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 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 ... |
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 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 ... |
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 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 ... |
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 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 ... |
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 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 ... |
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meastt | Will paying off delinquent credit help? |
I have delinquent credit from about 4 years ago that i havent touched....Its way delinquent. If I track down the creditors and pay it off how much will it help my credit...Currently I have a 608 credit score. I know its bad. The only negatives on my credit are my five or so accounts that add up to $6000. I was 18 and got in over my head. I have come into a little money and now I would like to pay them in full but before I do so I want to know that this will help my credit overall or if it wont have much of a difference. |
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Lydia
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I'd say get rid of the credit, regardless. It definitely can't HURT you. |
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Frances L
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Yes. It will not only help your credit situation, but it will help you as a person to be responsible in paying your debts. One cannot feel good about himself if he knows he has shown a lack of character in accumulating debt and defaulting. Pay your bills, no matter how old they are, you still owe them. And as you pay them down, I promise you a burden will be lifted from your mind and you will like yourself again. |
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Paula M
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Legally speaking, you may NOT owe the debt any longer....a few states have a three year statute of limitation on debt, some have four years, the rest 5-6 years.....What state are you in?
If you contact these creditors/collection agencies you start the clock all over again......I think one should honor their debts, but the law does exist to give you some relief....Also if you call them, they will, with glee, tack on 4 years of interest and penalties....so your debt may have BEEN $6K, but now the sky's the limit...
The most important credit is always the most recent 24 months....If you have positive credit reporting during this time, that will mitigate most of the damage the old debts have done.
Lastly, I don't know if you want to activate old debt, even by paying it off....that may not help you as much as you hope. |
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echo
 |
I agree with the posters that recommend you check your statute of limitations.
If you want to pay the debts whether you are in or out of the limitations - NEVER talk to these people by phone. Do everything by mail !!!! If you talk to them by phone, you not only run a huge risk of your words being skewed around, but you have nothing on paper to show that you had made an agreement.
Also, if you want to pay the debts, do some things first:
If it's with the original creditor (which I doubt) send a debt verification letter. Send it certified mail return receipt.
If it's with a collection agency(s) send a debt validation letter. Send it certified mail return receipt.
Make sure that the debt has not been illegally inflated, and that it is truely your debt.
When you have received verification/validation, send a pay for delete letter (certified mail return receipt).
Include in that letter that they will, upon payment, delete every item they have placed on your credit reports. That they will not sell the debt, or the remainder of the debt if they agree to accepting a percentage of the amount as full payment. That they will not continue to collect the debt. Request to pay a percentage of the amount.
More than likely if you have nothing in writing, they probably will not delete from your reports. In fact they will just update it to a paid charge off. It will make it look as if it is new.
And, if you have nothing in writing, you may have another collection agency trying to collect the debt - even if you had paid the full price to the original collection agency.
I would suggest going to the link that I've added. You can find out what your states statutes are, plus a more detailed description on how to deal with collections. |
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john d
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Lots of info here. |
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carlos
 |
At this point, I guess you may save a lot of money : track back your collectors, and offer them a 50% deal: you'll pay 50% and they'll erase your debts.
To rebuilt your credit, get a prepaid credit card if you can't get a standard credit card |
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bigmikeyb245
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Hey I'm in the same situation now I don't know if it will help your credit score but when someone looks at your credit they will see you owe 6000 dollars and well let me put it this way I owe 238 dollars and I've been turned down numerous times and had to have a co signer for my apartment. Myself I'm trying to get that off my credit especially since it was put on my credit when I was 17 and your not held responsible under 18. I try and take care of it I think it can only help |
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middle_ground_98
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If it's been 4 yrs, most likely the debt may have been charged off. if that's the case, don't bother paying it since your credit has already been ruined due to the delinquency. There's statutes of limitations for each state regarding how long a creditor may attempt to collect a past due debt.
Since you said it's been 4 yrs, you may be in the clear at this stage. In any case do not ever ever promise to pay off a delinquent debt since that starts the whole collection process all over again for another x amount of years.
Check your state's statute of limitations on debt collections. |
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Nick2006
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it will come off your credit in 3 years (7 year max) unless its a gov't loan. It stays on forever. |
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starshinesmile
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608 is actually relatively decent.
Yes, paying it off will help. You can actually call the credit companies and offer a settlement like 10 cents on the dollar to clear it. |
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ЄгіÑкα
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i was in with a consumer credit counseling agency, i offered (their suggestion) settlements. example, i owed 7500, i offered to pay 5000---they (who i owed the money to) reported 2500 to the IRS that this was their loss and my income and i had to pay taxes on that 2500. just beware. if they claim a loss, you will likely have to pay taxes on it. plus, they gave me negative credit of settling. go figure. i would go to a credit reporting agency near you or call one and see what they say. they will give free advice. don't get hooked like i did |
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