to do some much needed repairs on my home and help my son alittle. Anyone know? My fico score is 800
You need to talk to your bank about that. Depends on your debts, assets, income, degree of risk.
just need a new start. am able to do home repairs, remodeling.must obtain proper papers to do this legally. 30 years experiance won%26#039;t put money in my pocket if I can%26#039;t get rid of past dept.
Unless you have equity in a home you own, probably, almost definitely not.
Your past experience tells creditors you%26#039;re a poor risk.
I feel your pain, we%26#039;re in a very similar spot right now. You%26#039;ll just have to do whatever work you can, for as many hours a week as you can to whittle down the mess.
Concentrate on your licenses first. That%26#039;s your bread and butter. Then you can negotiate with your creditors and possibly pay pennies on the dollar to settle with them and get them off your back (and this ends up being a lot cheaper than borrowing the full amount and paying interest too).
An old cliche%26#039; - How do you eat an elephant? The answer: One bite at a time.
Your financial hole is the elephant. Break it into manageable pieces and keep chewing. It will be gone sooner than you think. Just try to to focus on the whole elephant at once. It%26#039;s too intimidating.
If your credit is that bad...noone is going to loan you 20,000.00 dollars. Your best bet is to keep working and pay it off little by little. You can contact people to help you consolidate all your bills so you only have one or two bills to pay and be paying it all off. Good Luck.
Can you re-write the question in proper English?
Borrowing a new 20,000 isn%26#039;t going to clean up your credit. It will just give you more debt. Work and pay off the debt you already have as you can. Maybe you have to get a job doing something else for a little while. It might take you a year or so before you can get to doing the job you love.
isn%26#039;t that sorta like an oxy moron? lol you wanna borrow $20K to clean up your credit? by borrowing $20K you are then going to be in debt again.. lol ... i would say... think about selling one of your kidneys on e-bay.. :P lol good luck with borrowing $20K from anywhere.
No. Borrowing money doesn%26#039;t ever, ever help anyone %26quot;clean up%26quot; their credit - getting out of debt does.
Get a second job delivering pizzas on the weekends or something. Or a first job at Lowes or Home Depot . . .
The worst thing you can do is borrow more money when you%26#039;re already having trouble with your debt. There are plenty of companies looking for someone to help them in the home repairs department, especially with all the fix-n-flips in the real estate market. Unfortunatly, you just need to work to pay off your debts and clean up your credit. Lending more money is not the answer.
Interesting question.
Borrowing $20,000 (assuming someone will give you the loan) is NOT the way to clean up your credit. While you might be able to get the money so that you can become licensed, that won%26#039;t help with your credit problem.
Unfortunately, the only way to clean up your credit is to... well, pay off your debt!
There%26#039;s a great way to do this. First, you have to call each and every person/bank/credit card company with whom you owe money. Explain your situation and see if they can lower your interest rate. The fact is that most WILL do this!! You can sometimes get it lowered by quite a bit if you talk to them.
Then, figure out which credit card has the highest interest rate. Estimate the MAXIMUM amount you can pay each month for your debt. Then, pay the MINIMUM for all debt, except the one with the highest interest rate. Pay as much as you can on that one until you%26#039;re done paying it off.
Then, and this is key, pick the next highest interest rate. Add to the minimum amount the SAME amount you%26#039;d been paying to the card/debt that you just paid off. You%26#039;ll pay this one off MUCH faster. Then, you%26#039;ll watch your credit rating go up quickly.
This might allow you to then get your loan and get your license.
Sid
http://www.basichomeremodeling.com/artic...
i am in dire need of another car the one i own now is a 1995 and in need of a lot of repairs.
You CAN get a decent car loan, even with bad credit. I%26#039;ve done it, but you%26#039;ll have to look around. That%26#039;s one of the BIG mistakes people make...just taking the first offer that%26#039;s given to them when they go to the dealer. Be smarter than that.
WARNING: DON%26#039;T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It%26#039;s a better option, you don%26#039;t have to take what they%26#039;re offering if you don%26#039;t want it, and it%26#039;s better than dealing with the car dealer%26#039;s people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-lo...
If your income is enough to meet the lenders quidelines you will not have a problem getting a loan. If your income is to low? You will most likely need to find a co-signer.
You DO NOT %26quot;need%26quot; a new car; you want one because you are tired of the hassle of repairing your old one. Here is a clue: Buy another cheap car for CASH. You would not have bad credit if you had not been using debt to catch all the %26quot;oh-sh**s%26quot; in your life up to this point. In most places in the US, you can get a decent used car for under $2k. Do NOT tell me I%26#039;m wrong on this; I am walking proof. I have paid under $2k for 7 of the 9 cars we have ever owned. We drive them for a couple of years, then toss them %26amp; get another. Now, I drive a 1993 Camry. If the repairs are under $1k, you should just do them %26amp; suck it up. If not, you should gather up $1500-$3000 in CASH %26amp; buy a car. Get a second job for a while or sell something else to help gather the money. If you do not break the cycle of borrowing, you will always be broke! Learn how to live debt-free; you will never regret it!
If you need some extra money, sign up for treasure trooper to get paid for filling out surveys: http://www.treasuretrooper.com/200935
Getting a car loan is usually not difficult even if you have bad credit but make sure you can handle the payments. It%26#039;s not a good thing when people with bad credit deteriorate their financial situation further by borrowing money that they can%26#039;t pay back.
I would definetly go for a cheap car - nothing fancy. Don%26#039;t get caught up in the hype once you get to the dealership. I would advise getting something that can be paid of in 3 - 5 years around $150 - $250 per month...n o more depending on your income. This way, if something happens, it%26#039;s not a lot of trouble to borrow an extra $200 or so from a family member to get you buy.
We don%26#039;t offer direct auto loans but have affiliates who do...
Me and my husband are trien to get like an equity loan we only owe 6 thousand dollars on our house but we need to make some repairs to the house so i wasnt sure if the bank could make an arrangment for the loan in return for the deed like an equity loan does anyone have any ideas please i would really appreciate it.
you should be able to get a loan using the equity of the house.
I need at least $2000 for auto repairs, so I need it pretty quick.
Me, but if you don%26#039;t pay it back I break your legs.
nowhere!
Try your local credit union.
try American General Finance
1-800-cash call
Just go to your local bank and ask for a non secure personal loan. If your credit score isn%26#039;t that great, have a friend co-sign. Depending on your personal relationship with your bank, sometimes they can bend the rules if they think you would be good on it.
your parents?
DO NT do check and go,payday advance,any of those they%26#039;ll end up with your car,if really have to way options to try and maybe buy $2000-$5000 car.
Hi, try your local credit union. You can find by searching %26#039;credit union%26#039; on google and then searching their site for a local one. They help people with bad debt obtain credit. Hope this helps!
At welcome financial you can get a personal loan with poor credit. Good luck!
Uh, the very consequence of having %26quot;not so good credit%26quot; is that no lender in its right mind would offer you a %26quot;low interest rate%26quot; loan.
A loan is an investment for the lender. The entire point of investment is to take money that you have (or have under control) and use that money to make more money. At any given time, an investor has multiple options about what to do with their money - a number of investment opportunities.
Making a loan to you is one of those opportunities - the investor could also choose to lend that money to someone else - to invest in the stock market, to deposit the money into an interest-bearing savings account - to make a downpayment on real estate, and on and on and on. When an investor chooses one investment from the entire list of available options, the money invested is now committed to that option, and will not be available for alternative options until the money has been returned.
Different investment options are associated with different %26quot;returns%26quot;. No one but your mother is going to lend you money and not expect you to pay them back %26quot;with interest%26quot;.
All investments are associated with risk - risk that the money won%26#039;t be returned. (or at least not returned in a timely manner). You might not pay back your loan - the stock market might tank - the real estate market may suffer a downturn - the president of the bank might embezzle all of the bank%26#039;s money and drive the bank out of business.
Smart investors accept risk when they feel that the potential return on their investment is reasonably proportionate to their risk. If I invest my money in a new company that claims to have developed a technology that will allow time travel, I could well become the next Bill Gates. However, the chances are high that the technology is fraudulent, and my entire investment will probably be lost.
When an investor is given the opportunity to establish its own return (when they%26#039;re setting an interest rate), they set the rate in relation to the risk that they foresee. If your credit history is poor, their best available information is that you are a poor credit risk. The only way they can lend you money is if their potential return is high enough to justify their risk. Therefore, any legitimate lender is going to charge you a high interest rate. If a lending company went around lending money to poor credit risks at low interest rates, they would be out of business in a very, very short period of time.
Furthermore, most %26quot;lenders%26quot; are not lending their own money - they%26#039;re lending money that they are helping other people %26quot;invest%26quot;. If the people who actually put up the money found out that the lender was making low interest loans to high risk borrowers, the lenders wouldn%26#039;t have much money left to lend.
Your best bet for a low interest loan is to approach someone who is investing in you for some reason other than financial gain - your parents, your relatives, a friend - someone who is going to help you out on a personal basis, and not because they%26#039;re looking for an investment opportunity.
Good luck!
The property has commmecial down and 2 2BRM up. It has a $750 posiive cash flow but needs repairs of about $5,000 to replace HVAC. Winter is approaching and unless the furnace is replaced can lose tennants. I am also considering an outright sale for only $60,000 but the local market is not presently strong and seems to be moving slow.
You might want to hold on the property for a little more until the market gets better. However, if you need cash out there are some lenders and investors who will be willing to lend you money even with a bad credit.
They just want to know that there is enough equity on the subject property. However, the rates are not great, but it%26#039;s always a help if you really need the funds.
Why do you need to sell so quickly? Are you in financial trouble? There are plenty of real estate investors who will buy your property for a little less than it%26#039;s worth. I work for a real estate investor and we%26#039;ve helped many people out of bad financial situations (and other situations) in this way. Try looking for local real estate investors through a search engine. Good luck! :)
don%26#039;t take out a loan with bad credit - that%26#039;s a sure way to lose your property.
What have you been doing with that 750 cash flow?? If I were you, I would have been saving that money for these repairs or at least paying off bad debt so my credit score would get better.
If you can%26#039;t handle the financial situation you%26#039;re in now, what makes you think you can add another 5k to it %26amp; be alright?
SELL and be debt free. Fix your credit, THEN purchase an investment property.
I am trying to rebuild my credit and repair it also and he is just ruining it for me. He is not making the payments on time and he really doesn%26#039;t care, cause his credit is shot for a long time. I want to buy my own home within the next two years and am afraid I wont be able to due to this.
You will not be able to get your name off of this loan.
Good luck.
sorry but i think you cant i would call the co. that you have the loan with an talk to them
You would have to sit down with the loan people together and refinance and one of you could sign off of it. I also know someone who got taken to civil court for a matter like this and the judge ruled that they split the balance in half. Make sure you talk to the bank the loan is with and freeze it so that no other charges can be added to it! Best of luck to you!
In your sitation,I would like to suggest you have a look here.http://carloan.featured-resources.info/b...
I have a customer that bought a ring from me. We sized her ring up to a very large size. Well, a stone fell out of it when he gave it to her. I fixed it at no charge. Then they took it to the car and another stone fell out, because they were in such a hurry to get it back ,and the jeweler didn%26#039;t have time to do a quick thorough look over of the ring. Anyways, I fixed the ring. A month later she brought the ring back with another small stone out of it. She said, %26quot;I want my money back%26quot;. I told her that I would give her store credit, or repair the ring for free. Her immediate answer...Small claims court. So, now I%26#039;m going. Any advice?
Sounds like a possibility. Do you have a return policy with the length of time for returns posted in your store? It would be helpful to your case.
tell judge judy I said %26quot;shut the hell up%26quot;
As long as you have proper paper work, and you%26#039;re being honest in your answer, you shouldn%26#039;t have any problems in small claimes court. You tried to make it better, its not like you said, I%26#039;m not doing it unless you paid me %26quot;x amount of dollars%26quot;. You have the upper hand here, as long as you have proof, witnesses, etc.
Let her go for it. After you have offered to fix it for free, I%26#039;m sure
the judge will see it for your side.
Make sure you get your Answer/Response served and filed. Just put that statement in the complaint and explain it to the judge pro tem. Small claims hearings are very informal - just make sure you get your answer filed so any rights you have are protected.
If you have a jeweler that works for you, either bring him along or get a declaration, under penalty of perjury, filed to support your side.
Good luck.
Did the ring have a guarantee on it? I just watched that happen on Court tv . The Judge threw it out.
Give her the money back,that simple.
Give her her money back. You are likely to lose in small claims court unless you can show that it was her fault that all these stones kept falling out. Customers have a right to return defective merchandise.
make sure you have all your paper work. if you have paper work where you have charged someone else a fee for putting a stone in take that with you incase you need proof of how much it cost to put a stone in. Take witness%26#039;s they are your key to winning. You should prove that sizing a ring doesn%26#039;t make a stone fall out. A stone falls out because prongs are worn . She did not ask you to fix the prongs did she?
just say the true when you go to court. i mean what%26#039;s it her fault or your fault i dont know so yeah. and why would she buy a ring with a stone out of it and then want her money back. and you shouldnt be selling stuff like that so yeah you deserve to go to court. are you even working on a store?
to be totally honest with you, from my experience and family as being lawyers.. she has no case really if you are telling a rational story. The worst the court can make you do is repair the ring for free for her ... you offered her everything that you could, so she just needs to know her role and shut her hole..... gosh I hate ignorant people that try sueing everyone also tell her your yahoo friend said get a life and get a job and she can buy a new darn ring:)
Yes, next time a customer pays for your product/service, check the quality of it before you tell them it%26#039;s ready. This will not only make for a much more satisfied customer but it will save you a lot of time, money and aggrivation in the end.
2 choices.
Go to court and show you documents and do the right thing.
Don%26#039;t go. Let her get her paperwork. She will have to go thru so much grief she will not go thru with it. let her get her paper she can%26#039;t collect on
You%26#039;ll have to speak in your own defense because you can%26#039;t have a lawyer represent you. Be sure to bring with you all the pertinent paperwork and dates. Try to remain objective and not emotional. No sneers at the complainant. If the other party should win, they may want to tack on their court expenses such as the filing fee. Good luck!
Hope %26amp; Pray you don%26#039;t have Judge Judy, or Joe Brown...other than that, if this person insists on playing hard ball, then you%26#039;d better make sure you have a hard bat, because the only way out for you is a Home Run...If you catch my drift!!!
After 3 stones fell out, I can see why she is discouraged and doubtful that the ring will ever be in a good state. It seems like she will always have to worry about it versus enjoy it.
How usual is it for a ring to have this happen?
Make sure you are able to document your return policy.
Is it stated on the receipt or is there a sign easily visible?
What is the standard return policy for jewelry stores? Target takes things back easily - but is the jewelry store business different?
I think your argument could be that you stand behind your merchandise - ready to fix it as needed. And that store credit could be used to replace the ring with another one.
give her money back. i would be pissed if the stone on my ring keep falling out. whether it%26#039;s ur fault or not, it doesn%26#039;t matter. i won%26#039;t be happy with the ring anymore.
She has to prove you didn%26#039;t hold up your end of the deal. From the sound of it, you did your part. You sized it. WHich is what you were supposed to do. The fixing of the stones was done on your part as a courtesy. You could have charged her for it and a good deall forthe work too. But you didn%26#039;t. She cannot claim her money back as the origginal work was performed correctly. I don%26#039;t think she can win as you did give her an option and she decided to take neither. I think is a stand up job on your part. You have a good case.
The Syko Ward
hmmmm, that is a tough call and will depend on the judge.
One thing i can tell you is real small claims court is nothing like you see on TV. It is swift and often unfair. All you can do is hope for the best, and i think the fact you offered to repair it and/or give her store credit should suffice....and geeze, a month went by.....if it were the same day or a few days later maybe... I suppose the price will have something to do with this too, like if it is a high end ring (thousands).
Do you have your return policy posted somewhere??? If so, bring that as evidence. If not, you should make a policy and have it on your recipt for the future.
As a landlord and a business owner I have been many times over the years, and I have yet to lose. I think you shall prevail here. Best of luck!!
Either way think of it as a learning experience, and remember to be polite and apologetic to the customer, no matter how much of a bit** she may be..she may know a lot of people, ya know...lol
And heck, now I%26#039;m going to wonder for the rest of my life....you gonna let us know who wins??
...FOUR times you fixed this %26#039;ring%26#039;? Stones keep fallnig out? I think I%26#039;d want my money back also. Or better, another ring!
It sounds like a kind of cheap thing. Why don%26#039;t you just give the money back and leave it at that.
You might want to take a look at the sites below and watch the online movie presentations. This is the most affordable way to get Legal Protection and access to your Legal Rights. If you have any questions, please contact me. Hope this helps.
Hey, my pay as you go mobile phone has recently stopped working, i have lost my reciept but have the original packaging and the barcode is still on the box, will i be able to return the phone and exchange it for another one? or store credit or repair? also when i purchased the phone they took my details, and put them onto a computer im not sure why but will i be able to use this as my proof of purchase? Many thanks in advance! :D (Y)
Taken from TheLink website:
%26quot;If there is a fault with your product within 12 months of delivery (or other defect with your order), we will normally offer a prompt repair, exchange or refund. We will always offer you the choice of an exchange or refund wherever possible if the fault occurs within 28 days of delivery (please note, we are only able to offer refunds on Pay monthly mobile phones within 14 days of delivery due to the service providers airtime terms %26amp; conditions).
To qualify for a refund or exchange the product must be:
in otherwise 閳ユ竵s new閳?condition; and
complete with any accessories and free gifts offered with it (and, if possible, the original box and packaging).
For contract mobile phones, we can only offer a refund within 14 days of delivery. After 14 days and up to 28 days, we will offer an exchange of the faulty product.
Please return the product to one of our stores or phone Aftersales on 0870 333 1222 (9am to 6pm Monday to Friday). If a fault occurs while you are abroad, please contact us after you return to the UK. This promise does not cover faults caused by accident, neglect, misuse or normal wear and tear. For consumable items (e.g. non-reachargeable batteries) the guarantee period is three months from delivery.
If any refund due to a fault or other defect will include a refund of the applicable delivery charge. We will also pay for our costs of collecting goods for replacement or refund if they are not taken into a store. Replacement goods are sent by standard delivery only - premium services are not available.%26quot;
By law a receipt is not essential as long as it can be proven in some way that the item was purchased from TheLink. Their own records may be able to do this. However, if you can, try to find your own evidence such as a credit card or bank statement showing the payment to TheLink, though do not bother if this is going to delay you taking the phone back to the shop.
I was the one a few days ago that had a collection agency harassing us about bills that were written off 10-12 years ago. (In a nutshell, we were in great shape, had great credit, and illness wiped us out, put us on the street, and we%26#039;re now both disabled and barely scraping by.) I want to thank each and every one of you who answered....all the answers helped, but I found out I couldn%26#039;t thank you on the forum.
But NOW I have a new problem. We checked the recommended websites, talked to the people suggested, found out you all were right that these people can%26#039;t legally harrass us.
When we told them this, they admitted it was true, but told us if we DIDN%26#039;T pay them, all they had to do to destroy our newly repaired credit rating was to inquire about our credit to the credit reporting agencies every few days. I know (and you all probably know) that every inquiry drops your credit rating a point. Within a few months our credit will be crap again. Blackmail. Any suggestions? Thanks!
Old debt is still debt. Never the less, to protect yourself from harassment, tell them nothing except your lawyer%26#039;s name and phone number.
They are just threatening you. They are trying to get you to agree verbally that you owe this so that they can then legally collect it.
Make sure you are past the statute of limitations for the debt in your state and then do not take their calls any longer. Do not talk to them.
Keep a paper record of every call the make to you and keep it on your caller ID.
There have been people who have successfully sued collection agencies for harrassment.
Know your rights.
Yes that is against the law..I would report that company to the FTC,Attorneys Generals,BBB and the FCRA.
YES, I will tell you excactly what to do!
#1 DO NOT talk to them on the phone any more. They might try to say you offered to pay for the debt and illegaly re age this account.
#2 Send them a letter stating that you will be Cheking your credit report every month and you see 1 inquiry from them you will without further notice sue them under FTC guidelines.
Here is something you can do. at the bottom of the letter mark it CC (carbon copy)
Example,
CC. Robert wasinger (this is a bogus name but a collector will
sometimes think it is an attorney)
CC. Your attorney generals office and theres
CC. Your local FTC regiinal office
Ok I hope you are still with me.
Make sure you mail it RRR
Now befor you go to bed and you have your letter written
Find out there toll free fax # and fax this thing 250 times.
When they come to work the next day they will be out of paper anf toner and once they replace the darn letter will continue to come out of there machine!
Send them a cease and desist letter. If they violate this it is a 1000.00 fine per violation. Untill they get it and call you as soon as you here who it is say nothing and press #1 and hold it. Just picture a bad debt collector with a head set on and you blowing there drum out with a number tone.
I can go on and on but wont. I deal with these aholes daily.
It sounds to me like you might be dealing with
as-et accept--ance LLC
Feel free to contact me if you need help with these bottom feeders
We put a contract on a house %26amp; made it contingent upon a satisfactory home inspection, which the sellers signed. So, I looked over the home inspection report %26amp; there were 10 things, 6 of which I think are really important to be fixed (some are safety hazards). Our realtor is writing an addendum asking that they fix or credit us on the selling price for the repairs. Nothing we are asking for is extremely expensive %26amp; we REALLY want %26amp; love this house. Sellers: Would you be likely to either fix or credit a buyer? And Buyers: What should we do if they say no to some repairs/credits if we really do not want to pull out of the contract? Please help!
As a seller, it would depend on how quickly I needed to sell. If I am in no rush, then I could simply wait for someone to buy AS IS. If the repairs are no big deal then I might be willing to do it. It really all depends on why they are selling and how motivated. As a buyer, I think it would really depend on the big picture. If as you said the repairs are no expense, and the seller says no. I would still go ahead and buy if I were completely in love with the house, and then fix them myself. If you could live without the house, then you might want to go and look for a house with a more satisfactory report. GOOD LUCK!!
From the sellers point of view, they can sell the house As Is, and they do not have to fix a thing, but seeing they agreed to fix certain things, be happy they are doing that. Get a price on the repairs you need by a licensed contractor, and then you will know if you can afford to fix these things our not. If you really love the house, just bite the bullet and fix what the owner does not. When I bought my first house, I bought it in a as is condition, and did the repairs myself, and also hired some people too do the things I could not. When I sold the house I sold it AS IS, and I had no problem selling it, and did not have to do anything. I had remodeled the house, but there was still more to do, so the next owner took over and that was that. Bottom line, If you love the house, and you can handle the repairs, as long as they are not too major, buy it, and fix it, and everybody , will be happy. Good Luck..........
You won%26#039;t know the price of the repairs until you hire a repair person. The inspector finds the problems but can%26#039;t necessarily attach a dollar figure on it. Neither should either Realtor.
The addendum should have been signed at the time of the initial Offer. You should request a specific reduction in price of the house and hire your own repair-person so that you know the quality of the work performed and get a guarantee.
If the Seller fixes it, well, just realize that paint and glue can hide a multitude of sins. And, closing, constitutes acceptance of the property on that date.
It seems that my spouse (100% service-connected disabled veteran) and I can not find the answers we need to acquire VA home loan. We have been told credit issues may play havoc. We have been told VA home loans are guaranteed through the VA system/government; so what is the deal in obtaining a loan? We have been told by many, that my spouse qualifies. We do not want something outrageous; just a comfortable home near the local VAMC. We understand that no matter how your credit is; every vet gets the same rate. We are under contract with someone who claims to be an expert on VA home loans but has told us that we have to repair the credit issue. If we had the money, we would not have issues with credit. The credit issue was developed by a medical situation and can be proven. I do know there are creative mortgage officers/brokers that can make this work; where is a qualified person that can get that can assist us? Yes, I know if I didn%26#039;t need money, there would be plenty.
First you must realize it is not the VA who is lending the money. A bank lends the money and the VA insures the loan. Because the VA insures the loan the bank lowers its credit expectations from a conventional loan but doesn%26#039;t throw them out the window!
You might opt to speak to the VA directly and ask for a lender referral. Or you could study up on the VA loan program yourself and learn about what is necessary to get qualified
Below is a website and contact numbers for veterans that may help with questions on your benefits.
http://www.vba.va.gov/
But please keep in mind that even though VA backs these loans there are credit, debt to income requirements, and property standards that VA lenders must adhere to in order to get that loan insured. If you have delinquent credit or other issues which reduce any willingness or ability to repay debts, then it may be a good idea to discuss these issues with VA. There is no creativity in a VA loan. Hope it helps!
VA home loans are a unique way of extending support to the US war veterans, who committed their lives in safeguarding the interests of the country. Therefore, understanding these loans is beneficial. VA housing loan program provides financial assistance to veterans so that they can purchase home at a favorable rate of interest and convenient loan terms. Loans provided by the VA are fixed%26lt;!--interest mortgage loan that do not require any down payment. These loans are provided to all eligible veterans, regardless of their age, color, race, sex, religion, familial status, nationality or handicap.
http://badcreditloans.awardspace.com/Eas...
No prepayment penalties and long amortization terms are another advantage of these loans. Houses provided under VA housing loan programs are duly inspected at the time of construction and require a warranty from the builder. The foremost step is to locate a suitable--%26gt;property in a safe locality. Next, the veteran has to go to a lender and apply for a home loan. VA guaranteed loans are provided by private lenders that include banks, mortgage companies and savings and loan associations. No prepayment penalties and long amortization terms are another advantage of these loans.
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There is a lot of useful and intresting information here to help answer your quetion.http://homeloan.online-assistant.info/ap...
My home went into forclosure, which also has ruined my credit. Now my home is going up for auction and I want to save it. I was ill for several months and that put me under financially now I have regular income again and my child and my baby will be homeless. I need some assistance from someone to help me get a new loan or even to buy my house and rent it to me until my credit is repaired and I can buy it back.
Some companies will refinance you even if your in a active foreclosure. The interest rate will be high, however if the payments are reasonable it will you to keep your home. I helped refinance a person in active foreclosure a few weeks ago, the interest rate on a 2/28 was 10%. It%26#039;s all risk base pricing meaning that the interest rate increases as the risk to the investor increases. If you can document that you where physically sick and unable to work, that would be medicating circumstances that they would consider to allow the file to pass and be funded. N0t sure where you live, but that is the route I would take before anything else. E-mail me and I%26#039;ll walk you through how to see about finding a lender to work with you.
I am so sorry to hear that, I wish I could help
I would think that if there%26#039;s any equity in the house, you could get a real estate investor to bring you %26quot;current%26quot;. Then you could sell the house and split the equity. If you%26#039;re upside down anyways, doesn%26#039;t seem like anything would help.
I have a contact person who works with folks in your situation. Your loan to value needs to be under 80%... They will buy the home from you and then you rent it back for 1 year. At the end of the year they will sell it back to you for the current balance of the loan, not current market value... May work in your situation.
Shoot me an e-mail and I can get you in contact with this person.
Kruorock@firstratelending.com
just wondering what happens when you go bankrupt like honustly. cause i got tould if you file for bankruptcy its 3years you cant apply for anything and it stays on your file for up to 7years. is it possible to repair your credit like no jokes or hoaxes. i looked online but they all full of **** and i just wondered if anyone knows if you can repair or fix your credit rating. i always get knocked back when i apply for a loan or credit card or even a phone. and i wanted to know what i have to do to get everything back on top again even if i have to pay more interest or whatever. anyway possible or do i have to wait 3-7years before i can get a credit card, loan, or house loan. there must be a way, anyone?, also is it really 7 years or is it longer or does it still stay on file. whats the deal. anyone know
You can ALWAYS re-build your credit regardless of what has happened. It%26#039;s just a matter of how long and how difficult it is. If you haven%26#039;t filed yet, do whatever you can to work out your debts -- i.e. see if credit cards will accept lower payments and reduce your interest, etc. They can be difficult to deal with also and try to make you feel guilty, etc. But if you push it enough that you simply can%26#039;t pay your current payments, they will eventually try to work with you rather than have you file bankruptcy and lose all of it. In the end, they want their money, and of course, do have every right to it.
Keep in mind that late payments remain on your credit report also. i.e. even if you haven%26#039;t filed bankruptcy yet, damage is most certainly already done.
After this point, you need to try to get your act together with your finances and learn to budget your money. A good start is getting a secured credit card, where a deposit has to be made and you%26#039;ll have a very low credit limit. Use the card. Sounds weird, but it won%26#039;t help your credit much if you don%26#039;t use it. But you have to do so responsibly. A good place to start is to just charge one thing each month, like say a gas purchase, and then pay that off. Make sure you KNOW you can pay it off each month. Also be sure to pay utilities and such on time. Part of your credit report/score consists of how many months you%26#039;ve consistantly made payments on time.
You might have trouble doing other things for a while until your score improves, but eventually you%26#039;ll be able to get an unsecured card, loans, etc. And then you have to make sure you stay on track and keep your credit clean.
did you file for bankruptcy? If so...then not much you can do now. You have to wait those years...
if you haven%26#039;t then DON%26#039;T! It%26#039;s not good. Get your credit up by paying off all your debt. Then be sure to keep one or two credit cards and / or loans to build your credit again. You need credit to build credit... which means having zero debt/credit cards etc is just as bad as having HUGE debt..
get what I am sayin%26#039;?
Once you pay off yoru debt, use a credit card to buy groceries or gas monthly and pay it off immediately when you get hte bill.
Think about it! You%26#039;ve screwed everyone who has loaned you money or given you credit. Would you extend more credit to a person like yourself? You have to change your ways and prove you are a good risk.
Start calling banks and ask if you can get a prepaid credit card. That%26#039;s where you deposit cash and as you charge things that money is drawn down. Stay within those limits and in a few months the bank may give your a regular credit card. Then you can begin building your credit score.
I filed bankruptcy a couple of years ago and was able to get new credit cards right away. I have since started to rebuild my credit and just bought a house - I was able to qualify for a mortgage even though it has been less than 2 years since my bankruptcy was discharged. My credit is decent now, but yes, it still shows the bankruptcy and I believe it will stay on my record for 7 years. But really, the big picture is that even though I have a bankruptcy on my record, my credit is still decent and it does not haunt me or prohibit me from doing what I want to do credit-wise.
Obtain a copy of all three creit reports and look closely at all of them. You can raise your score if you find anything on them that you feel is not yours or are duplicated.
www.experian.com
www.equifax.com
www.transunion.com
Experian will let you do ten at a time and other two 5 only.
It may depend on what country you live in as to how long until you get discharged from bankruptcy. But here in Australia it is 7 years.
Declaring bankruptcy is a decision that has a lot of consequences so is a decision that shouldnot be taken lighlty. Have a read of the following articles...
Bankruptcy
http://www.cashdoctors.com.au/payday-loa...
Debt consolidation...
http://www.cashdoctors.com.au/payday-loa...
http://www.cashdoctors.com.au/payday-loa...
It is also a good idea to start using a debit card, so when the time comes where you need to pay for things when cash or bank cards are not an option you still have the opportunity to pay, but you are still using your own money instead of credit.
My now X-husband and I filed bankruptcy in 2000, mostly all medical, and a joint credit card. I had a credit card of my own I decided to keep, I always paid it on time, never went over the limit. I paid off my credit card completely, and then the cc company canceled me because of the bankruptcy. That was fine with me; I figured at least the CC would show good on my credit report. I had a gas card that would help me rebuild my credit. I did get another CC later down the road, which helped me a lot to repair my credit.
It had been awhile, so I decided to check my credit report. I seen on my report there was a CC that showed a zero balance, but said, 鈥淐harged off as bad debt鈥?I am mad. How can they say bad debt? I paid it off, and my payment history was always good with them. They are the one鈥檚 who canceled me, I want to dispute this, but what is the point, it shows it will be off my report this August.
My credit is much better, but grrr, there is always something that comes back and bites you no matter how hard one tries.
I guess this is more of a vent then a question..
Did you re-affirm the credit card during the bankruptcy? If you did not list it on your liabilities, but also did not re-affirm it, then it was included in the bankruptcy whether you wanted it to be or not. You may be able to get the creditor to take the %26#039;charged off as bad debt%26#039; notation off of your credit report, but it will be up to the credit card company.
If you did re-affirm the debt, then write the creditor asking them to validate the debt, including any and all charges and payments that were made. If you can prove that they have not credited you with payments that were made, show them that it was paid off, and they should remove the notation.
Here is a website that has sample letters and a process to follow: http://www.creditinfocenter.com/rebuild/...
The credit card company can say %26quot;charged off as bad debt%26quot; because of the bankrupcy. Eventually this will come off your credit report.
Everyone thinks Bankruptcy is this painless panacea that will simply wipe the slate clean. Your attorney probably even touted the wonderful benefits of this cival action. Now, you see why it%26#039;s not such a great thing.
aj485 is correct.
You are right that you probably should just leave it alone, as %26quot;charge-off%26quot; stays on your credit report for 7 years so it sounds like it will go away soon. I wouldn%26#039;t dispute it now just in case the last activity resets the clock. Your bankruptcy will stay for 3 more years so you will have to deal with that for a little longer. This website has more on credit reports and how long negative marks remain on them:
http://triceiver.com/CreditReport.aspx
Next time make sure %26quot;you%26quot; cancel the account and your report reflects that. %26quot;Account closed by merchant%26quot; is not as goog as %26quot;account closed by consumer.%26quot;
I am in college now and I have run into bad credit from credit card debt that has been sent to collections. I want to be able to repair my credit, get a fresh start so that I will be able to buy a car when I graduate and still be able to get a house, etc. I heard that filing for bankruptcy is a bad idea and that you shouldn%26#039;t do it. Is chapter 13 a good idea? Is there any other way I can repair my credit without having to file bankruptcy? Will it effect me getting a job once I graduate?! Please help!
Great idea. Then you will have an excuse for not being able to find a job, and living in your parents basement.
You are so much better off just slowly paying the debt off than filing bankruptcy.
As you pay accounts off, your credit score will improve immediately. If you file bankruptcy, that will affect you much much longer.
well i didnt think it is a good idea and plus there are ways of getting your credit back you just got to find the right one. or just pray to god that he will help to you out.
it will be on your record 7-10 years depending on what you file. SOME employers will consider it in your applications, landlords will be able to check it and so will car dealers. you might want to put your plastic with a good consolidation company. you will have just ONE payment to make ( and make it with money orders so you have the receipt to back you up) and you will keep your credit rating. trust me, I filed ten years ago and it%26#039;s off my record this month, now I have NO DEBT and it%26#039;s staying that way. also, you need to start becoming financially responsible. get a debit account with a limit. do NOT go below the limit. pay the overdraft protection fee. keep track of it on your website. pay your bills on time with online bill paying. after a year or so your credit will be more solid. peace!
Filing bankruptcy for debts made within your control is a negative character clue.
Call your creditors and ask them to work something out with you.
Bankruptcy is never good. Pay your bills! It could effect your employment, a lot of companies do credit checks. If you can%26#039;t keep your affairs in order, they don%26#039;t trust you with theirs. Pay your bills, it%26#039;s the right thing to do.
Filing for Bankruptcy:
1) bad credit for 7 years
2) can%26#039;t get any credit cards
3) effects your job search
4) cause higher interest rate when applying for mortgage or other loans
5) harder to get apartment (everyone runs credit checks)
Before you go that route call all your credit card companies
and see if they can lower your interest rates and put you on a payment plan. Then stop using your credit cards and start working on paying them off. If you think filing for bankruptcy is an easy way out you might get a rude awakening. For at least 7 years you will have that on your record. Many companies hiring check your credit. They consider you a high risk if you have a bankruptcy on you credit report. However if you start paying timely that bad credit can turn around much sooner and will reflect your credit rating. If you feel you are in too deep check if your parents will help you pay of your cards and then make a payment plan with your parents to repay them. You should pay them back the money with some interest added as you would be paying that to the credit card companies. Put it all in writing so your parents know you mean it and are more willing to help you out. Make sure just like your normal credit cards to pay your parents on a timely scheduled. This will help you to learn how to budget and manage credit in the future. But also stop using your cards and work with the cash you have. You would have to do that any ways if you filed bankruptcy as you would not be able to get any credit for 7 years.
Good Luck
It depends on how much debt you are talking about. There is more than one type of bankruptcy chapter, so look into them all. Another option is to check with a local credit counseling service (these are usually free) in your area to get more information. As the previous responses have already said, yes it stays on your credit report for 7-10 years. And yes, it may affect you when applying for an apartment, or even a job. Try to work with the collecting agencies on a payment plan. Once I paid off my creditors, I was able to get a house. You may also want to check with experts in this area. Since you%26#039;re in college, try some books (for free) from the library. And I also agree with the previous comment: you have got to get a grip on your finances. Read Suze Orman when you have time. You may have to look into doing things like moving in with parents to help you save money and pay off creditors. Some bankruptcy chapters involve you making payments, not getting the slate wiped clean. Look into all options and just don%26#039;t view a %26quot;13%26quot; as an easy way out. Godspeed and God bless you.
Don%26#039;t file for bankruptcy, get a job doing anything, heck get two jobs until you find one in your field. Reduce every bill you can (remove the home phone line if you have a cell) It%26#039;s time to become super frugal and start paying off all of this stuff, after all you are going to have some student loans coming up that you will have to pay on as well soon. Bankruptcy won%26#039;t do you any good, especially if you want to own a house in the next 10 years.
Please check out https://parker.fixcreditbiz.com before you do anything else. This company saved my husband%26#039;s credit. He had a 410 after closing our restaurant and now he has a 770 after only 10 months with this company. He has had 36 derogatories removed. This company is absolutely amazing. I can%26#039;t say enough good things about it.
Your credit report is your reputation, financially.
To file bankruptcy means: %26quot;I ran up so much in debts that I had to go to court to get a judge to tell the credit card companies %26#039;No, you%26#039;re not getting your money back%26#039; %26quot;.
If you do that, why should anyone want to loan you money again? I.e., That%26#039;s as bad a credit report as you can have.
If you%26#039;re in college right now, are you working part time (or working full time and going to college part time) to try to keep up with the minimums?
Have you looked into picking up grants or scholarships?
LIFE LESSON FOR EVERYONE:
COLLEGE STUDENTS SHOULD NOT GET CREDIT CARDS.
Well like the title says, when I was about 18 I had been working for a few years and started to build up a good credit (car loan 3-4 credit cards, etc.) however I had a child and lost my job around the same time and began to fall in to debt. Now I am 23, married, 2 children, and I would like to repair my credit that I have ignored over the past couple of years. I have about $6000 right now that could go towards paying off old debts. I have probably close to 7-8000 in debt but I am not going to actually pay that much because it is mostly interest, etc. I%26#039;d like to pay at least 1/2 or less. Anyway question is what are the first steps I should take in doing this. I%26#039;ve already got my credit report and have all the information for contacting the creditors, however after speaking with one of them I realized I should not have done that and should research more. Is there anything I should know that will give me bargaining power when talking to the creditors?
How to get a creditor to make the deal you want
You have the natural advantage in debt settlement, because you have something the creditor wants. Don%26#039;t cave in when they first tell you no. Maintain calm. Don%26#039;t lose it and get angry. It%26#039;s usually best to correspond with them via letters, so you have a paper trail of all your actions. Keep the attitude at all times that the collection agency will take less money then they say they will.
How much to offer
To give you some background, most bad debt companies pay or receive literally pennies on the dollar for the debts on which they are trying to collect. The amount that companies pay for bad debt depends on the type of account and its age:
* Debts that have recently been charged off: 6 to 7 cents on the dollar.
* Accounts that are slightly older and on which a collection agency or two has already taken a whack: 1.5 cents to 2 cents on the dollar.
* Years-old, out-of-statute debts: A penny or less.
* Source: Sean McVity, portfolio broker at Keefe, Bruyette %26amp; Woods.
With this in mind, you should always start your offer at 25% or less. Let%26#039;s understand the math here. If your debt is $1000, let%26#039;s say at the most, the collection agencies has paid or will collect 7 cents on the dollar, or $70. If you offer them $250 (25%), they are still making a profit of $180. Remember, the credit card companies are out of the picture at this point. This money goes directly to the collection agencies.
Other things to remember in negotiation:
1. NEVER talk to a collection agency on the phone. Period.
2. Get your terms in writing before you even open your checkbook. Here is a sample of an agreement requesting the reduction of your debt amount. Never expect a creditor to meet an agreement that was made verbally. Everything must be in writing and, even then, you will probably have to fight to make the creditor live up to his end of the bargain.
3. Keep good records. This can be the difference between a good and bad settlement. Don%26#039;t expect them to remember you or what you agreed upon.
4. Send all correspondence via registered mail, receipt requested(about $3-$4 a letter).
5. Keep a copy of every letter you send.
6. If you call (and why are you calling?), keep a log of when you spoke to the agencies, and who you spoke with. Ask for the name of the supervisor of the person you spoke to, as the turnover rate at collections agencies is high.
7. Follow up all phone correspondence (again, why are you calling?) with a letter (registered, of course).
8. Penalties and extra interest are typically fictious amounts of money added on by the collection agency to pad their profits. I%26#039;ve seen as much as to 50% of the debt or more claimed to be owed by a collection agency consisting of interest and fees. Example: Recently, I talked to a guy who had his $5000 original debts balloon up to $11,000 in less than 3 years. This is illegal, every state has usery laws (which dictate the maximum interests allowed to be charged.) If you consider the junk debt buyer paid 7 cents on the dollar or less, there is no way there is this much interest. Most companies would be thrilled to get you to pay the original debt even without the extra penalties they add on and will usually be more than agreeable in waiving these fees.
9. Time is on your side. As time passes, the creditors will likely stop calling and the debt will be filed away for future attention. The longer the debt remains uncollected, the better your chances will be of getting a good settlement. Eventually, the creditor will consider the bad debt a loss in order to receive a corporate tax write-off. This does not necessarily mean that they won%26#039;t pursue you for the debt. The corporation may then collect on the debt themselves, sell or assign the debt to a collection agency, press for a judgment and garnishment, or temporarily ignore the debt. The course of action chosen by the creditor will vary widely between corporations and debts.
10. Never look too eager to settle. Take plenty of time to reach an agreement. Never let it slip that you need to settle the debt because you%26#039;re buying a home, car or anything else. If, for example, you tell a creditor that you really need to get this debt settled to get into your dream home, you can forget any kind of settlement. The creditor will insist on the full balance. Don%26#039;t accept the first, or even second, settlement offer. Make sure that they are the ones calling you to push the deal forward. You cannot expect to reach an affordable settlement if the creditor thinks he has the upper hand.
Debt is only a bothersome thing if you let it be. If it is giving you sleepless nights, pay it off. If you don%26#039;t give a crap, then use your money for something else.
Well, the best thing to do is get it over with. If I were you, I would not want my debt to pile up too big...
They are not going to remove it from you credit report it will just show the account as a charge off most likely.
If you are late it will be gone in seven years. Yes after seven years it goes away. Is it worth 6K for 2 years?
Oh and it will not be removed just changed to chrage off paid. Still bad.
Use a credit repair place.... NOT just any... Look at some of the homebuilders you want to consider... They have mortgage contacts that can get you to legitimate credit repair folks.
The sooner you pay off your debt, the better. There%26#039;s no point in accumulating debt because it will just hurt your credit score more and more. If you pay it off as soon as possible, you might be able to improve your credit score down the road if you make payments on time, and you will get better interest rates in the future.
your first step should be getting some education on what credit is. you have probably severely damaged your credit history, and paying it down now won%26#039;t automatically fix your past history. your score will climb over time, but it takes several months for improvement to appear. And why wouldn%26#039;t you pay that much ($7-8000)? Interest is what makes debts skyrocket? You really need to understand how credit works.
you should pay off one credit at a time. They will not erase it from your history but they will stop putting bad things in your history once they are paid.
You dug your own grave with this but there is no reason to lecture you on it, nothing will be taken off your record is the main point.
Pay them off one at a time, if you can with one payment, this will help stop interest from cropping up from multiple sources...making it easier to get out of debt once and for all.
If you don%26#039;t pay them off in full, they can still leave it on your credit report. So, it really comes down to bargaining power. Never the less, even if they agree to not put it on your credit report if you pay all but the interest, what are you going to do if they DO put it on your credit report?
If you are trying to create good credit by negotiating off bad debt, it%26#039;s not going to work. You create good credit by being a low credit risk and displaying Good Faith in resolving a debt. Partially paying it off as a settlement isn%26#039;t defined as Good Faith.
Never the less, see if you can negotiate with a manager at your creditor%26#039;s place and see if you can get the deal in writing. That might give you recourse to remove the black mark if they agree not to report it.
my answer is you are better to pay off your debt because by next year it would be higher,because of the intrest rates last year i came into 14,000 my debt was like 10,000 i wasted the money on material things now i am in deeper debt ,pay it off because if you dont you will regret down the line.
it is a tough ?. there is so many things that are involved. I pull many credit reports for my clients. if you have 100,000 in credit and only 8,000 is being used, you are looking good. Take a look at the percent of credit you have a available. If you have 80% avail, you are in a great situation, if it shows you have 0-10% avail, you better start paying some bills. lol. there is also a lot more involved, but i can write a book. Also if you have leans on your report, forget about it, unless its like an $80 cellphone bill.
Buy your wife and kids something nice and invest the rest in a Roth IRA.
There are some great people out there who work wonders with dealing with creditors. The best thing you can do is hire a third party to negotiate for you, someone who knows the business really well. If you want a phone number for a guy let me know, I have a great guy and he works wonders with my taxes too!
I would try to negotiate for .50 cents on the dollar....
contact one at a time, don%26#039;t stir up all the bees nests at once so to speak. tell them you have a little money and would like to settle the debt....
any deals are to be in writing and signed before you send money.... or will will find out that you had no deal! Collectors and credit card companies lie all the time.
do not give the access to your checking accounts... or they will wipe it clean by taking out more than you have
do a search at daveramsey.com for more info...
Many companies will settle with you for as little as 10 percent. %26quot;Settlement%26quot; is the technical term. Whether you settle at 99% or at 10%, it will still show as %26quot;Settled%26quot; on your credit report.
Although the companies cannot legally remove it from your credit report (it wouldn%26#039;t be fair credit reporting), it will at least start the process of improving your credit. If you do nothing, it will keep moving from collection agency to collection agency and become more of a nightmare to clean up as time goes on.
To negotiate best, you have to give them little hope of winning in a judgement case and garnishing your wages. That means not having a job, being on the brink of bankruptcy, and having little hope. Tell them you have a little money coming in and you can offer 10 percent of the total debt. Let them sweat a couple of months, but they will be happy you are at least making contact and some sort of attempt.
In time, your credit score will begin to rise rapidly and in 7 years- assuming you don%26#039;t fall into default again, your score will be clean! Good credit will save you thousands in the long run, so clean this up as quickly as possible and be sure not to default on anything again!
Credit cards: Depending if you are in default with those creditors or if that debt has gone to collections...
Usually if the credit has gone to collections, they will settle for less then what you owe. Call them up and say I am looking to settle my debt and I was wondering if there are any settlement offers in place at this time.
If you have been paying the minimum amounts and are still with the original creditor, you will end up paying all of what you owe. This is b/c the defaulters are more of a risk and the collection agency that has bought the account from a credit card co. would rather see something come in instead of losing the money they paid to buy your account.
You borrowed the money, you need to pay it back. It is your moral obligation. If I borrowed money from you, you sure would expect it back
Start small by paying minimums and work up to havinga goal to pa it off in 2 years. (maybe get a 2nd or 3 rd job)
Good Luck
I would not pay credit card debt is unsucured debt
What can they do NOTHING!!!!!!
Check your credit report see when the last activty on the debt if you dont pay it it fall off anyway
it called stature of llimations ( google)
usually 4-7 years depend son which state you live in you dont pay it will fall off anyway
dont pay collection agencys never pay any thing until you get it in wrighting if you pay on a debt it starts the stature of limitions over again (you dont want that)
Instead use the 6000 for a emergency fund in high interest account online banklor cd o rmoney market account
you could get secured card with orchard bank to put 500 in account and build credit for 12 month a lif you pay on time you get a unsecured card that wiil raise your score right away
THE RIGHT ANSWER..
I want you to contact a Mortage Lender and pre-quality for a home.mortage loan.. They will tell you how much to pay for the real estate . Then they will help/advise you how to clean up the credit report. This advise and information is all free. You start the part time business after you move into your home It will also help that your wife obtain employment if she is not working... The goal is to purchase your own home -- right. Then go to a mortage lender... The $6000 might be able for a down payment --to avoid paying the credit insurance.. Put 20% down to avoid a monthly premum credit insurance --
Many collector agencies will work with you and will remove the incident from your credit within a month or so of you paying it off. Sometimes they won%26#039;t though. Your biggest bargaining chip is that you have the money to pay and you will pay your debt if they negotiate the right way.
The bad part is that if you don%26#039;t pay, it will show up as not being paid instead of just paying late which will look worse. Bad things are only supposed to stay on your record for a number of years, but if you don%26#039;t pay, many times right before it%26#039;s supposed to come off, the agency will sell your collection to another company which will mean another few years to wait. The process continues so that it%26#039;s always on your report.
To better your credit, take out a small loan (or the most you can get) but don%26#039;t spend the money. Put it in a savings account that you never touch so that the money builds interest and you will spend less money on interest rates charged by the loan. Each month make the monthly payments for six months. On the seventh month pay the loan off. For a $10,000 loan, you might only pay $100 or something on interest and it will look great on your report. Keep doing this and those bad spots won%26#039;t look as bad when compared to the number of loans you%26#039;ve completed.
It takes 6 months for a loan to show up on your report so every six months you will have a completed loan paid on time. Also, each time you pay a loan off, you will qualify for a larger loan.
First of all these debts are 5-yeas old and will fall off your credit report in another 2 years anyway.
If you really want to pay some of them off, you must get a pay for delete agreement in writing first or your right it%26#039;s a waste of money.
If you pay any of them without this agreement your score will actually go down since the accounts will become current rather then old. If they refuse to give you this agreement don%26#039;t pay them anything.
90% of your credit score is made up of the last 24-months of activity so these accounts are really not hurting your score that much.
Do everything in writing no phone calls. And like one of the other posters said, never give out your bank information.
And just so you will know as old as these accounts are you are past the statute of limitations so they can%26#039;t sue you anymore, at least if they do all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.
you only have 2 years left of the 7 years? it goes off your credit report in 7 years and drops off completely. any financial transaction (like a payment or promise to pay) will start the 7 year clock ticking again.
morrally if you feel you should pay, then do as the above say, blow all your emergency fund after getting %26quot;removal from credit report%26quot; letters from original lender and collection agency. communicate with collection agencies only in writing, lenders you can talk to but writing is encouraged. try to fire any outside collection agency with a termination letter so you can negotiate with the lender directly....10-.35 cents on the dollar should do it after 4 years. all agencies on each debt have to agree and give you the letter. remember paying will start the credit report 7 year clock ticking again.
otherwise you keep the 6k, the negative stuff drops off in two years and all you have to do is wait it out. a lot of people out there think that by paing after a few years that it will be a positive but its not, its computers and policies and an ugly credit report and no-one cares except you and people who won%26#039;t lend to you wether you pay or not...a computer doesn%26#039;t care.
you would think the credit reporting business and the lenders would be interested in benefitting those who pay their debts no matter how long it takes them but they don%26#039;t. The credit report people are in the business of providing negative information otherwise they are no good to the lenders. The lenders have policies and computer programs to say yes or no and paying or not paying does not influence their hatred of you either way, they don%26#039;t care. They just do the math it%26#039;s a numbers game and a tax write-off to them...they even sell off their bad debt to collection agencies who then sell again who then sell again on and on and on.........
no recommendation here...do what you believe is the right thing.
You%26#039;ll need strong credit to start your own business, and the best way to get good credit is to pay down the debt. It won%26#039;t come off your credit report for several years, but your credit report will tell potential lenders that you%26#039;ve paid it off. So even if the items are still on there, you can explain to future lenders that you made a mistake, learned from it, and are much more responsible now.
$8k is alot, and you should pay all of it, but you might be able to reduce it by offering to settle with the collection agencies you owe money to.
Most agencies will settle for 80% or so if you are able to make one lump payment (which you can, so that works big time in your favor). They won%26#039;t always offer it, but you can bring it up and see if they%26#039;re willing. They just want to get your account out of their office, so sometimes they%26#039;ll knock down the balance.
yea ur debt is just gonna get higher id pay off wut u have of ur money to debt and maybe invest in 1000
Ok, Just people who actually know about this answer. And no smart answers please. I%26#039;m 19 years old and have about 18,000 in debt. When i was 17 .. a company sent me a credit card although i was under age with a really high limit, I don%26#039;t remember applying for it but obviously the birth date must of been incorrect. I always paid everything on time and had a credit score of 734. A few things happened and i fell behind. Now I%26#039;m paying one of the credit cards which is 350 a month. Plus car payments and all. I%26#039;m worried that i won%26#039;t be able to file bankruptcy because of that credit card, what if they have the wrong birth date? What will happened? Because that would be illegal right?. I need some sort of debt relief program. Any suggestions??
** IF I FILE BANKRUPTCY , HOW LONG BEFORE I CAN BUY A HOUSE? HOW LONG WILL IT TAKE ME TO REPAIR MY CREDIT. HOW LONG UNTIL THE BANKRUPTCY IS REMOVED FROM MY CREDIT?? AND ALSO DOES IT AFFECT ME GETTING A JOB, GETTING INTO SCHOOL OR ANYTHING???
ok i know it takes about 7 years for a bankruptcy to come off you credit report. In the lines of a house I would wait on that one because having a bankruptcy on your credit will make your financial rate sore. It will not affect you getting a job but it can affect some student loans to get into school. Depending on where you go to school at. I would contact the credit card company or companies that gave you those cards when you were 17 and see if you can make some kind of arrangement with them. Other than that get rid of the bill you don%26#039;t need like car payment. You can get a nice used car pay outright for it , and that would free up more money to pay off you debt to the credit card companies. Bankruptcy at a young age would not look good for you.
call a lawyer and set up a appt and they will tell you go on the internet and look up bankruptcy laws
NO DONT FILE BANKRUPTCY...THERES THIS PLACE THAT IS CALLED CONSOLIDATE IT WONT MEST UP UR CREDIT AND THEY PAY UR CREDIT CARDS AND JUST PAY THEM THEY WILL WORK A PLAN 4 U..ONE U DO BANKRUTCY UR DOOM
You really need some more in depth counseling than you are going to get here. Dave Ramsey has some great programs and advice for all kinds of financial situations. I bought the book and now live by his advice. You can get a lot of info just by looking on his website.
http://www.daveramsey.com/
Can you sell anything? Live a little less expensive a life style? It will all be worth it in the end. Bakruptcy will haunt you for a long time.
One waits ten years after bankruptcy to get any kind of loan again (such as a house loan.) Should you pay your debts? Yes. Will it take a while? Yes. Will you do the right thing, that which you have promised to do? Life is a series of choices, dear, and the more important the choice, the more difficult it is to make it.
You should go and see your local Citizens Advice Bureue as soon as possible. Also take them a complete list of your income and expenditure plus any debt letters you have. They can also assist you with filing for bankruptcy if it comes to it.
Not unless you own your own house and have plenty of valuables . Never open the door to Bailiffs, keep all your windows firmly shut No matter how much they say they just want to talk with you. Keep them firmly out.
You are 19 and you were paying the card regularly previously, so the date on the application will most likely be irrelevant. Bankruptcy is a serious step that you should avoid if at all possible. Call the card issuers and try to arrange for a payment schedule that you can handle. I suggest, however, that you cut your cards so that you are not tempted to use them.
If you have income, bankruptcy will not remove the credit card debt. You would file under Chapter 13, and the court would work out a repayment arrangement, with possibly some of the debt erased. But you would still have the liability and would spend time paying it off. It is better to do that without bankruptcy.
That amount is so small you should fess up to it and pay it! The BK will be on your credit forever. Have responsibility. The payment sounds like it is a high rate. What you should do is contact the credit card company ask for a manager or get a fax number and write them a letter. Inform them they gave you the card when you were under age, you did not know better,( heck, you can get them for that!) it is their fault for the error, they should not have given you the card! Tell them you are thinking of BK and make a deal for a lower pay off with a lower rate....one you can afford. I was able to get a much lower rate on one of mine and I am working on the others. Remember, they have already made the money back that you spent and now they are making interest.
Technically the credit card company were in the wrong for giving you credit, but then they could claim you were fraudulent in your application. Bancruptcy is a drastic measure. It can affect you for up to 6 years. Basically all your debts are written off, but that can make it difficult for you to rent a place of your own, have utility bills in your own name and makes having a bank account difficult. Without a bank account, getting a job can be difficult because your salry would need to be paid into a bank. Also if you get a job within the specified time of your bancruptcy, you will then have to repay at least some of your debt. A friend of mine lived on benefits for 5 years as a result of bancruptcy!
My advice would be to visit Citizens Advice Bureau for some advice. They can contact creditors on your behalf and request reduced payments. Most companies will be happy to accept reduced payments rather than no payments. Work out a list of all your incomings and all your outgoings before you speak to them as this will help them to work out what you actually can afford. They are best placed to advise you on whether bancruptcy is a viable option for you.
Good luck x
No, don%26#039;t file. I think you%26#039;re far too young to have that on your record. I suggest you go to some sort of credit counseling for financial advice, consolidate your bills if possible, avoid all unecessary expenditures, and set up a budget to live by.
My credit report show an account that with into chargeoff. I am trying to see what took so long or is the account re aged. My credit report shows.......
date opened-- 07/1993 type- installment
reported since -09/1999 Terms- 61 months
date of status--04/2004 monthly payment-0
last reported--06/2006 responsibility-individual
credit limit/Org. amount--12,666
High balance --NA
recent balance--2,470 as of 06/2006
recent payment--0
I dont have proof but that truck was history before 1995, how is it still on my credit report? Any advice on what I should do? It never went into collections or anything. Please help, I am trying to repair my credit report. Thanks
It can be kept alive by selling back and forth to different credit agency. That is how they make sure it doesn%26#039;t go off your report in the 7 years.
I would dispute this item with the bureaus and also the collection agency if you know who that is
also try the debt validaion routine with the collection agency
I%26#039;ve been where you are and it%26#039;s no fun. The first thing you need to do is get a recent copy of your credit report. You can get a free credit report and credit score at http://smart-money-help.com/free-credit-... . Even if you have seen your credit report you need to request a new one. Things get added to the report all the time and some of them might not be accurate. Getting rid of the errors and challenging everything is the next step in fixing things. Also, you don%26#039;t need to pay someone to fix your credit report. There is nothing someone else can do that you can%26#039;t do yourself. That same website also offers a free credit repair kit. The free kit and the free credit report are all you need to start getting your credit repaired. You can get the free credit repair kit at http://smart-money-help.com/free-credit-... .
Your %26quot;date of last activity%26quot; appears to be 04/2004 but they reported your unpaid balance in June 2006.
Go to www.LearnAboutCredit.com
I went to apply for a VISA PLATINUM CC at my bank yesterday, the girl said that she would talk to the manager and would call me back, within 3-4 days. Here is my situation, I have real bad credit, and I guess it is real bad because I had a foreclosure on my house like one year ago. I am trying to repair my credit now even though the foreclosure part might take awile. I am trying to get some kind of credit card with a small limit on it because I need it right now and would like to try to regain credit with it, by paying on time.I was recommended to go to www.creditcardsearch.com or something like that to find the credit card for your needs. What do you think I should do?
If your credit is that bad your not going to get a credit card. Best bet is get a Debit card and build your credit that way. You evidently have no money or you wouldn%26#039;t be screaming for a credit card.
Call the company you applied with and be honest. Ask them if they have processed your application and if there is a chance you%26#039;ll be approved. If not, you could always try another card company. It might be difficult to get anyone to accept you.
You may have to start with a Sears or JCPenney type card first. Just make sure you pay the balance each month. Don%26#039;t let it ride or pay only the min balance. Pay it off. If you do that for a year, you%26#039;ve reestablished some credit history on the positive side.
Good Luck!
You might be able to get a prepaid credit card. You put money on it and then use it like a Walmart card. That might help you a little. Since you had a foreclosure it will be very difficult to get a credit card. You may have to work on getting everything cleaned up on your credit report first. Good luck.
More credit is not the solution to bad debt. I hope that you are not so far into beleiving otherwise.
If you can, get a secured credit card this will help you fix your credit without interest. A secured credit card works like this ; you give the bank 500 dollars, they give you a 500 dollar credit card. you use it wherever for whatever. they send you a bill, you pay it and use your card some more. you card limit will be whatever you put down(500). You get a bill to keep money in the account so that the bank feels %26quot;secure%26quot; since you already have bad credit. This is treated like a normal credit card for the most part and as long as you keep up your payments for a while then you can eventually get a regular credit card. I know this works to help fix you credit, my brother has had to do this. Just tell the bank(most banks do this) that this is what you want is a card to help you regain your credit.
wait
With a foreclosure and a bad credit rating, then it%26#039;ll be hard to get a credit card. To build your credit, you may want to look into a credit repair service. Check the link on our website - Lexington Law is very good at credit repair.
Your best bet is to apply for a secured credit card (you have to put down a cash deposit in a savings account). Do a search on the web - there are many.
You say that you NEED a credit card... this sounds bad as it insinuates that you are strapped for cash. Considering your previous foreclosure, you may need counseling to help you learn how to manage your finances better.
