Got Bad Credit?? Need It Fixed??

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 6 years ago '10        #301
rek0nize 64 heat pts64
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I watch Suzy Orman on CNBC nightly and one caller called in during the show to tell her story about her credit.

When she was 20 years old this woman went 72k in debt with 20 different bad lines of credit and she let them all go at 21 years of age. So at that point in time, she didn't answer any of the letters or calls or anything, just forgot about credit for 8 years.

As she gets close to her 30's she wants to purchase a new home for her and her family, and when she checks her credit and finds out that its COMPLETELY clean because everything had just fallen off her report. So she got herself a secured loan and a secured credit card and paid on those for 2 years, just did small purchases on them and paid them off each month to establish some good credit history, then applied for her home and she got approved she said.

The only thing she could have done better was what I did, start setting up ur good lines of credit few years prior to everything falling off, so everything happens all at once.

But the worst part of her story was that she ended up getting 40k in debt again and almost losing her home and ruined her credit again.

Some ppl never learn...
 6 years ago '04        #302
BlueGray 
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This is very interesting.

I think I posted in this thread about owing another guy's car insurance company like $7,000 because I t-boned him (going 25 mph) and I guess I didn't have insurance at the time, so that's what I owe for his vehicle. Would this go on my credit report? This happened 2 years ago and I lost my license because of it and I have to start making payments on it (which I haven't yet) before I can get my license back. I'm a.ssuming this is one of those things where I can't just let it fall off after 7 years because I'd eventually like to get my license back and paying this debt is probably the ONLY way of getting it back, correct?

And I'm guessing school loans are a completely different story too huh?
 6 years ago '10        #303
rek0nize 64 heat pts64
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Yeah school loans are somewhat different. Private school loans you could let go, such as loans from banks and stuff like that. Federal Stafford loans you cant, because they are backed by the government, they WILL get their money at all costs.

So did you get a ticket for having no insurance from a police officer and then you also owe the guys insurance company 7k for the damages that you caused since you didn't have insurance?

General rule on credit is, you cant dismiss Federal school loans and child support. Only way you dodging that is don't work at all ever or work under the table your whole life.
 6 years ago '10        #304
rek0nize 64 heat pts64
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Even if you pay old debts off they still look show paid in full, but will stay on your credit report for 7 years. It will still show all your delinquents and still affect your credit score negatively.

If you have any small amount credit lines you owe, like say 300 dollar electricity bill. Send them a letter offering them a PFD(Pay For Delete). Offer to pay off the entire debt for in return they have it deleted off your credit report and get it in writing. Some will do it and some wont, just one of those things you just have to try. I found just waiting for my 7 years to be the easiest and laying low.
 6 years ago '04        #305
BlueGray 
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I never got a ticket from an officer, but I was supposed to go to court since the guy's insurance company ended up suing me. I never went because I knew I f**ked up. Not going was probably really stupid of me, but I figured I saved time and gas money and maybe even lawyer fees since I already knew I was guilty. So, I called the DMV and asked how I could get my license back and they gave me the insurance company's lawyer who handled the case's number. I called him and he told me I need to give them $500 and then start paying $100 a month until it is paid in full if I want to get my license back and keep it. So I'm probably stuck with paying that in full huh?

And I went to that website you suggested to get my credit report. It said I had 6 bad things (can't remember the exact wordage they used) and 4 good standing things.

1 was the car thing, another was a civil claim (I'm thinking this is a doctor bill that got sent to a credit agency and then to court), 2 are school loans that I think are probably stafford loans if I remember correctly, 1 was something that says I owed $567, but it's been closed and written off..? And another says it was Paid/Closed but still in the bad standings. So I'm guessing that my credit score is pretty f**ked and I'm not really sure about what to do with each of these cases..
 6 years ago '10        #306
rek0nize 64 heat pts64
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First off. You're going to have to pay that 7k if you want your license back, see if you can get your license back once you start making good on your payments. I would hope you don't have to pay it in full before you can get it back, at least a temporary license to go back and forth between work or something.

2nd. The civil claim means somebody did sue you and by not showing up just means they won the case and you're held accountable for paying that, so they can now garnish your check where ever you work without warning until its paid for, unless you set up something with them such as a payment plan.

3rd. yeah if they are stafford loans, you wont get out of those, they will do whatever it takes to get their money and they WILL garnish and get theirs. That's government money there. Yeah, if it says its been closed and written off just means they closed the active account and wrote it off for their own tax purposes.

4th. If one says Paid/closed that means you should have paid something off and then they closed it. They will be in bad standing, because of non payment throughout the line of credit.

I would say you're in the 500's somewhere on your score. That doctor bill you will have to pay, because you were sued, the moment you pay it, it will refresh your 7 year fall off and start from there.

None of the stuff you have is entitled to just let go and fall off, because the type of credit they are. The faster you pay that stuff off, the sooner your 7 years will start so it will fall off.

Even though you pay off a negative, some people a.ssume that its now a positive and helps your credit, which it will in some aspects, but it still hurts you as well, due to refreshing an old debt that has had no activity for years and making it relevant towards your credit score again.
 6 years ago '04        #307
BlueGray 
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Damn that sucks! Looks like I've got some catching up to do then if I'm ever going to want good credit to own a house and get loans for opening a business.

I think for the civil claims one, I went to court when I wasn't working and going to school full-time (still am) and I really don't even remember what they told me other than they had me meet with someone in another room after my hearing or whatever and fill out papers saying I am going to school full-time and that I don't have any income whatsoever. I can't even tell you if they've sent me any letters regarding it since then or anything..but it's obviously still on my report as I need to pay it, so I'm guessing I can't do anything with that then?

Also, I think the one that said it was written off/closed for $567 is when some a**hole old friend of mine had me sign up for a Best Buy card to purchase a laptop there off the credit I could get from it. I was stupid and trusted he'd pay me back because I knew he was getting ready to start working at a job where he made $2,000 a week. Needless to say, the bastard never paid me back for it and is in jail now and has been for quite a while for other s**t. Great story and all, but is there a way I can get that off my credit report by telling whoever that delinquency's through that story or whatever?

And can I possibly do that Pay for Delete option for any of these things?

Props given for all thre great information and help so far.
 6 years ago '10        #308
rek0nize 64 heat pts64
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Civil claims one, you're just stuck paying no matter what, because I imagine they won the civil claim even though you let them know you're just in school and put it off till a later date.

The 567 dollar one, you could propose a Pay For Delete option. How long ago is that one from? from the time you didn't make the first payment. Pretty much you're stuck with this one as well, no matter the story, you put your name on the dotted line to get that credit card to buy that, even though it was for your friend.

I did the same thing for a family member through Dell.com years back, but I got me a laptop as well as him and he said he would pay the WHOLE bill and of course never did. I learned my lesson from my younger days on credit mismanagement. Took a long while to get it all fixed, but just time and patience and paying off the ones you have to will give you some clean credit once again in the future for a home purchase or a new car or whatever it you seek.
 6 years ago '10        #309
rek0nize 64 heat pts64
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Here's a list of the ones you can’t change: You just have to wait these out and or pay them.

Chapter 13 Bankruptcies will remain on your credit report 7 years.
Chapter 7, 11 or 12 Bankruptcies will remain on your credit report for 10 years.
Judgments(being sued,civil claims) - 7 years
Paid Tax Liens - 7 years
Unpaid Tax Liens - 15 years
Foreclosures - 7 years (in rare cases, this could be removed)

Like on your Civil case, it WILL fall off in 7 years from the time it was filed, but they will NEVER let up on you and will garnish wages when you get a job. Even like your best buy card it will fall off on your credit in 7 years, but they can still try to call you or send you letters to get you to pay, but generally at some point they just give up and you don't have to worry about it because they cant sue you at that point anyway.

Here is a sample Pay For Delete letter you could use.




Collection Agency
1212 Maple St
City, State Zip

Re: Collection Account for Original Creditor Account #: 00000xxxx

Amount: $25.00

To Whom It May Concern:



I am writing you to inform you that I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

Please address all correspondence regarding this account to:

You
123 Any Street
City, State Zip
You can reword any of it to your liking and make necessary adjustments. It's not a guarantee that anybody will go for it, I tried it on 6 of my 14 bad credit lines that were OUTSIDE of the Statue Of Limitations and I got 3 to accept it. Some will just say f**k it, knowing they won't probably see the money anyway and will do it, but some won't.

Just don't try these letters until you are outside your Statue of limitations or they may fire back and just sue you for the debt. Basically, it's good to just lay low and don't poke at them and hopefully not get sued. They refer to this as "awakening the sleeping giant" in the credit world.


Last edited by rek0nize; 12-20-2010 at 09:29 PM..
 6 years ago '10        #310
rek0nize 64 heat pts64
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Another letter you can try, ONCE outside your states statue of limitations once again is a Validation letter.

The original creditor will at some point sell off the debt to a collection agency for a discount price and then they will go after you for the full debt, but most the time the collection agency hardly ever gets the ORIGINAL contract that you agreed to for the credit/loan. If they cannot provide that information to you then they HAVE to delete it off your credit reports.

Most the time they just have simple information as who you are, where you live, account number and the amount you owe, which isn't good enough.

Once again, only do these letters as well if you're outside your statue of limitations or they could sue you for poking around at them "sleeping giant"
 6 years ago '04        #311
BlueGray 
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So a collection agency can still come at you for that amount you owe even after it falls off your credit report in 7 years (if it does)?

I'm guessing I'm just going to have to slowly pay off each and every one of these debts in full..which sucks considering I'm still a full-time student..but like you said, the sooner, the better for me. I'm already 25 and honestly think I have a bright future ahead of me now that I'm finally starting to pull my head out of my a.ss.

At the school I'm going to, they give free room and board to all new incoming students (so I obviously took it). I have one more year left after this upcoming semester and I definitely won't be offered that free room and board next year which if I wanted to get, adds up to around $5-6,000. So I'm thinking they may offer me around that much more in loan money next year if I want to accept it since I won't want the room and board. I'm thinking if they do offer me that much extra loan money, that I could use that to help pay for some of the car accident situation and to maybe help get another car or pay off other debts. Would that be a good idea?
 6 years ago '10        #312
rek0nize 64 heat pts64
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 BlueGray said:
So a collection agency can still come at you for that amount you owe even after it falls off your credit report in 7 years (if it does)?

I'm guessing I'm just going to have to slowly pay off each and every one of these debts in full..which sucks considering I'm still a full-time student..but like you said, the sooner, the better for me. I'm already 25 and honestly think I have a bright future ahead of me now that I'm finally starting to pull my head out of my a.ss.

At the school I'm going to, they give free room and board to all new incoming students (so I obviously took it). I have one more year left after this upcoming semester and I definitely won't be offered that free room and board next year which if I wanted to get, adds up to around $5-6,000. So I'm thinking they may offer me around that much more in loan money next year if I want to accept it since I won't want the room and board. I'm thinking if they do offer me that much extra loan money, that I could use that to help pay for some of the car accident situation and to maybe help get another car or pay off other debts. Would that be a good idea?
Yes, they can bother you for the rest of their life if they choose, but that credit line can NEVER go back on your credit report at any point after the 7 year fall off. Nothing a simple number change cant fix to stop the unwanted calls. Most the time they will give up and move and chalk it up as a loss at some point.

I mean, I would say no, using other loan money to pay off another loan is not the best idea, but in this case its your drivers license we are talking about, so I would definitely pay it off any way I could. Your drivers license is very important for obvious reasons. Are you sure you can get more loans if you haven't been paying on your old ones?
 6 years ago '04        #313
BlueGray 
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I'm pretty sure I can. I got loans for this year from school. My old ones are from 2004 and on my credit report it says they have been deferred and payments begin July 2013. The one's from '04 I'm pretty sure are almost identical to the ones I got this year...I think one's subsidized and the other's unsubsidized..totaling about $5,000. So I have around $5,000 in loans from '04, around another $5,000 from this school year, and I'm guessing another $5,000 for next year (before I were to do that extra $5-6,000 if I can). So I'm looking at a total of anywhere between $15-20,000 in school loans by the time I graduate.
 6 years ago '10        #314
rek0nize 64 heat pts64
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yeah, those are Stafford loans for sure. Yeah man definitely pay that debt off and get your license back and work from there.
 6 years ago '04        #315
BlueGray 
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Got a looonngg journey ahead of me, but thanks for the information. Definitely appreciated.
 12-23-2010, 09:35 AM         #316
c d0t 
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can u still get a credit card if u havent paid the other ones off yet?
 6 years ago '10        #317
rek0nize 64 heat pts64
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^
what do you mean exactly.

Like do you mean, you have old credit cards that you stopped paying and is now delinquent? Or Just having other credit cards that you are paying on each month, but haven't paid off in full yet?
 12-24-2010, 10:02 AM         #318
c d0t 
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deliquent.
 6 years ago '04        #319
DJ Maximum|M 43 heat pts43
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 c d0t said:
deliquent.

[video - click to view]

 6 years ago '10        #320
rek0nize 64 heat pts64
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 c d0t said:
deliquent.
Very possible. Depending on how many other good credit lines you have compared to negative (delinquent) credit lines.

Would need to know more about your positives and how many exactly negatives you have.
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