phucked up credit score

Anything & Everything Off-Topic (Some material may be offensive)
 Reply
User avatar

phucked up credit score

By reaperstk
- Mon Apr 01, 2013 2:34 am #329804 Need some ideas from ya whos been through very bad credit scores. Mines at 520 with about 2000 in collections but thats about 2.5 years ago so i aint payin it. I havent done much about it till recently ive been thinking bout buying a house. Thats maybe 5 years from now that way i have time in between to get myself back on track. Soooo i have a credit so bad i cant even qualify for a secured card from my own bank. Anybody have other ideas i can get my credit up. Thanks in advance

By rustyrex
- Mon Apr 01, 2013 4:29 am #329812 Pay off your debt. That or get a credit card and actually pay the bill. I went from a 535 to a 718 in 2 years. I had to pay off about $16,000 in debt and then submit every collections agency with paper work asking to have heir listing removed from my credit report. It is hard to rebuild credit but it is worth it. Knowing you have the ability to get approved for any loan or credit card offered is a good feeling. You never know when a emergency will happen.
User avatar

By reaperstk
- Mon Apr 01, 2013 7:52 pm #329862 Thats actually the problem i cant even get a secured credit card amd those are for bad credit ppl, i understand how the credit thing works just need an alternative to build it besides a credit card (since im not approved for it). Reason why i said i didnt want to pay is if i can build my credit without payin the collection, 5 years from now all that will be gone and my credit would be up by that time. I read somewhere that itll stay for 7 years on record for any debt. Is this true if not i guess one of the car is gonna have to be sold to pay my debt. Thanks for the reply

By rustyrex
- Mon Apr 01, 2013 10:23 pm #329869 It doesn't go away after 7 years like people think. A collection agency can only hold a debt for 7 years. They then sell the debt to another collection agency who then has 7 years to hound you. The cycle gets repeated. Without getting a credit card your only option is to repay your debt.

By rustyrex
- Mon Apr 01, 2013 10:28 pm #329870 Also keep in mind if you are able to convince a collection agency to forgive a debt which iscalled a charge off it is just as bad as a bankruptcy. The best thing to do is repay the debt and talk to the collection agency about removing the listing from any of the 3 bureaus they are on. Wait about 6 months and go get a credit card. I have a visa that I only use for cigarettes. I charge all my smokes and take 3 months to pay the bill off. It shows a open line of revoloving credit, with a steady payment history. Credit is extremely hard to build up. But it is commen sense. Only buy what you can afford.
User avatar

By Chance
- Tue Apr 02, 2013 12:17 pm #329916 Mines 520 with a foreclosure and repo(both of which I did not pay the remaining amounts owed after they were auctioned off) and I just financed a 2012 Dodge Avenger with 8% interest rate.... weird that you cant even get a credit card. Talk to the debt collector and settle what you owe for like half of what the actual total is.
User avatar

By evil-G-nius
- Tue Apr 02, 2013 4:00 pm #329921 Yeah ignoring the debt will NOT make it go away. 2000 isnt much to pay off and if you call and tell them you are on hard times you can probably even get it cut in half...some collectors will forgive some of the debt if you just try to work with them. I have an issue with how credit works though....EVERYTHING is against you. If you carry a balance, you are paying interest, if you pay off the card that is actually a negative ding against you. Hard inquiries (apllying for credit) is a ding against you, outstanding debt is a ding, collections is a big ding, old closed accounts sitting on your report are a ding, late payments are a ding...get my point? Apparently the only good things are having good payment history, if you recently got an increase on existing credit, a home loan and more than one account in good standing to show good credit worthiness. I am like a 650 and that is not good enough for me and I am having a bitch of a time to get this shit cleaned up. Sad thing is I have 0 debt and a job! Its a bitch and it takes forever so good luck. A good tool to help (not 100% sure how accurate it is) is creditkarma.com. I use that to keep track of things and get an idea of what I need to do.
User avatar

By Chance
- Tue Apr 02, 2013 5:29 pm #329929 Yeah Credit is an issue.. one step forward, six steps backwards usually unless you play their game.. which in result will end up right back in teh same shit spot you were before. Vicious cycle.
User avatar

By reaperstk
- Tue Apr 02, 2013 8:48 pm #329944 Ok just got a tip saying you have to have under 1000 in debt before you can even get a mortgage/loan for a house so I guess i may have to call and see. Guess its best to get it over with since it isnt much at the moment. So who do i talk to if i called. Just someone who answers the phone or a supervisor/manager? I heard that its best to negotiate and then ask them to send a letter stating the amount they want paid or i myself send them a letter so everything would be legit. If they are willing to make it half at what it is now ill be damn sure to cash that off quick

By HeikDiesel
- Tue Apr 02, 2013 10:01 pm #329948 Sigh, this thread needs help. Two things, man up and pay your debt and lower your income to debt ratio and start paying things on time. You aren't going to get a miacle fix when you can't be responsible.

By rustyrex
- Wed Apr 03, 2013 1:03 am #329956 Amen heik.


Op, whatever amount is agreed to tell them you want a letter mailed to your house. If they deny to send a letter say thank you and hang up. Wait 24 hours and call back and do the same thing. If they deny you to send a letter hang up. Do it 3 times. If they deny you 3 times they legally have to forgive the full amount for failing to provide proof is the debt.
User avatar

By reaperstk
- Fri Apr 19, 2013 4:14 pm #330754 Oh im man enough alright. I aint gonna pay the full amount cuz they said i broke other things during my stay which isnt true. So, Did a little research n so i disputed the dept for validation. Now just waiting if they can prove it. Ive survived this long buying things without a credit. Only reason was for the house but guess its gonna have to wait.
Thanks for ya input though. It really helped
 Reply
Return to Junk Yard