Credit help!

GrandMaster · Nov 8, 2005

ok heres the situation... i currently have shitty credit because of unexpected time away from work... and yep.. the dredit burrau has me on file for some funds owing.
now i cant afford to pay it all in large lumpsums right away or whatever because i have lots of other things that need taking care of too....

is there any way i can get a credit card, to pay off what i owe, and then pay off the card? thats my plan...
i was just tlaking to a friend and she said its doubtful that i will get a card OR a loan... i was thinking the same

i know there are PRE-PAID CC's but i cant go that route either....

is there ANY hope for me?
anyone know of anything i can do? the money i make right now is just at par for what i need to survive on....every frickin dollar counts! :worried:

*MissFit* · Nov 8, 2005

go to the bank and get a loan to pay it off

GrandMaster · Nov 8, 2005

*MissFit* said:
go to the bank and get a loan to pay it off

u think that they would help me out?? honestly.... im doubting it

samoth · Nov 8, 2005

GrandMaster said:
is there any way i can get a credit card, to pay off what i owe, and then pay off the card? thats my plan...

This is the thinking that usually gets people into debt in the first place.

Invest in a couple books about this kind of stuff. Knowledge is power here.

:cow:

fogg88 · Nov 8, 2005

Agree w/ Samoth.

...for more 'immediate satisfaction', you should register and post your inquiry here.

jafo · Nov 8, 2005

..First you need to make a budget that works and let’s you have some funds left over ..this might mean letting go of something (like going out)
you should call all the people you owe money to and work out a payment plan that you can keep ..
this is the exact same thing a credit counseling co would do for you ..the diff here is you wont have to pay for them to do this

most creditors will work with you ..give them a call and see what they will do

just to let you know I work with credit all day every day
good luck

samoth · Nov 8, 2005

Ironically, I just read a financial article in Grad that had some sites listed:

www.momentive.org

www.debtadvice.org

www.cccsintl.org

www.ftc.gov/credit (or call toll-free 1-877-FTC-HELP here)

:cow:

HardHat87 · Nov 9, 2005

This is what I do, I have done this multiple times but my credit is real bad now. Quit paying on whatever it is you owe on. They will keep sending you letters saying we will sue you etc. It takes quite a while before they actually do. Most likley they will send you something saying they will take 80% of the total amount you owe. Then the next one will be 50%. They will do this all the way up until they are going to send it to the court. But you will need some cash to pay the amount off with. Maybe a family member can let you borrow some. I had did this and ended up paying $3500 on a $13000 repo. I did this with 2 credit cards too. If they don't send you an offer to settle with cash, call them up and offer them a cash number and negotiate from there. Regardless you will need some kind of money so I would set a budget or get a roommate or figure something out. If it does go to court they will garnish your wages regardless if you need every cent of they money you make now.

fogg88 · Nov 9, 2005

^^^^^^

This is a great strategy if you're attempting to totally decimate your FICO score beyond salvage.

HardHat87 · Nov 9, 2005

fogg88 said:
^^^^^^

This is a great strategy if you're attempting to totally decimate your FICO score beyond salvage.

Better than filing bankrupcy, Shit happens sometimes where people can't pay their bills so at that time a credit score would be the last thing on their mind knowing that they can get rid of their debt.

Razorguns · Nov 9, 2005

HardHat87 said:
This is what I do, I have done this multiple times but my credit is real bad now. Quit paying on whatever it is you owe on. They will keep sending you letters saying we will sue you etc. It takes quite a while before they actually do. Most likley they will send you something saying they will take 80% of the total amount you owe. Then the next one will be 50%. They will do this all the way up until they are going to send it to the court. But you will need some cash to pay the amount off with. Maybe a family member can let you borrow some. I had did this and ended up paying $3500 on a $13000 repo. I did this with 2 credit cards too. If they don't send you an offer to settle with cash, call them up and offer them a cash number and negotiate from there. Regardless you will need some kind of money so I would set a budget or get a roommate or figure something out. If it does go to court they will garnish your wages regardless if you need every cent of they money you make now.

Good strategy. Once you get to the stage that "you owe no one money anymore" -- this is funny -- you'll start getting CC offers again.

the credit report will only state "paid for less than amount" or something like that.

fogg88 · Nov 9, 2005

HardHat87 said:
Better than filing bankrupcy, Shit happens sometimes where people can't pay their bills so at that time a credit score would be the last thing on their mind knowing that they can get rid of their debt.

If you want a 'quick fix' without regards to long-term consequences, then have at it.

fogg88 · Nov 9, 2005

Razorguns said:
Good strategy. Once you get to the stage that "you owe no one money anymore" -- this is funny -- you'll start getting CC offers again.

the credit report will only state "paid for less than amount" or something like that.

...in addition to a long string of '60 days late', '90 days late', 'collection account', and all kinds of other negatives on your credit report. And sure, you'll get plenty of CC offers... hope you enjoy 21.98% interest rates.

Razorguns · Nov 9, 2005

fogg88 said:
...in addition to a long string of '60 days late', '90 days late', 'collection account', and all kinds of other negatives on your credit report. And sure, you'll get plenty of CC offers... hope you enjoy 21.98% interest rates.

Anyone with a shitty credit is getting that already bro. The adv. is -- no hounding of CA's or worrying about lawsuits/garnishing, etc. The 80% saving on CC debts makes up for whatever extra % you're paying.

You can even get a mortgage. They won't give it someone who still has $30k *outstanding* of debt that people are actively trying to get money from you. You're too much of a risk. Someone who's cleaned his slate .. isn't.

jafo · Nov 9, 2005

HardHat87 said:
This is what I do, I have done this multiple times but my credit is real bad now. Quit paying on whatever it is you owe on. They will keep sending you letters saying we will sue you etc. It takes quite a while before they actually do. Most likley they will send you something saying they will take 80% of the total amount you owe. Then the next one will be 50%. They will do this all the way up until they are going to send it to the court. But you will need some cash to pay the amount off with. Maybe a family member can let you borrow some. I had did this and ended up paying $3500 on a $13000 repo. I did this with 2 credit cards too. If they don't send you an offer to settle with cash, call them up and offer them a cash number and negotiate from there. Regardless you will need some kind of money so I would set a budget or get a roommate or figure something out. If it does go to court they will garnish your wages regardless if you need every cent of they money you make now.

^^^^^DO NOT DO THIS ^^^^ IT SEEMS GOOD BUT WILL HURT^^^^

the thing you MUST KEEP in mind is that you need to pay them every month even if its not the full monthly bill ...that is why you need to call them and work it out to make a reduced payment ...remember if you work it out with them and pay it then you will NOT be getting lates on your credit report and you can even set a final amount to be paid = no interest

ALL lates and collection accounts stay on your credit report for 7 YEARS then they only come off if you request they be taken off ...

If you stop and think about it ... if you are 23 now then you will be 30 before you really fix all the damage and that is if you do not get into any more trouble .....the minimum time for a PAID debt not be a major factor is 2 years but this clock wont start till after you pay it in full (the whole paid not as agreed thing hurts your credit as well)

if you do get taken to court before you go into the court room talk to the court clerk tell them you are seeking arbitration ...have a plan as to how you can pay the money back MOST of the time the court arbitrator will side with you.... all you have to do is show that you want and are trying to pay the debt ...if the court arbitrator sides with you the creditors must wait to be paid as agreed once again the amount is set and if you work it right no interest ...

Good luck
if you need or want more detailed help pm me

Razorguns · Nov 9, 2005

jafo said:
^^^^^DO NOT DO THIS ^^^^ IT SEEMS GOOD BUT WILL HURT^^^^

the thing you MUST KEEP in mind is that you need to pay them every month even if its not the full monthly bill ...that is why you need to call them and work it out to make a reduced payment ...remember if you work it out with them and pay it then you will NOT be getting lates on your credit report and you can even set a final amount to be paid = no interest

ALL lates and collection accounts stay on your credit report for 7 YEARS then they only come off if you request they be taken off ...

If you stop and think about it ... if you are 23 now then you will be 30 before you really fix all the damage and that is if you do not get into any more trouble .....the minimum time for a PAID debt not be a major factor is 2 years but this clock wont start till after you pay it in full (the whole paid not as agreed thing hurts your credit as well)

if you do get taken to court before you go into the court room talk to the court clerk tell them you are seeking arbitration ...have a plan as to how you can pay the money back MOST of the time the court arbitrator will side with you.... all you have to do is show that you want and are trying to pay the debt ...if the court arbitrator sides with you the creditors must wait to be paid as agreed once again the amount is set and if you work it right no interest ...

Good luck
if you need or want more detailed help pm me

From what i could tell -- the debt has already been charged off and sold down to CA's. Meaning paying it off now won't fix squat on the CR. If they even report your payment.

*MissFit* · Nov 9, 2005

i don't think he is talking about that much debt.. if it under 10grand he can probably get a perosnal loan from the bank and consolidate his debt

Razorguns · Nov 9, 2005

*MissFit* said:
i don't think he is talking about that much debt.. if it under 10grand he can probably get a perosnal loan from the bank and consolidate his debt

Agreed. $10g's is nothing. If you make min. wage and got debt over $30k is the only scenario i can think of saying 'fuck it'.

*MissFit* · Nov 9, 2005

I PM's this when he first posted but i guess he thinks i don't know what im talking about

Razorguns said:
Agreed. $10g's is nothing. If you make min. wage and got debt over $30k is the only scenario i can think of saying 'fuck it'.

Razorguns · Nov 9, 2005

*MissFit* said:
I PM's this when he first posted but i guess he thinks i don't know what im talking about

that's what happens when guys stare at your killer bod instead of your mouth. men huh?

HardHat87 · Nov 9, 2005

jafo said:
^^^^^DO NOT DO THIS ^^^^ IT SEEMS GOOD BUT WILL HURT^^^^

the thing you MUST KEEP in mind is that you need to pay them every month even if its not the full monthly bill ...that is why you need to call them and work it out to make a reduced payment ...remember if you work it out with them and pay it then you will NOT be getting lates on your credit report and you can even set a final amount to be paid = no interest

ALL lates and collection accounts stay on your credit report for 7 YEARS then they only come off if you request they be taken off ...

If you stop and think about it ... if you are 23 now then you will be 30 before you really fix all the damage and that is if you do not get into any more trouble .....the minimum time for a PAID debt not be a major factor is 2 years but this clock wont start till after you pay it in full (the whole paid not as agreed thing hurts your credit as well)

if you do get taken to court before you go into the court room talk to the court clerk tell them you are seeking arbitration ...have a plan as to how you can pay the money back MOST of the time the court arbitrator will side with you.... all you have to do is show that you want and are trying to pay the debt ...if the court arbitrator sides with you the creditors must wait to be paid as agreed once again the amount is set and if you work it right no interest ...

Good luck
if you need or want more detailed help pm me

After 2 years with 0 debt I got a car loan for 4.5% and a mortgage at 5%, it did hurt my credit some but it could of been worse.

GrandMaster · Nov 9, 2005

Thanks guys!\

MissFit... i listened to you dont worry! lol im not ass over tits in debt... its considerably small... but i have all these other things to catch up on at the same time.. which im doing... im talking debt like... 2G's....nothing i know! but i have to take care of lots at my home too as the budget is tight right now....

i think i may go to the bank and ask for a loan.....theres a good chance that they can help me out right?? i'd raher do it that way, and pay them back...its easier....to me atleast

*MissFit* · Nov 9, 2005

when i was yuonger i got myself into a credit card issue and that's what i did

GrandMaster said:
Thanks guys!\

MissFit... i listened to you dont worry! lol im not ass over tits in debt... its considerably small... but i have all these other things to catch up on at the same time.. which im doing... im talking debt like... 2G's....nothing i know! but i have to take care of lots at my home too as the budget is tight right now....

i think i may go to the bank and ask for a loan.....theres a good chance that they can help me out right?? i'd raher do it that way, and pay them back...its easier....to me atleast

bb079 · Nov 9, 2005

u can always run to canada, oh wait, nevermind.

GrandMaster · Nov 9, 2005

FreakMonster · Nov 9, 2005

If you have any collections currently on your credit report dispute them with all three credit bureau's. They have 30 days to respond. If they don't they automatically remove the collection tradeline from your credit report. And most of the time they remove them because they are so swamped.

GrandMaster · Nov 9, 2005

FreakMonster said:
If you have any collections currently on your credit report dispute them with all three credit bureau's. They have 30 days to respond. If they don't they automatically remove the collection tradeline from your credit report. And most of the time they remove them because they are so swamped.

sorry... i dont copy ya bro...?

im owing money... are you saying to tell them i paid it off.. and they have to remove it from my record???

jafo · Nov 9, 2005

GrandMaster said:
sorry... i dont copy ya bro...?

im owing money... are you saying to tell them i paid it off.. and they have to remove it from my record???

YES ... tell all three credit bureau's this is not your debt ..like FreakMonster said they have 30 days to reply to you ..the creditor you owe money to has to send them proof you owe the debt ...KEEP IN MIND this will not take care of your debt but if you can fix your credit you may be able to get a credit card or loan ...this can take 1 to 9 months ..this is not a quick fix

GrandMaster · Nov 9, 2005

oooooooook so who are these 3 Bureau's i have to inform?

what exactly would i say to them>???????

jafo · Nov 9, 2005

Equifax at www.equifax.com, Experian at www.experian.com and TransUnion at www.transunion.com ..go there web sites and look at there FAQ's it will tell you what you need to do

GrandMaster · Nov 9, 2005

ok will do... thanks alot bors!

moose11 · Nov 10, 2005

https://www.annualcreditreport.com/cra/index.jsp

hey bro go here and u can get all 3 reports free...u wont get ur score but u can see exactly whats on them...and then u can file any disputes online. i Just did this a month or so ago.

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