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If they went to third party collections they are already closed and charged off.
Need help with my bad credit please.
- Thread starter NewBodySoon
- Start date
If they went to third party collections they are already closed and charged off.
A
ajtomasi
Guest
pay off your balances but don't close your accounts.
the ratio of how much debt you owe to how much borrowing power you have is what really helps credit scores.
the ratio of how much debt you owe to how much borrowing power you have is what really helps credit scores.
Stangfriik
New member
Bankruptcy isn't as bad as most think. The lady who filed the bankruptcy for my fiance convinced us it was the best thing. She was so nonchalant about it, it was crazy. She kept saying don't worry this isn't that bad. Most bankruptcies are discharged after a year or two. She said we could buy a house at a decent rate in 2 years. Another example is my fiance's sister. Her and her husband at the time filed. A year and a half later, they both have new cars with very reasonable rates. It just isn't as bad as you think. They are trying to change the penalties though. Hopefully I can get it done also before they go in effect
Oh yea. It cost us $150 to file with the lady then another $150 or $200 to the court. The lady said there is no point to get a lawyer b/c all they are gonna do is stand at the back of the room and do nothing then charge the hell out of you.
Oh yea. It cost us $150 to file with the lady then another $150 or $200 to the court. The lady said there is no point to get a lawyer b/c all they are gonna do is stand at the back of the room and do nothing then charge the hell out of you.
supernav said:
Yeah, bankruptcy is not a big deal...Take for instance a MODEST home here in the NOVA. Price? $525,000. Down payment of 20% that's just a mere 105K not that big a deal. Mortagage rate on that home with your 590 score? oh....8.5% That's about 3250/mo (not including prop taxes or ins) a mere $800 more per month than your neighbors are paying.
Night Fly said:
Yeah...I've heard him speak via tape before. Very informational but he is all about hard work. Tells it like it is...like I need to be told...lol
B True
so are there measures you can do to build credit?
Ive had two credit cards that i have not defaulted on or anything, one is paid off and i dont use anymore, and the other one i use for everything in hopes that it will build me credit.
Ive had two credit cards that i have not defaulted on or anything, one is paid off and i dont use anymore, and the other one i use for everything in hopes that it will build me credit.
DJ_UFO
Banned
First start just surviving everyday, spending strictly what is only necessary. Pay your bills and your debts. That is very important. Remember that a credit company is somebody lending you money. Then you have first the moral obligation and then the legal obligation to pay what you owe. It doesn't care if it's a penny or one million. I know you had some problems but make the effort. It is possible.
If somebody sent you to collections, at some point the company has to call you (in a not so friendly way) and ask you for what you owe. If you deny your debt, that's the point when you get in troubles. But if you don't recieve any call you shouldn't be in collections. I work in that.
And after this, forget the damn credit cards. They are a BUSINESS. Very intelligent and prepared people are behind a credit company. For what?. To make money!!!. How?, making you spend more money!!. So don't use credit cards unless you need to do it. If you have money, spend it, If you don't, abstinence. At least in my case, i want to do business in the future and don't like when somebody do me a business. And i have an excellent credit. Of course, if they try to make me spend money giving me more credit line and lower interests. What i do basically is use the cards and pay them in 2 to 3 months with the money that i already have saved in my checking account...muahaha....that is called BUSINESS.
good luck!!
If somebody sent you to collections, at some point the company has to call you (in a not so friendly way) and ask you for what you owe. If you deny your debt, that's the point when you get in troubles. But if you don't recieve any call you shouldn't be in collections. I work in that.
And after this, forget the damn credit cards. They are a BUSINESS. Very intelligent and prepared people are behind a credit company. For what?. To make money!!!. How?, making you spend more money!!. So don't use credit cards unless you need to do it. If you have money, spend it, If you don't, abstinence. At least in my case, i want to do business in the future and don't like when somebody do me a business. And i have an excellent credit. Of course, if they try to make me spend money giving me more credit line and lower interests. What i do basically is use the cards and pay them in 2 to 3 months with the money that i already have saved in my checking account...muahaha....that is called BUSINESS.
good luck!!
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Ashamed
Guest
I don't think the above advice is totally accurate. Bankruptcy is not the end of the world.. in fact, some financial advisers believe that bankruptcy is best undertaken whilst you are young and hold few assets (car, house)..
After rolling over, if you have proven that you have become responsible with money and are no longer in any trouble you may well be viewed as a better credit risk than someone still paying off thousands of pounds worth of debt... mortgages might still be a tad higher on the interest.. it depends on how you have grown financially since rolling over...
After rolling over, if you have proven that you have become responsible with money and are no longer in any trouble you may well be viewed as a better credit risk than someone still paying off thousands of pounds worth of debt... mortgages might still be a tad higher on the interest.. it depends on how you have grown financially since rolling over...
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Ashamed
Guest
Bottom line.. bankruptcy can be a good viable means of escaping the extreme stress and ill-health that debt can bring.... however, I personally wouldn't bancrupt myself over $10k (£6k).. you will end up paying a higher penalty than that in the future with higher interest rates on mortgage etc...
As for employment.. someone above gave ambiguous advice.. application forms rarely ask for details of bankruptcy and who on earth sticks these details on their cv? However, if the UK is anything like the US, you'll not be able to practice in some professions until you are cleared e.g. accountant, financial adviser, policeman, banker, estate agent....
$10k is not worth becoming bankrupt.... trebl;e that figure and then you have some justification (so long as you don't have a nice car or house to lose).
As for employment.. someone above gave ambiguous advice.. application forms rarely ask for details of bankruptcy and who on earth sticks these details on their cv? However, if the UK is anything like the US, you'll not be able to practice in some professions until you are cleared e.g. accountant, financial adviser, policeman, banker, estate agent....
$10k is not worth becoming bankrupt.... trebl;e that figure and then you have some justification (so long as you don't have a nice car or house to lose).
