After it has been paid in full can I ask them to reopen the account or is it not likely? How many credits do you really need to build credit? I have so many questions and so lost in most is there someone I can talk to? Thanks for all the helpExtremely bad situation need credit advice?
in this situation , I am sure the collectors are calling non-stop....do you have ANY money to repay them?
If so, tell them you can repay the debt at 50 cents on the dollar...they will likely accept and stop the interest.
Then have them all in either payment plans or payoffs (one lump sum...they will take even less then the 50% if you offer them that) and get a new loan for a car or any installment loan. This rebuilds credit way faster than a revolving Credit Card.
Let that build up for a year or so and you can then get a credit card again and rebuild your credit further.
The payments on time is your key here, it's not the end of the world if you correct things here as I explained.
If you fail to do these easy steps, you could get the higher interest rates that compile the debt and be out of the game for longer than needed and owe WAYYYY more...start quick and end this now!Extremely bad situation need credit advice?
You need to talk to someone who can give you some credit counselling advice. Just google that in your area and you should find some free services. I had the same problem, but I was in debt for about $30,000 with absolutely no way to pay it back, couldn't make my minimum credit card payments. I went for credit counselling, but decided to declare bankruptcy in the end. It was definitely the best decision for me, but may not be for you. Now, I have one credit card (pre-paid) with a limit of $625, and I have no debt whatsoever. It's great!
Make sure you google ';credit counselling'; so you can find someone to talk to. They'll give you all your options. Good luck!
Ok dont panic. Your not the only one out there that has credit problems. First thing you need to do is not use them anymore because all they will do is up your amount you can barrow just digging a bigger hole.
Your in a tight spot so I would go seek help from a debt agency. They have ways of consolidating your cards and also getting rid of some debt by buying it out. Or something like that.
Anyway I would find a non profit place and give them a call and just stay away from credit cards. You can gain credit in so many different ways and you dont need the cards to do that. I live a more stress free life being debt free and will always stay that way. It will just take you time and hard work but you can do it.
Hope this helps!
Declare bankruptcy sounds like a good idea at this point. You can't tank your credit much farther and it might just help you to start fresh. No company is going to reactivate your account after being written off once. Like 3-4 credit cards and a loan of some type ALL payed on time will be plenty of credit history. As for someone with good advice i recommend talking with a bankruptcy lawyer.
ummm well, you sure did do a good one huh. I'm really sorry to hear the creditors are giving that much credit to someone so young.
If I myself would have gotten into such a situation, I would call each creditor and tell them I want to reconsile my debt with them. In some cases they will actually stop the interest and get you to pay off the owed amount if you are not able to use the card any longer. Not completely likely in your case but it is worth a try. But it will take you 20 years just to get this under control.
This will stay on your credit for 7 years from the last date your late. You may try Bankruptcy it is only 10 years. It sucks but will completely remove your debt issues and you can breath and start over. You can build your credit back up SLOWLY.
ONE credit relationship at a time.
Like if you have a car note you would keep the car in good standing then go from there. You can get a secure credit card account that is really low balance access.. Like 300.00. You would keep your balance under 25 % so that you receive credit for good payment behavior and for the self control of not maxing it out. Once you do that for 6 months it will help your credit... Then you can continue to grow from there. But don't ever get more than 1 or 2 cards and only for emergencies...
Good Luck!
yup
For building credit, I would recommend two cards once the mess is over. If you had good spending/ paying habits before the baby, then you should be able to handle two low limit cards. But I wouldn't go beyond two for quite a while.
Americans now hold 1.51 Trillion in credit card debt . you are not alone . bankruptcy will NOT remove debt . its like taxes you will have to pay .
7 grand in 6 cards total? .......or 7 X 6 $42,000?
If the second is true ......FILE......
If the first is true...make a deal to pay them off.
Building credit right now is not an issue with you.....
SALVAGING any credit at all would be a task.
';how many credits do you need to build good credit';?
WTF????? Credit isn't high school.
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