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Consolidating my debt - repairing my credit.
    #8407295 -

How can I repair my credit? Is there a particular way I can go about consolidating my debt and making payments?

My parents are co-signing on an apartment for me when I move in 2-3 months but they said I have to make steps to repair my credit before they'll do that.

Just trying to figure out the best way of going about it.

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407309 -

What do you owe for, how much and to whom.
Any creditors coming after you, or have your debts already been charged off?


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407339 -

So far I know I owe medical bills from a few years back, a Southwestern Bell bill, and a Grande Communications bill, plus possibly some others. None of them are over a few hundred dollars apiece. I suppose the first step will be getting a credit report and finding out exactly who and what I owe.

Is there a way I can get a free credit report ?

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407346 -

Plus I've never had a sustainable line of credit in my life, so I know to repair my credit I need to actually have some credit, but my credit sucks so it's hard to build credit to do that.

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407366 -

Contact one of the 3 credit reporting agencies directly, and they will provide you with a free report. Stay away from scam sites like freecreditreports.com. After that contact anyone you intend to pay back, and see what you can work out. Sometimes if you agree to pay it all at once they will reduce the amount you owe. If they wont do that just start making regular weekly payments of a set amount.

Putting 10 to 20 percent of you income into a savings account every paycheck is also a really good idea.


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407389 -

To get a credit card go to your bank and ask about a secured line of credit. Basically you would need to put down a 300 dollar deposit, and then they will give you a credit card with a 300 dollar limit. Use it once a month, and pay it back immediately so you don't owe interest. After a year they will give you your deposit back, and then you can have your credit limit raised.

Allot of people think that you need to constantly have a balance on your credit card in order to build credit. Its actually worse for your credit though. All you have to do is use it once every 90 days, and pay it off immediately.


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407399 -

blewmeanie said:
Contact one of the 3 credit reporting agencies directly, and they will provide you with a free report.


What agencies would those be?

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407407 -

I believe this is the official site.
https://www.annualcreditreport.com/cra/index.jsp
Most others are scams, or companies offering credit monitoring services that will charge your credit card every month.


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407430 -

THANK YOU!

The Shroomery has been a big help in getting my life on track lately. Five shrooms to you!

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407436 -

annualcreditreport.com will give you a REAL free report, without signing up for bullshit, but only once a year. It is free, real, and works, I work in the financial services business. You can also directly call the credit people...but the site is easy, as it takes care of all that for you.

for the medical bills, are they in a collection agency or still in the hospital? If they are still at the hospital, start sending about 5 dollars a month to each one. The law states as long as you are paying on the bill directly to the hospital, no matter how much, they cannot report it on your credit. They can however send it to collection agencies, who will report it on your credit first thing.

Best way to take care of it, is one bill at a time, trying to pay them all at once is too hard. Debt consolidation loans can be good, but it doesn't sound like you really have that much. What I would do is get a credit report, find the company that has more than one bill being reported on there. Pay one of the bill off, wait a month or so, and get another credit report (you may have to pay for more than 1 a year). While agencies and others will report stuff on your credit, a lot of times when you pay it off, they will not remove themselves, as they have to report that the debt is settled to the agencies. So to make sure they do this, pay off one bill, then call them, and tell them that as soon as they list that one as settled, you will pay the next, then when the next is payed off, follow the same procedure.

If you have some single bills for companies, like the phone bills or whatever, just pay them off, and bother the company every day to report it settled, sometimes, they never will, but if it is paid, they will stop putting bad marks on your credit and the debt will 'clear' after 7 years...sucks, but that is how it works.

Then you need to get a credit card, as shitty as it is, then spend on it, but not too much. Never let it get over 50% of its max, pay some, but not all, of it off every month, and keep a small balance on there. You credit goes up by a combination of how much available credit you have, how much of it is used, how regularly you pay bills, and sadly enough, by paying interest to credit companies.

That is the best advice I can give.

peace

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407441 -

reason for edit...apparently i'm stupid and will stop spreading incorrect info

Edited by sublime40oz (05/15/08 10:33 PM)

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Re: Consolidating my debt - repairing my credit. [Re: sublime40oz]
    #8407459 -

sublime40oz said:
assuming you live in the U.S. medical bills do not negatively effect your credit even if you never pay them. They send you notices from lawyers and whatnot but in actuality you can tell them to fuck off and there's nothing they can do about it. If you want to do the semi-honorable thing though you can call them up and say "blah blah I want to take care of this but I only have X amount of cash and that's all I can afford to pay you," and they will just accept it and wash that debt. If they don't want to accept what you offer tell them fine, I'm not paying you anything, ever, and there's nothing they can do.


That is wrong, as long as you are actively trying to pay the debt, they cannot report on your credit, even if you only pay $.01 a month. They will also 'sell' the bills to collection agencies, who will quickly put marks on your credit, they actually immediately put one on just for getting one of your bills. They work by 'buying' the debt from the hospital at a reduced price, then collecting it, and making money. Say you have a 700 dollar hospital bill, the collection agency will buy it for 240 dollars, the hospital would rather have something than nothing, and then proceed to collect the 700 from you, and damage your credit.

peace

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Re: Consolidating my debt - repairing my credit. [Re: sublime40oz]
    #8407468 -

sublime40oz said:
assuming you live in the U.S. medical bills do not negatively effect your credit even if you never pay them. They send you notices from lawyers and whatnot but in actuality you can tell them to fuck off and there's nothing they can do about it. If you want to do the semi-honorable thing though you can call them up and say "blah blah I want to take care of this but I only have X amount of cash and that's all I can afford to pay you," and they will just accept it and wash that debt. If they don't want to accept what you offer tell them fine, I'm not paying you anything, ever, and there's nothing they can do.


Everyone loves to say that, but the 3 collection accounts in my credit history from a trip to the emergency room and subsequent surgery beg to differ.


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407501 -

My credit report says I have a mortgage.  :confused:  I have no information about it; must have to do with being married and attached to someone who does. 

Damn I can't wait until I'm divorced.

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407508 -

lol, they just ask you those questions to validate your identity. If it doesn't apply select none of the above.


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407534 -

Anyone know a good place to get a debt consolidation loan?

(sorry if I'm hijacking but it might help you too)


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Never go with a hippy to a second location.

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Re: Consolidating my debt - repairing my credit. [Re: bmiles]
    #8407552 -

Your bank?


--------------------
The Prophecy!

Learn To Code

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407557 -

blewmeanie said:
lol, they just ask you those questions to validate your identity. If it doesn't apply select none of the above.


Okay, that's what I did. I do know that my husband owns a lot of property though and that it's attached to me through our marriage.

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Re: Consolidating my debt - repairing my credit. [Re: blewmeanie]
    #8407558 -

I'll have to ask the Wells Fargo people...
is that common for most banks to do this?


--------------------
Never go with a hippy to a second location.

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Re: Consolidating my debt - repairing my credit. [Re: MOTH]
    #8407573 -

My wife and I took out a personal loan from a small credit union here to pay off our credit issues. We had moving expenses, wedding expenses, car repairs and a honeymoon.... all sorts of debt which we were paying off on-time but THEN..... the interest rates SKYROCKETED on two of the cards.... making timely and cost-effect repayment impossible. They would not negotiate any lowering of the interest rates -- effectively screwing us over from ever being able to make headway on the principle.

The credit union wrote checks to the credit cards paying them off. Now we have a locked-in interest rate with them and payments are being deducted automatically from our paychecks. We'll be done with that in less than a year, effectively ending our credit issues.

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