Hello everyone. I am a fist time writer who is totally lost as to what to do. I have read this site and everyone seems very helpful and forth coming...so here goes. I first got credit with my fianace back when we first started college. It was too much too soon. Needless to say, it didn't take long for us to ruin our credit. In the past me approach to the subject was to ignore it. My last true effort at paying was back in 2000. But then I lost my job and blahblah.. Anyway, I am now married (not to the same person) when a son. We hope to purchase a home before we are senior citizens, so I need some advice on the best approach to this. Most of the accounts are charge-offs with last activity dates in 1999 and 2000. My ex went to cccs and did well on some of the joint accounts, but has now stopped paying or paying late which makes things worse. I have a stable job now and would like to know what to to 1. Should I file bankrupcy, which I do not want to do. 2. Should I start paying them, how long before my cr makes progress. Can I ask that the account be reaged in exchange for automatic and timely payments? This will be a totally new expense for me. I will make the sacrafice and fit $200-300 in my budget if it will make a diffence in 2-3 years. If not, I would wait it out and put the $200-300 in a savings account. I do not want to pay them and still my credit stays poor. Should I only pay some? As you can see, I am totally lost. Thank you in advance for any help.
You need to list what state you live in and list your debts, the chargeoff/date of last activity, the amounts, and what CA is dealing with which account. Then we can help you with a strategy.
I live in Louisiana. The list is pretty extensive. I am working on a quick list. I am not really sure of all the ca's since I have been avoiding them for so long. I have begun compiling all the letters for the future necessary correspondence. I guess for my situation, since it is not just one or two derogatory accounts, but basically all counts, that I would just like some generalized advice. Is there a point of no return when it comes to credit? Once you hit a certain point, will time be your only ally.
Taro, I have 20 negative tradelines and am reducing them by the month. It takes time and patience. I am also a newbie and I can tell you one thing for sure. Pay attention to the board and ask for advice. Some of these people on the board amaze me
Hey, a fellow cajun!! I am in Lkae Charles. I see you are a credit repair "virgin"!! Welcome to our casa. now, let's get priorites; 1. Don't pay nobody jack (right now) 2. You gonna need all 3 reports -u and hubby 3. First we gonna delete all old personal info (very important before we start!!) 4. Keep all those nasty collection letters in a binder. later use. 5. then we gonna prioritize the bad info. Don't be embarrased. We all had bad credit, that's why we here! 6. Then comes the work. Go get some stamps, envelopes, return receipts and certified stickers from the P.O. 7. Tell hubby to leave CCCS alone for now. 8. If you have Excel on your computer, get ready to start using it. I use Excel and Outlook to track my progress. Lets u see u are moving forward You ready? Let's go!!!
OK, just because you have received collection letters, does not mean that they are on your bureau. My H had the same strategy as you did! lol I found that less than half of those who sent dunning letters ever reported. This is one of the reasons why you need to get copies of your bureau. Start with cleaning what is there, then worry about the rest.
Kbanker.... Thank you You give me hope. I will study, be patient and diligent, and listen to the sound advice on this board. I will compile all my documentation, I will not be a newbie jumping in without all the information(ie: post 'I'm sorry but this has to be said) Thank you again. Look for my more detailed post soon. Slow and steady
Everyone.. Thanks for the excellent advice. Time to get organized. I will put everything into an excel spreadsheet. I will also post my score progress. I will own a house while I still have the energy to climb the stairs. Thanks for the encouragement. It means so much to know that I am not doing it alone
