I pulled my credit report from Transunion today and Experian a month ago. My FICO score was 537 but they had a mistake in my favor on my credit report. My score from the TU site was 428. I have not checked Experian. I would like to buy a house in a couple of years and I am not sure of the best way to clean my credit. My debt comes from charge offs with Wells Fargo for 3 private student loans, Merrick Bank for a CC, Associates Bank for a CC, Target, Lowes and Lerner's and a Collection account from Allel. It totals about 20,000. However in July I did settle with Lowe's and One of the Wells Fargo Loans. Lowe's just dedeucted the amount I settled for and did not put paid or settled. Wells Fargo has not updated at all. Stupidly I did not get written agreements before hand because I was quick to resolve them and did not have the wealth of info I am getting from this board. Please give advice on if I should file chapter 13 ( so they can't go after my mom on a loan she cosigned for me) or try to settle. My only other debt is student loans and a car. The car is paid on time and I am in deferment on the student loans because I am still in school. Thanks in advance.
I'm sorry I can't answer your question, but if you declare BK, won't it be on your mom's reports, since she cosigned? I mention this, because it will impact her credit also. There are many people here that are very knowledgeable about BK, and you can also do searches on BK. I'm sorry I can't answer your post, but I wish you luck. By the way, you made the first great decision, you came here ;-)
Re: What should I do? bk. settle, i Student loans can not be included in a bankruptcy and they are exempt from any statute of limitations so you're better off arranging payments with the lender. As far as BK goes, if you file bankruptcy you will not only ruin your credit but also your mom's because she cosigned for you on the other loan. My advice... Try to negotiate repayment with the creditor. Don't ignore your debts though. that only makes things worse most of the time. Alex ------------ Free Credit Repair Help! http://www.Creditinsiders.com
