09-26-2012 06:54 PM
I am very confused as to what I should do and any help from you would be appreciated. I have been trying to repair my credit, dispute items, etc for 6 months now. My Score is under 600 and I have about 8000.00 in old debt- in other words bills I quit paying years ago when I was young and dumb. All are still within the statue of limitations. Moist are tiny bills under 500.00. HOwever, I do have a Repo from April 10 for 5300.00. I would like to pay all my bad debt off but I am confused if I pay in full or settle them at this point. I am not sure what will be better for me. My goal is to clean up my credit and get a house. I have a good job now and am able to take care of it all, I just don't know where to begin and am overwhelmed. I do have updated reports from all three bureaus- I am ashamed of them but I have them!! Thank you so much for your help!!
09-26-2012 08:06 PM
paying them will make them look more recent as the 'date of last activity' will be recent.
unless you do a 'pay for delete'
as a lender, i want stuff to be old. because i dont require old stuff to be paid.
i typically ask clients to wait and pay things off AFTER they get the mortgage.
do you have any any good credit care accounts? maybe paying those balances down would be a better use of funds to pass the fico score test.
09-26-2012 08:21 PM
09-26-2012 08:32 PM
how old is repo?
what is reported balance/limit on cc?
09-26-2012 08:41 PM
if the score was based off 50/250 ratio.... you will likely need a deletion.
pay for deletes are negotiable.
need to be over 600... likely 620 to get a loan
09-26-2012 09:28 PM
check my advice with the credit forum.....
i answer loan questions mostly.
09-26-2012 09:49 PM
yes pay back what you owe that way you can move forward completely worry free of having that come back on you because then you will always need to keep track or monitor that debt to make sure it is not still being passed sold and do steps to try to get them to tell you if have the original credit info which they usually wont in writing, then they have 30 days to respond to you if dont or dont give send written proof MUST Take IT OFF YOUR CREDIT REPORT OR CAN BE SUED BY YOU but you must have written proof of all these things or you have nothing to build a case with or to show they did recieve your ( certified letter telling them to give you the info then you will pay) and thats how they get you to pay if you dont know these things then research statue of limitations for different types of debt and different account profile info sold when the debt collectors buy the accounts you have a window by law of time to pay these before it ever does hit the new buyer and is resold so that if you do that and pay they cannot add it to your credit report AGAIN or else you send them written proof etc and then can also sue them stay on top of who bought your old profile what state they run buisness from and research to make sure they are really a legit and completely legal buisness and are licensed etc if not can sue them. pay off first it will never be a bad thing when you do or if you do make sure to ask or tell them you want to have it taken off your report that you have had any lates if had lates or if had missed payments.
IT ALWAYS WORKS I RES3EARCH SO I SOUND MORE OR LESS LIKE IM TALKING ABOUT WHEN HAVING TO GO PLAY HARDBALL I KNOW ENOUGH TO GO IN CONFIDANTLY AND THEN AM ASSERTIVE ABOUT WHAT I WANT DONE OR WHERE IM TRYING TO GO AND I GET IT BUT I DO HAVE TO HAVE MYSELF BACKED UP TO UNDERSTAND ENOUGH TO BE ABLE TO COUNTER ACT ANYTHING THEY THROW BACK AT ME SO I LOOK INTO ALL THE POSSIBILITIES FOR THAT PARTICULAR THING AND FIND MY WAY OF GETTING THROUGH IT SO I ALREADY HAVE ANSWERES FOR ANY OF THE POSSIBLE RESPONSES I MAY GET AND USUALLY AM CLEAR IN HOW I HAVE BEEN TRYING TO ACHIEVE THINGS UP UNTIL THAT POINT THE RIGHT WAY (BY THE BOOK) COMPLETELY IF NOT OVER THE REGULAR STANDARDS SO THERE IS NO WAY FOR ME TO NOT BE CREDITABLE FOR THE THINGS PRIOR TO THAT POINT AND I BRING ALL MY LITTLE DUM FILES WITH ME WHEN I GO PROVING ALL THIS BECAUSE ITS TRUE YOU CANT FOOL CREDIT ITS A CONCRETE AND OBVIOUS WAY TO SHOW HOW YOU BUDGET BALANCE MONEY AND THE DISCIPLINE BEHIND IT BUT WHEN YOU KNOW AND HAVE KNOWLEDGE OR EXPERIENCE ENOUGH TO PROVE YOU KNOW ENOUGH TO MAKE CERTAIN DEMANDS OR WANTS THEN ITS NOT ARGUABLE ANYWHERE .ITS MORE OF A FACT AND THAT HAS TO BE SEEN BY TIME FACTOR OVER AN EXTENSIVE PERIOD OF TIME. GOODLUCK HOPE I HELPED