Where to start? When I was 20 (6 years ago) I got 4 credit cards and defaulted on all of them. I also incurred about 5 medical bills which I didn't have the cash to pay so they went to collections Two years ago I signed a lease with a roommate of two years and got stiffed with 2 months of their back rent. I came home one day to find they had moved out so I had to move out as the rent was due in two weeks and my account was already drained from paying their side for the past two months. I tried to work out things with the complex but ultimately I had to move back in with my parents and get my financials together.I cleaned the apartment, dropped the keys off in the lock box with a note. I never received an eviction notice although they could have placed one on the door after I left I have no clue. I did get a letter stating they won a judgement of $700 against me and my roommate which is far. I am finally financially in a place where I can afford to start paying some of the debts I have ( Medical Bills) My credit cards are falling off starting next year. I can say I have my reasons but the truth is I have been very irresponsible with my credit and finances. Below I have listed my credit report. Questions- Should I actually file for bankruptcy? My CC are falling off next year and I can settle hopefully for 50% of 3 of the medical bills ranging from 700 and below. I can't afford to pay the leasing agency until the next 3 to 4 years and would only be able to at 50% at that. I don't think I need to file but I don't know how much trouble I actually am in, you do. If I can settle with the medical bills as listed above at 50% and pay it will it help my credit? Probably self explained question but what does paying it help with? Does the payment status change? Does it go away from my credit report if I pay them? Can I have it erased once its paid or do I still have to wait the 7 years to have it fall off as well? If its marked as paid does that help on my credit report or is it the same as it was? If this was your mess what steps would you take to get start fixing this? I have heard of opening secured cc to help your credit... how does that work? How many points will that go make it go up?
My salary is 27k a year its nothing. I live with a roommate (A good one) it's in her name. I have in total Checking about 700 Savings 2500. I have a car payment at $260 a month and insurance at 80. I want to pay the medical bills everything but the 2500 dollar one I think I can do. And the credit cards are dropping off next year. I just dont know what the heck to do. If I could do everything but the 3000 leasing judgement and the 2500 medical bill would that help? I saw something on another thread talking about Portfolio Recovery which is one of my CA's for the first CC on the list the chase card. Are they reporting on my credit correctly? I am so out of my league I literally ignored this for the past years as I didnt have the resources to even try and attack it.
Sorry in the next year or two I could get all the medical bills if they are at 50% everything except for the $2500 one and the leasing. Progressive is actually not right but its so low and old that i will just pay it. I closed my account and went with state farm but they continued to bill me. I was on electronic notification and never knew they were still billing me.
SOL and CRTP (credit reporting time period) have no relation to each other. Statute of limitations is how long your state allows lawsuits against you for a particular debt. CRTP is how long they can be listed on your credit reports. Now if your state's SOL is 7.5 years, then they would be the same. So in your research, what did you find out about your state's SOL laws ?
For example, some state's have a SOL of 4 years, which means after 4 years you can no longer be sued, but the debt can show on your credit reports for another 3.5 years.