New member, recent screwed credit and looking to get out of the hole

[Anonymous]

Hey everyone, 

My credit story is only about 8-Months old. I have some questions, and need some advise. I'm scared and don't want to go deeper in the wrong way. About a year ago I lost my job and unfortunatley had to pay what I could at the time to be able to eat, support my self as far as living expenses. Meaning credit card payments were not a priority at that time. 

I have a capital one credit card with a $1,500 limit that I had to max out and ended up being 180-days late. I did pay it down eventually but the late payments are still on my credit. So this is one that I need removed.

I also had a peronal loan for $1,000 from my local credit union right before I lost my lob. My purpose for this loan was to have a loan small enough to build credit and pay on, but losing my job and unable to pay it ended up screwing me and now its closed and a charge off. I have not made payments on it at all.

I also have one late 60-day payment from my auto loan company but I am on track with that one.

Those three are the only negatives on my report. I am trying to find the fastest way to have them removed as my credit went from a 675 to below 500. 

I now have a new well paying job but these negatives on my credit stress me so much every day. I need to buy a new car and lease a new apartment in a few months and am scared I cant get approved for anything.

I have tried contacting all the lenders and none are willing to work with me to have them removed. so If I do nothing I am screwed. 

With that being said, is credit repair worth it? Can credit repair remove late payments and a charge off? 

I need to be able to lease an apartment and buy a car. I have prior good car credit just hit a rough patch that screwed me when I lost my job.

[JayTee1]

As many have said here, credit repair companies don't have a magic wand, so they can't make accurate information disappear, just as you can't.

After you've had something like this happen, you're most likely not going to let it happen again (job loss or not).  

You will have to reestablish credit along with good financial habits and decisions, and over time, that will heal your score.  This will take time and patience.

Edit:  others may have more advice about what you can possibly do about the current negatives, but it sounds like you've already tried.

Also, don't give up hope -- you're not screwed.  Your credit WILL rebound over time as you demonstrate better financial habits.  You may be able to get an auto loan but might be stuck with more interest until you refinance (or just keep driving your current car).  And many apartments will rent to people with lower credit scores as long as there are no existing collections or public records.  You may have to pay a larger deposit -- depends on what area of the country you're in and what the market is like.

[Anonymous]

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@Anonymous wrote:

Hey everyone, 

My credit story is only about 8-Months old. I have some questions, and need some advise. I'm scared and don't want to go deeper in the wrong way. About a year ago I lost my job and unfortunatley had to pay what I could at the time to be able to eat, support my self as far as living expenses. Meaning credit card payments were not a priority at that time. 

I have a capital one credit card with a $1,500 limit that I had to max out and ended up being 180-days late. I did pay it down eventually but the late payments are still on my credit. So this is one that I need removed.

I also had a peronal loan for $1,000 from my local credit union right before I lost my lob. My purpose for this loan was to have a loan small enough to build credit and pay on, but losing my job and unable to pay it ended up screwing me and now its closed and a charge off. I have not made payments on it at all.

I also have one late 60-day payment from my auto loan company but I am on track with that one.

Those three are the only negatives on my report. I am trying to find the fastest way to have them removed as my credit went from a 675 to below 500. 

I now have a new well paying job but these negatives on my credit stress me so much every day. I need to buy a new car and lease a new apartment in a few months and am scared I cant get approved for anything.

I have tried contacting all the lenders and none are willing to work with me to have them removed. so If I do nothing I am screwed. 

With that being said, is credit repair worth it? Can credit repair remove late payments and a charge off? 

I need to be able to lease an apartment and buy a car. I have prior good car credit just hit a rough patch that screwed me when I lost my job.

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No, if you do nothing, things will eventually right themselves over time. Thats the way it works. Time heals all credit wounds. The main reason your scores are so low is that this is VERY recent. I would suggest settling the charge off from the CU before it turns into a collection.

Now, the next question is - Do you have any current open revolving accounts?

[RobertEG]

First and foremost, I would do what I could to prevent things from getting worse.

You have a loan that has been charged-off.

A charge-off does not remove continued obligation for the entire diebt, or prevent the reporting of increased delinquencies.

It is also common for creditors to either assign bad debt to a debt collector, or sell the debt to a debt buyer.  Thus, there is liklihood that a collection may soon be reported on that debt.  I would act to avoid that before it happens by making satisfaction of that debt a priority.

Perhaps a pay for delete offer made prior to payment could both discharge that debt and get the charge-off removed.

If they wont consider a PFD, then I would still pay, and then begin a request for good-will deletion.