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Was in business for a few years and due to economy and some bad decisions my business
failed. I took out some "business" credit cards that I personally guaranteed. I'm way behind
on them and $100 k in debt just in credit card debt!
Fortunately I am now slowly getting back on my feet and bringing in some money. Of course many
of the cc's are in collections (although on my Eq.report it has no collections listed??? Why?). I can start
making payments again and soon pay some of them off in full. So my question is, I know I can never raise
my score and rebuild my credit until I pay off these debts, so what do I do? Do I call the CO's and offer a
settlement, or the CC company directly/ If I settle, does that hurt my score worse?
Please help with advice as I really want to get out of debt and rebuild my credit and my life! Thanks so
much in advance.
Sorry to hear about your misfurtunes.
I don't have the sort of experience needed to help you out other than to say that the more details you can provide the more accurate help you'll get here. Look at your CR very clinically. How many baddies do you have, what are the balances, what are the SOLs and DOFDs for them? You can copy and paste your CR herebut remove any personally identifiable info (complete account numbers, etc.)
Also, if you don't get any good feedback here it's because the knowledgable people here didn't read it. If it's been over a day and no response then bump the thread so it goes back to the top of the list of threads.
You'll figure this all out and get through it eventually.