will this help repair my Credit?

[Anonymous]

Hello,

So I'll cut to the chase, about 1.5 years ago my bike was stolen from my parking lot and i had cancelled the insurance on it due the high insurance. Went out to the parking lot and it was not there. at first i thought it had been repossessed since i hadn't made a payment to Honda in a while. Well it was stolen and i no longer had insurance on it. Now i owe Honda `$12K still. i have a plan to pay it off by Aug 15 since im currently overseas and have no exspences. when i get back to the states in mar 2016 will my credit be repaired? i know not completely but enough where i can get a loan? cause that's my current debacle and what keeps me up at night and currently thats my only debt

[Gunnar419]

Your credit won't be repaired so quickly or easily, sorry. Negatives like missed payments or defaults stay on our credit reports up to 7.5 years even if we eventually pay the bad debt.

It's a good thing that you're paying the debt, but there are techniques you need to use if you want to try to remove the negatives from your report. Which techniques you use depends on factors like who now owns the debt (Honda or a collection agency) and what the status of the debt is (just late, written off, court judgment). Give a little more info and people can tell you about things like goodwill letters and pay for delete agreements.

[gdale6]

If you have no credit cards now you need to open 3 bankcards ASAP. The repair and majority of Fico score gains will come from your revolving credit cards combined with your payment history.