help

[Anonymous]

i think i know the answer to this question, my credit has been damaged because a few years ago i co-signed on a car loan for a good friend and lately she has had difficulty paying it and has many late payments on it. she is almost done with the payments at this point and hopefully it will be paid off within a couple months...is there any way to get  this off my report?   second part- i ran up close to a 20,000 credit card debt as i had purchased land in ga, but have since let this land go, it wont affect my score as it was purchased from a private owner and wont be going through any foreclosure.  i have been able to pay down about 600-1000 dollars a month and am now at about 10,500 spread over 3 cards.  is this the right way of going about it- the interest rates all all about the same.  thanks.

[Schoolbuskid]

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thepeg wrote:

i think i know the answer to this question, my credit has been damaged because a few years ago i co-signed on a car loan for a good friend and lately she has had difficulty paying it and has many late payments on it. she is almost done with the payments at this point and hopefully it will be paid off within a couple months...is there any way to get  this off my report?   second part- i ran up close to a 20,000 credit card debt as i had purchased land in ga, but have since let this land go, it wont affect my score as it was purchased from a private owner and wont be going through any foreclosure.  i have been able to pay down about 600-1000 dollars a month and am now at about 10,500 spread over 3 cards.  is this the right way of going about it- the interest rates all all about the same.  thanks.

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As far as the lates goes those will be stuck with you anytime you agree to co-sign you are taking the responsibility of that debt as well! Unless you write GW letters and/or dispute i dont see them coming off!

I think you have a good plan of paying your cards, you could tackle the smaller debt first then once those are paid off you can use the extra money you gain from paying the smaller debts off and use it towards your next biggest debt and so forth until your debt is gone! Good Luck!

[Anonymous]

so how does this letter work? i mail them a letter stateing the circumstances and hope they remove it?

[Schoolbuskid]

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thepeg wrote:

so how does this letter work? i mail them a letter stateing the circumstances and hope they remove it?

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Yea basically! If you havent already, check this thread out on GW letters! Fix it to your liking!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661

[Anonymous]

schoolbuskid wrote:

 think you have a good plan of paying your cards, you could tackle the smaller debt first then once those are paid off you can use the extra money you gain from paying the smaller debts off and use it towards your next biggest debt and so forth until your debt is gone! Good Luck!

I thought this was the correct way to do it as well - but I saw Suze Orman on the Ellen show the other day. She said DO NOT do it this way. She said to pay the minimums on all of your cards EXCEPT the one who has the highest interest rate. Pay all of your extra money on that card. When that one is paid off, pay the next highest, etc until they are paid off too.  

It seems like it would make more sense to pay off the smallest amount first..   

Message Edited by tidbit1 on 04-29-2008 03:56 PM

Message Edited by tidbit1 on 04-29-2008 03:56 PM

Message Edited by tidbit1 on 04-29-2008 03:57 PM

[Schoolbuskid]

Yea i can see how that would be a better formula because it gets rid of the cards with the highest interest first! Awesome!