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Hey everyone. I had pretty decent credit (740ish) until about 2.5 years ago. Had a emergency medical issue, and lost my job. So, payments went to nil. I'm working again, and Im trying to rebuild my credit (545 atm). Is there any way to get some leaniency because of medical?
You'd have to contact each creditor individually.
Hi @Anonymous! What exactly are you looking for leniency on? Ability to get new credit or do you mean leniency in reporting past due payments?
If you give more info someone will probably have some ideas for you.
As mentioned above, it really all depends on the creditor. It's best to contact them directly to discuss what options may be available to settle any old debts.
Leniency on repayments and reporting. I completely understand from a company standpoint, but its not like i just flaked off payments and such. I had a medically valid reason.
If I understood your question correctly, you defaulted on your accounts because of medical issues.
There is no leniency just because the root cause was medical.
How you approach it depends on what happened to those accounts. If they are still open, you can try GW approach.
If they are charged off by original creditors, they will be gone no later than 7.5 years from DOFD.
Best you can do is pay/settle so they stop reporting and your scores can start recovering.
If you have collection accounts, try negotiating pay for delete whenever possible. Collection accounts with balances can stop your credit from improving for a really long time.
@Remedios wrote:If I understood your question correctly, you defaulted on your accounts because of medical issues.
There is no leniency just because the root cause was medical.
How you approach it depends on what happened to those accounts. If they are still open, you can try GW approach.
If they are charged off by original creditors, they will be gone no later than 7.5 years from DOFD.
Best you can do is pay/settle so they stop reporting and your scores can start recovering.
If you have collection accounts, try negotiating pay for delete whenever possible. Collection accounts with balances can stop your credit from improving for a really long time.
Thank you, thats what i was looking for....
@Remediosgave great advice. As usual. I'll just say its best to pay yourself first 10% of your take home pay to a savings account for when situations come up like this. This is for really anyone who reads this. You never know when a hardball might be thrown at you. Then you can make the min payments and never get behind. Save up a min of 6 months of the total bills for the future God forbid anything ever happens. Least you'll be prepared and covered. Hope all is better now.
@FireMedic1 wrote:@Remediosgave great advice. As usual. I'll just say its best to pay yourself first 10% of your take home pay to a savings account for when situations come up like this. This is for really anyone who reads this. You never know when a hardball might be thrown at you. Then you can make the min payments and never get behind. Save up a min of 6 months of the total bills for the future God forbid anything ever happens. Least you'll be prepared and covered. Hope all is better now.
Better is subjective, but i'm working again and trying to get this fixed. Thank you.
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