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Thread: I'm starting to get overwhelmed with bills and my credit

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    Default I'm starting to get overwhelmed with bills and my credit

    I had a little over $2,000 in debt, and I just started paying on it, and have knocked it down to around $1,200. I was excited that things were starting to clear up, but I just got a call about a $900 bill that I owe. On top of that, my credit is still fucked. When I was underaged, I allowed someone to put an account under my name and social-security number, and it was never paid off. The bill wasn't reported to the my credit report until after I'd turned 18. I thought I paid the bill off, but then I realized that the bill was split in to 2 portions. I get denied for EVERYTHING. The only thing that I've gotten approved for, is my cell phone, which I have to pay an extra $4/mo for, because of my credit. I was hoping to start saving for my own place in March (since my credit is so bad, I was preparing to put sign a 6 month lease, and pay for 6 months in advance), but it's looking less likely that that will happen. I'm so sick of being in this financial rutt and I just don't know what to do. I've heard about secured credit cards building credit, but I'm not sure how long it will take for that to happen. I'm considering bankruptcy, but I don't know how if it's a good idea for me. Someone, please help!

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    Banned Melonie's Avatar
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    Default Re: I'm starting to get overwhelmed with bills and my credit

    Credit scores are a function of many things ... the number of unpaid bills, the length of time that payments on those bills have been 'late', the total dollar amount of unpaid bills versus your VERIFIABLE total income ( which for a dancer or camgirl may be zero until tax returns showing past year income have been filed ), etc.

    As to filing for bankruptcy, I wouldn't even consider it if you are talking about less than $10,000 in total debt. Not only are there costs involved to file for bankruptcy, but the bankruptcy will hang around your financial history for 7-10 years.

    As far as 'repairing' your credit rating, probably the most important thing is to file your 2011 tax return. This will provide VERIFIABLE proof of your income for future lenders ( and landlords ).

    The next most important thing is to save up enough money to completely pay off ONE of the outstanding bills listed on your credit report, while continuing to make token payments on other outstanding bills. Once you are in a position to totally pay off one outstanding bill, contact the creditor and offer to make payment in full in exchange for a written agreement that the outstanding bill history will be removed from your credit report. Then move on to the next outstanding bill, with the same full payment in exchange for a written agreement that your credit report will be 'sanitized' in exchange for full payment. Once all of your outstanding bills have been paid, and reports of those outstanding bills have been 'sanitized' off your credit report, your credit score will improve dramatically.

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    Default Re: I'm starting to get overwhelmed with bills and my credit

    Thank you so much, Melonie! You're such a life saver!

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    Default Re: I'm starting to get overwhelmed with bills and my credit

    Something else you can do, get a credit card and pay it off every month, early. This will raise your credit score as well.

    HTH
    Z

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    Featured Member luscious sadie's Avatar
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    Default Re: I'm starting to get overwhelmed with bills and my credit

    hey girl,
    when I started stripping, I was 5k in debt. Over stupid shit, too. Unfortunately, I made a lot of bad decisions at first regarding who I was hanging out with and what we were doing. Because of that, I didn't really start making cash enough for more than minimum payments for about a year.

    put money aside for debt repayment as often as possible. If you can't have it without touching it, buy a piggy bank or something else that allows you to put money in and not take it out. Even a 10$ bill or your extra 1s will add up and have an impact over the long run!

    no matter how high your debt is, remember that thousands of people have paid off more than you and thousands more are struggling as well. I don't mean that to sound depressing... it helped me a lot when I felt like I was in way over my head. Just remember that you can, and will, pull yourself out.

    Dollar by dollar, day by day.
    [/center]

    Quote Originally Posted by Laurisa View Post
    Money can't buy happiness, but poverty can't buy shit.

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    Default Re: I'm starting to get overwhelmed with bills and my credit

    Thank you ladies! I calmed down over the new bill, and just plan on telling them that I'm currently unemployed and can't pay off a lot at one time (one hospital bill has me paying $256/month) until it's paid off, and I just can't afford to do that with another bill. I'm hoping that I can get a low payment of $25/mo (if I have more, I will pay more) and still be able to save up for moving. My child is going to stay with his dad for a few weeks, and I plan on taking advantage of it, camming my ass off, and get half of the money towards moving.

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    Featured Member Vamp's Avatar
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    Default Re: I'm starting to get overwhelmed with bills and my credit

    I dont post much any more unless I think I can be of some help. So you probably dont know who i am. But you can look at my old posts. I have been a banker and i have some advice....

    The biggest myth about credit, is that bad credit can be fixed by good credit. It can not. Your score may raise a lil but it wont be a big impact. So using credit cards is not going to change anything. In todays market, creditors look at the whole report and not just the score.

    So with the myths put aside we can figure out how to really fix your credit. Number One you need to take a look at your credit report and what it means.

    https://www.annualcreditreport.com/cra/index.jsp This is a government sponsored website where you can get your credit report for free from each of the credit reporting agencies. It will not sign you up for some stupid monthly thing. If you want your score there is a small fee but not worth it really. The reports that come up are very easy to read. That way you know who is reporting what on your credit report and not just taking someone's word for it.

    If ANYTHING is wrong on the report you can dispute it. Even names, addresses, bills that arent yours etc.

    Look for late payments, dispute any late payments you see. The company posting the late payment will be contacted. They have to prove it was late. Which in most cases cost more money then it is worth. If they dont respond the late payment is taken off. If you dispute with one credit agency then it will automatically go to them all. I always use Transunion http://www.transunion.com/personal-c...-disputes.page

    The biggest issue is collections on a credit report. Medical collections are generally seen differently then other collections. For each collection have a reason why it is there ie hospital stay while out of work or no insurance. If you are making payments have proof that you have a payment arrangement set up.

    The ONLY way to make a collection disappear without harming your credit is to pay it off and keep proof it is paid off. The proof comes in handy when they dont remove it from the credit report and you need to dispute it. Collections are harder to dispute and you need the paper trail.

    If you do a settlement with a collections and pay less then the full amount it will be a HUGE negative on your report for seven years. It is worse then filing bankruptcy.

    Credit reports are just a record of on time payments. For loans banks and lenders also use a FICO score. FICO takes your credit score and factors in alot of other things. To learn more about that go to http://www.myfico.com/CreditEducatio...YourScore.aspx

    If you have any questions, please pm me. I dont post often anymore but i regularly check the site.

    Good Luck
    Nature knows no indecencies; man invents them. ~ Mark Twain


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