Results 1 to 12 of 12

Thread: How to Fix Bad Credit :(

  1. #1
    Member hotchocolate's Avatar
    Joined
    Oct 2002
    Location
    Philly
    Posts
    29
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default How to Fix Bad Credit :(

    Hello ladies,
    I'm a student and like many students I fell into the credit card trap and now I'm in debt by a couple thousand dollars (which isn't bad compared to some people I know). My question is what advice would you guys give to fix bad credit. I was told that my careless credit ways will show up on my credit report for 7 years.
    HELP!!!!!!!!!1

  2. #2
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: How to Fix Bad Credit :(

    Are you sure you have bad credit? You can have mounds of debt and excellent credit (and no debt with awful credit). Bad credit happens by missing payments and making payments late, but not necessarily by making the debt in the first place.

    Check your credit score with any (or all) of the credit reporting agencies (experian.com, transunion.com, equifax.com), and see what it says. Without knowing all the details of your credit report, it would be hard to say how to improve it, but those sties will give you advice on improving your score.

    If you want to get out of the debt you have, you might want to check out sites lke fool.com and they will give you tips on getting out of debt.

  3. #3
    Banned Melonie's Avatar
    Joined
    Jul 2002
    Location
    way south of the border
    Posts
    25,932
    Thanks
    612
    Thanked 10,563 Times in 4,646 Posts
    Blog Entries
    3
    My Mood
    Cynical

    Default Re: How to Fix Bad Credit :(

    You're right though about account histories hanging around your credit report for 7 years (or more). But this does not mean that your credit has to be toast for that entire time. What bankers want to see is a ratio of debt to income which is manageable, and two or three years of history where you have not been delinquent on ANY bills. Being in debt $2000 on your credit card is a good thing if you pay part of the balance off every month. It only becomes a bad thing when your account is allowed to go delinquent.

  4. #4
    Veteran Member TrixieFL's Avatar
    Joined
    Jul 2003
    Location
    South FL and Traveling the US
    Posts
    242
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How to Fix Bad Credit :(

    Check your credit score with any (or all) of the credit reporting agencies (experian.com, transunion.com, equifax.com), and see what it says.
    I think if you use www.creditreport.com it will check your score with all three of those agencies. Emily and melonie are correct that you can have lots of card debt and still not have bad credit. Missing payments can really hurt you so make sure you don't fall behind.

  5. #5
    Senior Member DenverD's Avatar
    Joined
    Jun 2003
    Location
    Denver
    Posts
    147
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How to Fix Bad Credit :(

    Pay your bills and pay your bills on time. Eventually it will reflect in your favor. Don't beat yourself up too bad, 2/3 of Americans are in bad credit situations and overexteded
    **Live Long And Prosper**

  6. #6
    God/dess
    Joined
    Aug 2002
    Location
    Phoenix is home, work in Upper Midwest Boonies
    Posts
    3,274
    Thanks
    0
    Thanked 107 Times in 61 Posts

    Default Re: How to Fix Bad Credit :(

    The book "Life after Debt" by Bob Hammond is the uncensored version of his writings that will tell you how to reestablish your credit. My fiancee' was in credit repair for 8 years and recommends this. Make sure the title is exactly as I printed it as his other book with a similar title will not tell you what you need to know to beat the system and rebuild.

  7. #7
    Member hotchocolate's Avatar
    Joined
    Oct 2002
    Location
    Philly
    Posts
    29
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How to Fix Bad Credit :(

    thanks a lot everyone
    unfortunately, i have missed payments (numerous times) so i'm considering debt consolidation, which I'm told will look negative on my record but at least the debt will be paid off

  8. #8
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: How to Fix Bad Credit :(

    it's only a couple thousand, right? Why do you need to consolidate? just pay it off! Just work more shifts....make more, you can pay off more.

  9. #9
    Member hotchocolate's Avatar
    Joined
    Oct 2002
    Location
    Philly
    Posts
    29
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How to Fix Bad Credit :(

    i guess i will just pay it off without the help of consolidation, it's just that "only a couple thousand" seems like a lot to a college student.

  10. #10
    God/dess Emily's Avatar
    Joined
    Feb 2003
    Location
    Las Vegas
    Posts
    11,302
    Thanks
    4
    Thanked 143 Times in 72 Posts

    Default Re: How to Fix Bad Credit :(

    It is a lot. I'm talking from a dancer's perspective.

    I was in HUGE debt right after college....I've been there.

  11. #11
    God/dess
    Joined
    Aug 2002
    Location
    Phoenix is home, work in Upper Midwest Boonies
    Posts
    3,274
    Thanks
    0
    Thanked 107 Times in 61 Posts

    Default Re: How to Fix Bad Credit :(

    Rule of thumb from any credit repair expert:

    NEVER EVER PAY OFF A COLLECTION ACCOUNT OR DELINQUENT BILL UNLESS YOU GET THE CREDITOR IN WRITING TO AGREE TO DELETE IT FROM YOUR CREDIT REPORT OR TO PUT A NEUTRAL RATING SUCH AS PAID IN FULL OR PAID AS AGREED BY THE DEBT. A PAID COLLECTION ACCOUNT IS JUST AS BAD AS NOT PAYING IT AT ALL. THAT'S GOOD MONEY AFTER BAD.

    YOU MUST PAY THE BILL IN ONE LUMP SUM TO DO THIS AND IT WILL TAKE SOME HAGGLING.

    If that cannot be accomplished let the bill go and after 4-5 years a dispute of all 3 bureaus may get it removed if the creditor has purged the files and can no longer verify the debt.

    Follow what Bob Hammond says in the chapter on File segregation until that time and don't repeat what you did beefore with your new debts. pay them on time.

  12. #12
    Member hotchocolate's Avatar
    Joined
    Oct 2002
    Location
    Philly
    Posts
    29
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Re: How to Fix Bad Credit :(

    thanks a lot tina, i'll take that into consideration

Similar Threads

  1. Bad credit loans
    By tempest666 in forum Dollar Den
    Replies: 1
    Last Post: 12-01-2010, 08:45 AM
  2. Does this mean I have bad credit?
    By Roulette in forum Dollar Den
    Replies: 19
    Last Post: 10-12-2007, 04:17 PM
  3. Bad credit
    By Cupid213 in forum Dollar Den
    Replies: 11
    Last Post: 08-15-2006, 01:15 PM
  4. bad credit financing
    By greenidlady1 in forum Dollar Den
    Replies: 21
    Last Post: 01-27-2006, 08:55 AM
  5. Has anyone gone to someone to fix their credit??
    By dberry in forum Dollar Den
    Replies: 6
    Last Post: 05-27-2004, 07:11 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •