Ok within the next 30 days I am planning on paying off all of my credit cards except 1 which is the one that is colsed i am going to start to pay that later. But by june I plan to have paid off 4 credit cards balances 00, 1 medical bill 2283 dollars , 1 medical bill 194, and one old bill 343
dollars. I am trying to get my credit score up so that i can get a car and also an apartment. i have just started back to work but i am just wanting to get my score up. I am tired of getting turned down for everything. I am wondering would this help my credit score because i have like 20000 in student loans but they are not due back yet because they are not in repayment cause i am in school. Is it possible for me to pay those bills and get my score up?
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Wed, Aug 11, 2010
August 11th, 2010 at 11:25 am
ok, before you pay them off , call your creditor one at a time and ask them if they will take you off their " bad list" when you pay it off. Some will , and some won’t but it doesnt hurt to ask.
A;so, if they say yes, have them to send you something in writing to that effect. Otherwise, they may agree to it , but not follow thru and it won;t help for about 6 months or longer. Sometimes, they will lower what you owe, but then that stays on your credit. Try to get some small department store accoun cards like JC Pennjy or Sears, and maybe one or two gas cards and pay on time. That will bring your credit score up as long as their not maxed out! Just charge a little and pay on time and then you will have more good credit than bad, and the good will out weigh the bad. Because, it will still show no pay or slow pay which is not good. Also medical bills don’t count as much as other thing because everyone has them. Most places don’t count the medical bills! Good luck!
August 11th, 2010 at 11:25 am
Paying down the credit cards will definitely help your credit score. Do not close them. If the medical bills have been in collections over a year. They really don’t hurt you. Anything over 2 years in collections is no longer deducting against your score. Medical bills are looked at differently then any other bills in collections. You would be eligible for an FHA home loan with medical bills in your collection. If money is tight pay the 343 old one first for this reason. If the 2283 is rather new, you may want to see what they will accept as payment. The only thing this will do for you is bring down the ratio of collections debt vs. credit available.
Once you wake up a collection you are renewing your 7 years waiting period for it fall off.
August 11th, 2010 at 11:25 am
While it may seem easier at first glance to just wipe the slate clean by declaring bankruptcy, you should avoid it whenever possible. The fact that you went bankrupt will stay on your credit report for 7 years and will thus affect any future credits you apply for<!–Work with your creditors or even a non-profit debt consolidation company to avoid having to file for bankruptcy.You should diligently make payments and make them on time for your existing debt.
http://best-loans.awardspace.com/
A good payment history is the most surefire way to improve your credit. The key is to not be late with your payments. When you restructure your debt, or when you create new debt, make sure you–>will be able to make your payments in full on time. It takes a little while before you see your credit score rise, but stick with it and make those payments and your credit will improve.
August 11th, 2010 at 11:25 am
Here’s the deal…
You have the right idea to pay down the credit cards, leave them open so they can continue to build credit. As for the medical bills, before I would pay those off, I would negotiate a pay to delete, which is a payment in exchange for removing it from your report, or at least getting the rating changed to "paid". Just paying collection accounts, won’t help your score as much as if it were paid and removed or changed to a more favorable rating. Here’s some more links that explain that in more detail:
http://www.creditinfocenter.com/debt/settle_debts.shtml
http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml
http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml
http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml
http://www.creditinfocenter.com/debt/debt-negotiation.php
Hopefully, you’ll be able to neogtiate those collection items and get them removed.
My suggestion would be to check the AutoTrader and Craigslist for a cash car. Even if you were to raise your score to something respectable, it would be a crapshoot to finance it, and with the way the economy is right now, I would wait to finance anything right now.
August 14th, 2010 at 3:18 pm
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