I currently live in the cheapest way possible.
I plan on using any saved money from the next few months to pay off all 4 defaulted lines of credit I have.
Will this fix my credit so i can rent my own place( my sister’s being good to me and co-signing me this time)
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Sun, Jan 17, 2010
January 17th, 2010 at 5:01 am
No, this will not fix your credit. Your credit is a history of what you have owed in the past, not just what you currently owe. To have good credit, you need to pay things on time, before they become defaulted. Once they are defaulted, your credit will be bad for at least seven years, even if you pay sooner.
January 17th, 2010 at 5:01 am
Yes, paying your past due bills will be reported on your credit report. I recommend that you get a letter from the debtor indicating that your debt is paid. You can provide that letter to the credit reporting agencies. This will expidite the changes on your report. You should also try to negotiate a lesser amount than you owe. You may get the letter for less that way. Your credit score is based on many factors. Get a copy of yours and have it explained to you by a nonprofit credit counseling service. You will see how to proceed from there.
January 17th, 2010 at 5:01 am
It will show that the debts have been paid, but the past due dings on your credit will remain. It still looks better that they’ve been paid though – that will raise your credit score…not sure how much, but it will help.
January 17th, 2010 at 5:01 am
Paying your old defaults will not erase them from your credit history, if that’s what you mean by "fixing" your credit. To "fix" your credit, you’ll need to build a new positive records of responsible use of credit – that will take time.
January 17th, 2010 at 5:01 am
Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one – buildcredit.ifastnet.com