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Started By
Message
Rebuilding credit
Posted on 1/12/18 at 9:26 am
Posted on 1/12/18 at 9:26 am
I looked through the bookmarked thread and did not see a specific topic.
LSS- Lost job sold house and have been renting, we are back financially to buy another house, but we let our credit suffer while I was making ends meet with $/hr jobs. Same old story, pay the necessary bills/food and not the small CC's.
Nothing outrageous < 5K. So I spoke with a loan officer. Me Score is bad ~600 so I mentioned that I can now start to pay off these little debts and he told me not to do that as they will then become "current" Told me to seek a Credit Repair company.
Question, is is worth it paying someone to do this or is there a way to handle this on my own? It involves writing letters and such right?
Thanks for the help.
LSS- Lost job sold house and have been renting, we are back financially to buy another house, but we let our credit suffer while I was making ends meet with $/hr jobs. Same old story, pay the necessary bills/food and not the small CC's.
Nothing outrageous < 5K. So I spoke with a loan officer. Me Score is bad ~600 so I mentioned that I can now start to pay off these little debts and he told me not to do that as they will then become "current" Told me to seek a Credit Repair company.
Question, is is worth it paying someone to do this or is there a way to handle this on my own? It involves writing letters and such right?
Thanks for the help.
2
Posted on 1/12/18 at 10:03 am to TTU97NI
I'm no expert in credit repair.
But I would suggest paying off whatever small loans you have, get your Credit Cards below 30% usage. That way your Debt/Income ratio is where it should be. Your credit should see a bump 1-3 months after. Also, don't apply for any loans, don't want inquiries on your credit.
But I would suggest paying off whatever small loans you have, get your Credit Cards below 30% usage. That way your Debt/Income ratio is where it should be. Your credit should see a bump 1-3 months after. Also, don't apply for any loans, don't want inquiries on your credit.
Posted on 1/12/18 at 10:45 am to TTU97NI
Do not contact a credit repair company! That is extremely poor advice. They will try to settle your debt with companies or put you on some type of money management system with your credit card companies.
You can handle this yourself. Catch your credit card bills up now. Pay them, so you are current. You could also consider consolidated the revolving debt into a small loan if you qualify. Stay away from finance companies. They will negatively impact your credit score.
If you need any other advice, please let me know.
You can handle this yourself. Catch your credit card bills up now. Pay them, so you are current. You could also consider consolidated the revolving debt into a small loan if you qualify. Stay away from finance companies. They will negatively impact your credit score.
If you need any other advice, please let me know.
Posted on 1/12/18 at 11:09 am to bubbz
bubbz,
thats one of the problems is there is not revolving debt, one 500 CC shut down and another was 2500 I tried to keep up but didn't so they closed them and sent to collections. Others are small medical fees for Dr. offices like 40 here 60 here. Nothing scary but they are still out there. We have cash now to pay it all off. Would that be the way then wait a few months for this to clear up and then start looking into housing loan? Or just call each one and say what will yous settle for and pay then and there?
thats one of the problems is there is not revolving debt, one 500 CC shut down and another was 2500 I tried to keep up but didn't so they closed them and sent to collections. Others are small medical fees for Dr. offices like 40 here 60 here. Nothing scary but they are still out there. We have cash now to pay it all off. Would that be the way then wait a few months for this to clear up and then start looking into housing loan? Or just call each one and say what will yous settle for and pay then and there?
Posted on 1/12/18 at 11:33 am to TTU97NI
If y’all are wanting to look for a house sooner than later, then you need to clear some of these items up.
The first thing you need to do is clear up the revolving debt that went to collections. Call them and get it paid and settled. With regards to the small medical collections, you can pay them and it will help, but 90% of people have medical collections that show up on bureaus and most lenders ignore the smaller medical collection items, but it stills impacts your credit score.
Now that I know the cards have been shutdown and the companies outsourced the debts to collection companies, you need to just go ahead and pay them off and be done. The quicker the better so your credit score can start going back up.
The first thing you need to do is clear up the revolving debt that went to collections. Call them and get it paid and settled. With regards to the small medical collections, you can pay them and it will help, but 90% of people have medical collections that show up on bureaus and most lenders ignore the smaller medical collection items, but it stills impacts your credit score.
Now that I know the cards have been shutdown and the companies outsourced the debts to collection companies, you need to just go ahead and pay them off and be done. The quicker the better so your credit score can start going back up.
This post was edited on 1/12/18 at 11:34 am
Posted on 1/12/18 at 12:29 pm to bubbz
Thanks for the information. As always thanks again for the help.
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