How can I repair my bad credit when all my cards are on charge off status?
My debts are about 3 yrs old now, and in charge off status. When I called up the companies trying to pay off these debts, they kept sending me to different depts and finally I got tired of the runaround. I really want to get my credit back in shape but don’t know how to go about it. Any ideas?
A charged-off credit card means that your account is closed with the creditor and they have “charged-off” the debt as bad (uncollectable). They still expect you to pay the debt and can even file a lawsuit against you, but it all depends on how much debt are you talking about and what is your ability to pay? It’s worthless to sue someone who has nothing, if you get my point. However, many credit experts will argue that you are in the driver’s seat and you need to negotiate a deal which will do the following:
1. Only pay on debts that you can negotiate an amount and agree (in writing) with the creditor that they will not report it to the credit reporting agencies. Note: if you start making payments, this bad debt will stay on your credit report 7 years after your last payment. For example, if it took you 5 years to pay off this bad debt – it would impact your credit for an additional 7 years (in essence 12 years).
2. Negotiate with the owner of the debt – not the collector.
3. Use cash or pre-paid credit cards (stop charging).
4. Do research before you start paying on charged-off debts.
I’m looking to barrow about $15,000 to do some home repairs. I have poor credit…any sugestions?
I own my own home and owe $55,000 on the first mortgage. Looking for some kind of loan to do some repairs ( home equity,refinance…ect.) but, my credit is not that good. Any ideas?
If you haven’t had a derogatory credit in the past 12 months, you may qualify for an FHA mortgage. This would refinance your current first mortgage (provided you have some equity). The cost of doing this would probably be too high. Maybe you could find a construction company to let you finance the work.
If my spouce files for bankruptcy, will discharge the debt away my financial responsibility?
I added my name spouce their credit cards as a co-signer and now she is filing for bankruptcy. She's like the letters in the presentation. If the debt is discharged I will continue to be responsible debt as a guarantor?
you are responsible for the debt as she. what I did before it went bankrupt, I paid off my husband's card and I shared together and cancel in advance. I recommend you do the same and do not include your name in the bank!
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