Credit score of 566, any suggestions on delinquent credit card debt?
Answers:
And as for an answer without the judgemental attitude.
If you have not filed bankruptcy for the debt, the timer continues to push outward. Meaning that you will have the delinquent report on your credit for several more years now. Having said that, if you have no bad marks for two years, your credit score can start to increase nicely again.
Pay off what you can. Part of your score is based on credit used vs. credit available. The higher % of available credit you have, the better. Paying off the debt is the best way of doing that.
Dont apply for new credit cards. Inquiries can hurt.
Even if you dont pay off the balances, keep up on the minimums, or a few bucks more. This keeps the bad marks away, even though you may not be making any real progress on debt reduction.
Ive been in that same boat for a few years now. College credit cards are the devil!! We ended up having to file bankruptcy when the kids came, but did everything we could including killing off my IRA to pay what we could before even considering filing. (I kinda regret that now though).
Darling, as far as I'm concerned, if you bought the product, and did not pay for it, it's the same as STEALING.
Pay it off. Yes, it will help your score, if it hasn't already been written off and removed, but you are duty bound to pay it, anyway!
How would you like to get ripped off like that?
If you have accounts that are 7 years old and you live in the US, you can write the 3 credit reporting agencies and tell them the statute of limitations is up and they have to remove the account.
It will raise it very little as negative marks carry more weight and its harder to raise your score but if you every plan to buy a house or car or anything with a bank loan you need to pay these debts off if you can afford to.
Bank's will look at your whole credit report as well as your score. If they see you paid off old debt then they are more likely to be more lenient on their lending.
Also, the 7 year rule of old items falling is not true. It only falls off if that creditor decides to quit reporting to the credit bureaus. So, you can technically have this on your record for 10 years without it falling off. Best practice is to pay off any outstanding debt you have. Once, you have this cleaned up then it will be easier to raise your credit score.
It will help you by knowing that you have paid your debt. As far as your credit score it will help along with good payment history on your current accounts. May, I suggest a site that can help you with your credit issues.
http://www.thecreditrepairmanual.com...
Best of luck,
Make paying off your credit card debt your #1 priority. This is a big, if not THE biggest, factor that's killing your credit score.
Go to the library and check out "The Complete Idiot's Guide to Money Management" or any similar guide. Offers lots of great advice on how to make this a priority and get it off your record as soon as possible.
Paying any amount on them will restart the aging process on these accounts and cause these accounts to suppress your credit score for many more years. If they were charged off several years ago you should let sleeping dogs lie. Don't listen to the do gooders on here. You're nothing but a number to the credit card companies. They charged these accounts off already. They moved on. You should too. Also, check the statute of limitations for your state to make sure they can't still sue you.
To get your score up, open a savings account and borrow against it. Get a secured credit card and make your payments on time. Buy a car on credit and make your payments on time. DO NOT pay on the credit cards unless they can sue you and garnish your wages. You can go to creditboards dot com and check the forums to see what the law is in your state. Good Luck. And please DO NOT pay anything on those credit cards.
no can reage it dont do that. it falls off after 7 years
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