I had a credit card whose balance balooned to $3900 (the limit was $2500 initially but ballooned to this amt after i missed payments, over the limits, etc.), it was subsequently sent to a collection company who hired a lawyer to collect the fees. I received a summons by a sherriff deputy a few days ago. I contacted the lawyer and worked out a payment schedule (as i cannot pay the $3900 lump sum). They told me that since i could not pay the $3900 as a lump sum, i would have a judgement placed on my credit report, even though i'm actively paying off the debt to them, and when it is paid off it will be marked as paid on my credit report. This debt is my fault and i realize i let it go way too long. I have worked hard to increase my credit score from the rock bottom up to almost 600, all this before I got this judgement. How bad will my score be affected from this, and will i ever be able to get a home loan with this judgement on here? I am paying it off now.
2007-01-15
01:45:42
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3 answers
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asked by
ukfan1976
1
in
Credit