after i pay off my credit card debt how do i get the debt off of my record.?

Question

like when was a member of capital one and i couldnt pay my bills so now i have very poor credit and i want to get an apartment so im working on paying it off but after i pay off the debt i might still be on my record and want to know how to erase my bad history of debt.

Answer 1

Well even after you pay off the debt it well still report for 7 years, the way it works is all items (with the exception of bk's 10yrs.) stay on your record for 7yrs. from the point of last activity. Some suggestions to be made would be to offer a settlement on the card with the prevision they remove it from your credit report, works sometimes but not often and always get it in writing. Another suggestion is to write the bureau and tell them the info is incorrect and in fact you did pay the card as agreed, it is the credit cards companies responsibility to prove this, they almost always well report back to the bureaus the first couple times but after a while they won't or may wait longer then the 30 days they are allowed by law and the item well be removed. The only other option is you are allowed to put a statement of facts on your credit reports, you can explain that yes I had this debt and got into trouble because of some family emergency and as you can now see I have paid it, this won't help your score but when they do a background check and run credit it well look more favorable to the person checking it. Good luck!

Answer 2

You can usually offer the companies you owe, a 30-40% payoff to settle the debt. Most times they will agree just to get it settled and to get some of their money. If they accept, make sure you get it in writing before you send any money to the company. Once you have it in writing, make sure you write a check or send a cashiers check to pay it off, that way you can prove it was paid. If it doesn't show that you paid it after 30 days, you send a copy of the cashed check or cashiers check, along with the signed agreement to the credit bureau's. The credit bureau's will do an investigation and try to get the company you paid to update it's information. If the company does not update it's information, the credit bureau's will remove/delete the information due to inaccurate/fraudulent reporting. I have been through all of this, that's how I know what will happen. When the companies update the information to the credit bureau's, it shows that it was settled and paid. This does help your score some. Late payment/settlements look better than no payment or attempt to pay your debts.

The other person that wrote about giving reasons why you got behind, was right on the money too. There's a section that you can add comments about any debts owed. It's a good idea to do this.

Hope this helps.

Answer 3

Pay your credit card off, and pay your other bills on-time. Attach a letter to your credit report explaining why you had trouble before, and why it's not a problem anymore. Paying off your old debt and paying your current obligations on-time will do a lot for how you look. It won't have much effect on your credit score, but it will show on the credit history, that the bad things are past and the good things are current.

We rented an apartment and bought a car in 2005, with 4 student loans (3 in default), $10,000 in medical debts, and $20,000 in fraudulent debts that we've been unable to get off our credit reports. So if you're responsible now, and follow those simple steps above, you probably can rent an apartment and everything you need to do. And in a little time, you'll become a better credit risk, and be able to do other things.

One thing about renting an apartment. If you have EVER paid a utility bill late, or gotten a utility cut off, including a cell phone, you may have to pay off anything you still owe to the companies, and put down a stinkin huge deposit, to get utilities turned on in your new residence. So find out the cost to get utilities turned on, also, before you make moving plans.

Answer 4

Having a paid negative on your reports is just about as bad as having an unpaid negative.

You didn't specify if you are still dealing with Cap One or if they had sold it to a collection agency. I'm just making a guess, but I guess it's still with Cap One since they seem to like to hang onto charge offs more than selling them.

The first thing you should do is to find out the statute of limitations (SOL) in your state. If you are out of SOL you have no legal obligation to pay. You pay only if you want to.

Whether you are dealing with Cap One or a collection agency, they may take a percentage as a complete payment.

You should demand that they will delete the negative tradeline after payment, that they will not continue to collect the debt or the remaining portion of the debt if you pay a percentage and that they will not sell the debt or the remaining portion.

I would suggest going to the site that I've linked and do some reading in the newbie forum and then in the credit forum.

There are many threads about that company that may help you in dealing with them. You can do a search for that name and probably find enough threads to keep you busy for quite awhile.
You will also find info on your states SOL.

Answer 5

There is no way to erase your history. All you can do is start paying off debt. Over time, when everything is paid off and you continue to keep current, your credit report will look better. It just takes time.

Answer 6

Go ahead and pay off your credit. But for it reflect on your credit record will take a little time. A few articles that might help you are:

What is Debt Relief?
http://www.askaquery.com/Answers/qn1583.html

Debt Management and Building Wealth
http://www.askaquery.com/Answers/qn1581

How to lower your debts?
http://www.askaquery.com/Answers/qn1576.html

How to reduce debt : How to lower your expenses?
http://www.askaquery.com/Answers/qn1577.html

Answer 7

in case you labored for an organization and earned $3,000 and they refused to pay you, ought to you imagine that replaced into honest? No, correct? properly, it isn't honest for you no longer to pay your charges. in case you could arise with the money for a cellular telephone, you could arise with the money for to look after your responsibilities. The charge playing cards will proceed to be on your credit document for seven years in case you enable them pass to collections. in case you pay them off, they're going to nevertheless proceed to be on the document, yet will prepare as paid. once you've unpaid undesirable debt on your credit document, you purely isn't able to get an abode, or a automobile loan, or in a lot of organizations a job - employers run your credit document and make a judgement about how in charge you're in accordance with that score. you also gained't get the different type of credit at a life like value. attempt to go back and forth and not using a mastercard - it isn't conceivable. So, except you want to be depending on mommy till you're a minimum of 30 years previous, then get to artwork paying your charges. $3,000 isn't an no longer conceivable volume of money. if you're making $12 an hour at a job, you could earn that throughout purely 2 months of finished time artwork.

Answer 8

debt consolidation

getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is:

http://umgarticles.atspace.com/debt-consolidation.htm

Answer 9

Time is the only way to erase it.

Answer 10

when you find out, you let me know