I am 33. I messed up my credit in my 20s. I am now trying to become a firefighter. I have to work on my credit. I am currently good with finances. Am paying high interest on a new car. I only owe about 2k in charge-offs and collections. I have the list printed as I have gotten a copy of my credit report. Is there a company- I mean a GOOD, reputable company- that will consolidate this for me so that I can have a good looking report within months? Maybe one that I can pay off in a matter of months with a second job. (my current job is a part time EMT while I am in school for fire technology- I do not earn a lot)
2006-09-08 12:37:07 · 6 answers · asked by ceejay007 1 in Business & Finance ➔ Credit
I was in the same boat. I made it through fire academy and EMT school before I realized that credit would keep me out of that line of work. I had a little more debt than you but not much. In my case, I negotiated with the collectors. You have to be firm with them, and you have to be willing to walk away and say either take the offer or you don't get a dime. I settled for 50% and had the items deleted from my credit report. The collectors will give you all kinds of reasons why they can't do this and they can't do that, but bottom line is they can and will settle. Be sure to get it in writing. Do not take their word for anything. Get everything in writing! From the time I placed the first phone call the debt collector to the time that the items were removed from my credit report was about 4 months. It might be possible to get it done faster than this, but it would be tough. Also, do not accept a payment plan. If you have to save up and then settle, do it that way. The collectors will keep tacking on interest and fees, and by the time you're making the second payment, the balance is right back up to what it started at. Hope this helps.
2006-09-09 18:57:29 · answer #1 · answered by Medic123456789 4 · 1⤊ 0⤋
Honestly, you should have cleaned it up exactly 24 months BEFORE you wanted to apply for the firefighter job.
Even if you should find an agency to consolidate the debts, they will show as "Charge-off/Paid in full" on your credit report for 7 years from the date of 1st deliquency.
Unless you can pay the amount due upfront to the collection agency and request a pay for deletion for a payment in full, you can't "clean" your report in a matter of months. It took you some time to do damage to your report and it will take some time to fix it as well. You must get the agreement for a "pay for deletion" in writing from the collection agency (preferably from a member of management)
I commend you for being responsible for managing your money currently, but credit rehabiliation is a PROCESS not an event. Clean it up and wait 24 months and people will treat you with the dignity and respect you deserve.
You have to show stability, reliability, and consistency and that TAKES time and you have plenty of it at age 33! As you are rehabilitating your credit, don't even THINK about missing one car payment! You are ON A MISSION!
2006-09-08 12:53:30 · answer #2 · answered by DaMan 5 · 1⤊ 0⤋
The best thing to do is not to hide from it. Call the companies you owe. They will work with you. You can set up payment plans or pay the debt in full. You have negotiating power, believe it or not, they want there money and you have it.
My best advice though is after you have paid it, require that they give you written confirmation that you have paid your debt. Pull your credit report 30 days after you have finished paying to make sure that they have updated it.
If not, send those letters to the 3 credit bureau's and have them remove it themselves. They will.
2006-09-08 15:55:48 · answer #3 · answered by Crystal S 1 · 0⤊ 0⤋
If any of those debts are over 7 years they already should be off your credit report. call the credit report company and tell them they are over 7 years old even if its only by over a day. example 7 years and one day old.
if it is in the 5 to 7 year range do nothing they will fall of in two years. Never,Ever pay a collection agency. only the original company that gave you the credit.
2006-09-08 13:07:06 · answer #4 · answered by Mr.Morgan 4 · 1⤊ 0⤋
there is no good company that can repair your credit. if your credit is that bad most places will not give you a loan just to consolidate your loans unless you have a home. you can repair your credit better than anyone. do some research and repair you're own credit.
2006-09-08 15:21:14 · answer #5 · answered by bella_4624_19 4 · 1⤊ 0⤋
I would try a reputable bank first. Maybe a high profile finance company, but watch out for those interest rates! GL
2006-09-08 12:44:07 · answer #6 · answered by shire_maid 6 · 1⤊ 0⤋