Is there any way to reverse bad credit?

Question

I stupidly signed a lease with my ex last year and moved out of our apartment 3 months later. He continued to live there and when he moved out he still owed them over $1000, now the apartments are sending me letters about how they have put this on my credit report and that they are going to press charges if they are not paid. Meanwhile I can't get in contact with my ex at all. Is this unfair or is it just me?

Answer 1

And yes, it is unfair. Just be glad it wasn't a $30,000 car that you learn this lesson from.

But its too late for that now. Contact the apartment office and make arrangements to make payments on half. There are two things to know here:
1) you are legally obligated to pay it all, but they may be stupid enough to accept half payment especially if you offer cash (get it in writing that they will accept only half from you if it works, and get reciepts for your payments);
2) in most states they have to accept any reasonable payment arrangements you offer. Do not put yourself in financial jeopardy because they did not kick your ex out after he missed his first rent payment. If they refuse your payment arrangements, get it in writing and contact a lawyer.

There are procedures for removing one name from a lease when moving out. But the smartest move is only person signs a lease when roommating or living together unmarried (legally). If the landlord in question refuses to do this, find a different place to rent. Never get forced into anything as costly as a place to live. This goes along with never buying a house with a fiance without a legally-drawn, signed and notorized agreement with all parties concerned. Love is great, but is not legally binding.

Answer 2

There is no way to erase bad credit from your credit report, but you can improve it. First, make sure all the information on your credit report is accurate. Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly. Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line. Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card. Repairing your credit and improving your credit score is a slow process that takes time.

Answer 3

If you signed the lease then it's unfair to hang your landlord out. It's only fair that you pay him what you owe him.
Meet with the landlord and try to work out a payment plan with him. If he has turned it over to collection then do the same with the collection agency. The fact that you are repaying the obligation will go toward repairing your credit.
If everything else on your credit history is good then you should explain the circumstances to any lender you approach for a loan prior to them discovering it on your report.

If you avoid this obligation, then you deserve a bad rating.

Paid collections and judgments are dropped after 3 years in most jurisdictions.

Answer 4

Unfortunately, the landlord has every right to the money your ex owes him. I wish you better luck with in your next relationship! As to the question, one way you may be able to pay off the debt is to sue (or threaten to sue) your ex for the rent due in small claims court. Say, for example, your rent was $1000/month and for the last two months you sent in checks for $500 from your bank account and the ex paid nothing. You may be able to win what is owed with this type of proof.

As to fixing your credit, it may possible to resolve, or at least minimize the damage done. One way is to ask your landlord to request that the negative remarks be removed from your credit report. This, of course, would probably require paying off the balance, which you unfortunately may have to do anyway. (Hopefully with your exes money.)

The other possible solution is to contact the credit bureau (either Experian, Transunion or Equifax or all three) and dispute the negative item.

Hope the answer helped and wishing the best in your future relationships.

Answer 5

Yes it's unfair. But by law you signed the lease too! So it will go on both your's and his credit and they will attempt to collect it in any way necessary. And no you simply can not reverse "bad credit". Once it's on there it doesn't go away.

Answer 6

don't run from the apartment company. it will only make things worse. explain to them what happened. you will be responsible for the charges b/c it is in your name. to get your credit back to good standings takes 7 years.

Answer 7

no this is business, contact your apartment complex and explain the situation to them and see if you can make arrangements to pay it in installments, this is the only option cause it's in your name too