I have horrible credit, and I don't know how I am ever going to be able to buy a house or a car. I am so scared for any emergency. I messed up 7 credit cards when I was 17, and now they're akll charged off. I'm worried.
2006-11-30 13:20:01 · 5 answers · asked by facetious5488 2 in Business & Finance ➔ Credit
I'm sorry, I meant I messed it up when I was 18 (I "fat-fingered" the keyboard :o) )
2006-11-30 13:20:40 · update #1
I have filed bankruptcy 2 times and I am 35. The chargeoffs are on your record for max 10 years depending on company. Within 1 month after each bankruptcy I was getting credit card offers. Interest rates are HIGH and credit limit is low but you can build up credit limit with on time payments and eventually getting credit line increase. I have orchard bank. I also applied for a sam's Club membership card, had it a few months and then applied for a credit card and got it with no problem..(it's now 30%). You can use it at Wal-Mart also...There are several you can get..just go online and research..Be careful..I have gotten offers for some that offer 300.00 credit line, 6.00 month fee, 150.00 year, 100.00 act. activation fee..(210.00 year total) at 22 or 23 % interest..Don't get in over your head.
2006-11-30 15:41:08 · answer #1 · answered by chilover 7 · 0⤊ 0⤋
You didn't mention how long it has been since all this happened, but bad things normally don't stay on your credit longer than 7 years from the last activity. Perhaps you could contact each of them and work out a payment schedule with them. Credit card companies will often discount the amount for a settlement. There are also Consumer Credit Agencies in most cities. If you are unable to work something out with them directly, then you may want to contact a Consumer Credit Agency and get them to assist you in getting these issues resolved. You may not want to take all of them on at one time. You will be surprised at how quickly your credit can be improved once you pay off your first card. These people will usually report the debt as paid. That shows that you are being responsible. You will likely find it difficult to finance a house until these are either cleared up or off of your credit. Keep in mind that if any of them file suit against you then this could follow you for some years to come. Additionally, if they get a judgement, they can attach any bank accounts or any other assets you may have including a home. They can even force the sale of the property to satisfy the debt, in some juristictions. I am not saying this will happen, but it is possible. The best thing to do is try to work something out. You obviously realise now that what you did was wrong. Only you can correct the situation. I am surprised that any credit card company would even give a 17 year old a credit card. I am not sure that they could legally hold you responsible for any contract you sign until you were of legal age, which is 18 in some states.
2006-11-30 21:51:09 · answer #2 · answered by Flyby 6 · 0⤊ 1⤋
Start by putting some in savings every paycheck even just 10 or 15 dollars ( the more the better) Then you have emergency cash when you need it. The charges off will be there for awhile but will eventually not show. So start rebuilding your credit. You will have to pay higher interest rates on cars, credit cards etc. There are car dealerships that will finance you without a credit check as long as you can verify employment and they will report to the credit bureaus. Get 1 or 2 secured credit cards that also get reported( these cards you put cash up and that + your credit limit) keep your limit low for awhile so you don't fall back into old habits. Use them but pay them on time and pay them back within a couple of months to prove you cab carry a balance and pay on time. Remember every one makes mistakes. Don't look for quick fix credit repair most are scams but do look for a book on how to improve your rating. It takes years but you can rebuild your credit. I messed up at 18 too! I have a house and a car now!
2006-11-30 21:31:01 · answer #3 · answered by wes41550 3 · 1⤊ 0⤋
It's not the end of the world.
The cards are charged off, so they will sit on your credit report for 7 years then fall off.
Meanwhile, get a card from Orchard Bank. They really do help rebuild your credit. Learn from your mistakes and be responsible. with it.
Your interest rates will be bad for a few years, but things will go back to normal.
When I was in college, I had credit cards AND loans that got charged off. My credit is stellar now, though it took some time.
2006-11-30 22:36:22 · answer #4 · answered by Anonymous · 1⤊ 0⤋
yea i know the feeling..no worries..after 7 years you can start over..and if you want just get a prepaid card now and try and re-establish some credit...good luck
2006-11-30 21:26:49 · answer #5 · answered by super steve 3 · 0⤊ 0⤋