I had my credit card for about 2 years and I had it in good standing, until october of 2006. Things went sour and I lost my job and I couldn't make not even the minimum payments for the last 4 months, well like everyone else I got sent to collection. I just found out that the policy of my credit card is if you dont make a payment for 3 months they cancel it.
2007-03-08 12:42:50 · 8 answers · asked by Gus l 1 in Business & Finance ➔ Credit
Your credit is in danger, your first step should be to write a letter to each credit agency, Experian, Transunion and Equifax and have them include a notation in your file stating that you lost your job and you were unable to make your cc payments. The next thing you should do is sign up for credit card protection. This protection will make your payments for you in the event that you ever become unemployed, injured or unable to work.
Begin making payments to all your creditors, and keep up the communication. You'll find your creditors are alot easier to deal with when you promise them some kind of compensation. Make payment plans and stick to them. If you've lost one credit card, it's no biggy, but make sure that your others are not in default. Time heals almost everything, and this blemish will fade over the next six months if you keep a good payment history.
2007-03-08 12:50:08 · answer #1 · answered by peache68 3 · 0⤊ 1⤋
You need to find out what your FICO score is. Chances are it's already pretty low since your credit card cancelled you. If you have any other credit out there too, that has probably been affected now too. You're going to need to work with collections and set up a payment schedule and get it paid off as soon as possible and slowly build your credit score back up. It's going to take awhile, but you'll get there.
2007-03-08 20:47:30 · answer #2 · answered by Michelle 4 · 1⤊ 0⤋
Methinks you're too late to completely fix the credit. Once the card is cancelled, that goes on the credit report. They're pretty unforgiving, but do contact them and see about paying the account balance. A paid account will look better than a charge-off.
2007-03-08 20:49:36 · answer #3 · answered by Peggy K 5 · 1⤊ 0⤋
The damage has already been done. Pay the freaking thing OFF & then NEVER borrow again. Then your "FICO" (aka "I love debt") score will be irrelevant. I haven't borrwed since 2002. I promise it is fun & liberating. As a bonus, I have money instead of payments on a bunch of crap I could not afford. Therefore, I can easily afford many of the things most people acquire on credit. Read Dave Ramsey's "Total Money Makeover". We have been following it for about 3 yrs. It has been a godsend.
2007-03-08 21:05:18 · answer #4 · answered by Tom's Mom 4 · 0⤊ 0⤋
too late
your credit is damged for at least 7 years
since the credit card closed your account
and they went to collections
only time will heal your credit report
you can pay the outstanding balances in full
but since you have established negative credit history it will stay on for 7 years since it's accurate, though it will be negative
2007-03-08 23:21:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You're too late! (Does the financially condemned man -have any last words..?). The sooner you start paying your bills on time, the sooner your credit will improve (starting in 2 or 3 years- if you're lucky). Good luck!
2007-03-08 20:53:25 · answer #6 · answered by Joseph, II 7 · 0⤊ 0⤋
As long as you pay it, it doesn't really matter whether the account is open or closed. Make arrangements to pay the account, and you will be able to qualify for another credit card in the future.
2007-03-08 20:48:00 · answer #7 · answered by khill 2 · 0⤊ 1⤋
everything you need for credit repair
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2007-03-08 22:27:33 · answer #8 · answered by Anonymous · 0⤊ 1⤋