I have the worst credit in the world( this is seriously bad) My score is some where below 520. At the current moment I owe about 35,000 and have 2 repossed cars.
Someone Help me.
2007-03-13 06:38:38 · 12 answers · asked by K.D. 2 in Business & Finance ➔ Credit
Ok.... Hold on everyone.
First let me say that I make no excuses. It is a must to pay your bills every time on time.
Second, Let me explain somethings.
All the negative information on my credit has happend in the last 3 years. I lost my job and was taken advantage of by a roommate that stole over $4000 from me over the course of 6 months. The first repossed car I had was never put on to my credit becasue of a class action suit that I had to file and the second car was a jetta I bought about 2 years ago ( that is showing as being written off)
The thing is I have had a hard year and a half.
I just want to fix things. So that I can stop stressing so much. I am not a bad or Stupid person. I just need help getting out of this hole that I have fallen into.
2007-03-13 07:05:10 · update #1
I understand where you are coming from and unfortuantely the CRA or the creditors don't care about the hard times as you found out. They just want their money and while it's cold and stressful, it's just the way they are.
In the future, call the creditors ASAP when you run into hard times and ask if they can work with you by letting you make partial payments or something.
A horrible credit score would be below 400, so you're not as bad off as you'd thought. While 520 isn't good, it's a starting point and that's a good way of looking at it.
Get a copy of your credit report and make sure the information is accurate. In the meantime, all you can really do is be patient. Get bills paid off that need to be, keep you c/c spending below 30% of your limit, pay on time (or early). In time, you're score will start to increase.
2007-03-13 07:13:28 · answer #1 · answered by reandsmom77 6 · 0⤊ 0⤋
520 is definitely not the worst in the world. The lowest I have heard of is 340, and I know someone who owes over $50,000, can't keep a job, and is only 24. There's always someone worse off than you.
Get a free copy of your credit report and dispute everything you can. Even if you were totally in the wrong on something, you might get lucky and they'll take it off. Sometimes creditors make mistakes, so look for errors. These should be easy to remove.
Find a good debt counselor. They are supposed to help you for free so don't go to one that tries to charge you anything. And don't fall for those scams that say they can fix your credit fast.
Other than that, it just takes time. Pay your bills as soon as you get them--don't wait till they are due. That way they will be on time and you won't be able to spend as much money on frivolous things. Pay cash whenever you can and stop using your credit cards all together.
Good luck and be patient :)
2007-03-13 15:17:52 · answer #2 · answered by gobanana516 4 · 0⤊ 0⤋
I wouldn't try applying for another car loan any time soon. I don't think there are any lenders that would take a chance with 2 repossessed cars already.
As much as I hate to recommend bankruptcy to anyone, that may be your only option. Make an appointment with a bankruptcy attorney.
It will be on your record for 10 years but at the rate you're going, it will be more than 10 years before you got this paid off anyway so the bankruptcy wouldn't be any worse.
Get some credit counseling. It's required under the new bankruptcy laws anyway so you'd have to get counseling before you could even file. But you need to learn how to manage your money. Dave Ramsey has a lot of help on his website. You need to learn how to live within your means and not be running credit cards up like this ever again.
You have gotten yourself into a position that you couldn't buy a car if you had to without cold cash. I'm sure it took you years to do this to yourself and I'm not trying to beat you up any more than you already have but, this is totally stupid. Learn how to make a budget. Learn how to live on it.
You would be amazed just how happy you can be without all that "stuff" that you're buying, just living within your means and knowing that no bill collector is going to be calling this afternoon.
Good luck
2007-03-13 13:46:45 · answer #3 · answered by Faye H 6 · 0⤊ 1⤋
if you have a good income...start paying your bills! its not only about how much you owe, it also has to do with how timly you are paying those bills. one way to build credit is try to take out a small loan from someone willing to give loans to anyone. these loans usually come with a hefty intrest rate. DO NOT SPEND THIS MONEY!!!!!!! put it in a bank account and pay off loan within three months. this wont raise your credit score by much but it will show a great recent pay record. that will be a good start to getting back on track. maybe it will be enough to get another loan and do the same thing. something else you can do is get a credit card and use it. dont go overboard when using your card good rule of thumb is not buy anthing that you cant pay off in 60 days
2007-03-13 13:57:26 · answer #4 · answered by Anonymous · 0⤊ 1⤋
1st Pay your bills and live within your means.
Go to Websites: daveramsey.com or Clarkhoward.com
Mr Ramsey has many many excellent suggestions for people in you shape. What he teaches is not easy. But its all very practical.
Mr Howard is similar but different.
The Only other way I see is to Just find a Rich Sugar Daddy that will take over your bills and that of course has its Ups and Downs as well.
2007-03-13 13:45:44 · answer #5 · answered by Scott 6 · 1⤊ 0⤋
K.D. The only help for you is to START paying your bills. There is no magic to this. You have to stop spending and start paying. once you pay off every one your scores will improve. How does one get 2 repos on their credit any way? You have some serious problems and the people in this forum have no magic wands to wave in front of your question to make it all go away.
Sorry!
2007-03-13 13:46:13 · answer #6 · answered by golferwhoworks 7 · 1⤊ 0⤋
All you need to do is to become a better judge of character of the people you associate with.
You could've lived by yourself in a rat hole than live in an apartment where you roommate will steal upwards of $40,000 from you.
2007-03-13 18:53:02 · answer #7 · answered by DaMan 5 · 0⤊ 0⤋
A friend used this compay and was very pleased.
http://www.debtxs.com/
They will assign a Credit Counselor to you so you never have to speak to the companies you owe.
Debtxs does all of the negotiating regarding paying off debt.
2007-03-13 13:49:34 · answer #8 · answered by newyorkgal71 7 · 0⤊ 2⤋
Sorry for u. I hope u pay them off soon..
2007-03-13 13:59:15 · answer #9 · answered by shorty21 5 · 0⤊ 0⤋
i can help you depending on what state you live in shot me an email. i'm a loan officer.
2007-03-13 13:50:10 · answer #10 · answered by cmruffin1 2 · 0⤊ 2⤋