I finally am in a situation to where i can pay my debt off i got myself in 3 yrs ago off but i have no idea where to start! i know i need to get a copy of my credit report? there are so many sites i dont know where to start. i also am unsure of everyone i owe (i know i owe victorias secret. washington mutual bank. visa. verizon, cingular..) i want to get out of debt, repair my credit and be able to get a bank account. please please please help me out!
2007-03-18 00:01:34 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
You are entitled to one free copy of your credit reports per year. That's on report from each of the three credit reporting agencies, Experian, Equafax and TransUnion. The website set up by these three companies is below.
You can get it on line and print it out. Start there. It should list all of your old credit cards that are in default. Contact the companies and start making arrangements to pay them. Most of them will work with you if you make arrangements to pay the debt and stick with the plan.
Repairing your credit takes time. The biggest factor in your credit score is payment history, and that means On Time Payments. Unfortunately, that takes time. It will take 6 months or so of paying on time to see any significant improvement.
The second biggest factor is debt ratio. That is how much you owe. So you need to get some of these numbers down by paying it off.
Good luck. I hope this helps. Mostly, it's just going to take some time to work on paying stuff off before you'll see a difference. You CAN do it though.
2007-03-18 01:12:47 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
Bankruptcy is not the answer. Bankruptcy stays on your credit
for 10 years. $1500 for an attorney, plus laws have changed can't always get out of the debt now.
Go to all 3 credit bureaus online www.experian.com; www.transunion.com;www.equifax.com
You are allowed 2 free reports from them anually. Start by disputing everything. If bad debt is not taken off by the credit bureaus in 30 days then the ones left are who you call to make arrangements. Lots of creditors will take a settlement so you don't have to pay the whole debt.
2007-03-18 09:53:47 · answer #2 · answered by Credit Expert 5 · 0⤊ 0⤋
Start by obtaining a free credit report from alll three bureaus from http://www.annualcreditreport.com All the contact info for each of the debts will be listed on the report. Before you pay though, do some research on repairing your debt. Sometimes people can hurt theirselves trying to repair their credit. A helpful link is listed below. The link includes tips and sample letters to send to creditors.
2007-03-18 09:07:15 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
Find out who you owe money to and consolidate your debts into one. You are probably paying a huge interest rate on most of them. Go to the bank, get a consolidation loan, and make payments only to one place. AND dont ever get yourself into this situation again.
Good luck
2007-03-18 07:11:40 · answer #4 · answered by Tiger Beer 2 · 0⤊ 0⤋
You wouldn’t try to build a house without a hammer and nails; so why build plan without the right advice? The site below can actually help imo - they have plenty of advice from debt experts... hopefully it will give you some good advice and you can move on!
2007-03-19 21:05:28 · answer #5 · answered by brettR 2 · 0⤊ 0⤋
screw your credit, claim bankrupcy and in 7 years your credit will be reset.... and you can start a new line.. much cheaper..
2007-03-18 07:05:04 · answer #6 · answered by Anonymous · 0⤊ 2⤋