i had PERFECT credit my whole life with not one late payment it was like 70o something. i had barrowed and paid back thousands over the years. last summer i got divorced then a aobut 5 months ago got pregnant. ever since i got pregnant i have not paid one payment to any of my credit cards * not even minimums* however my insuracne, rent, utilties and phone are still right on time every month. how messed up do u think my credit is? really bad, unrepairable? or not that bad? thanks
2007-03-23 18:45:13 · 9 answers · asked by lady26 5 in Business & Finance ➔ Credit
None payment after 3-6 months may not be charged off - BAD! Charge offs will stay on your credit for 7 years. But charge offs can also be settled with the credit. For example, you had a balance of $700, they may settle for $300. The notation will be "paid-settled". Unfortunately you will have to rebuild your credit score up and it will not happen over night. I would also suggest that you obtain your credit report from all three bureaus and start from there.
Good thing is when you do apply for a home loan or car loan you can use your divorce as "an excuse". Creditors realize that divorce can mess up your finances.
Good luck!
2007-03-24 00:56:47 · answer #1 · answered by Honeyluv 4 · 0⤊ 0⤋
its probably gone down a few hundred points or so. Plus you probably owe a ton on late fee's and interest charges. You can look up your credit report for free on several websites. Some will charge you, but there are some that will give you a free credit report and score from all three agencies and then you can monitor your credit or just cancel for no charge. Depending on how much debt you have, there are several different agencies out there which could help you out, but just be careful with them. Some actually hurt your credit score more then they help. I would contact each of your credit people and explain your situation to them and set up a payment plan with them. Pay the minimum payment on the higher ones and pay more towards the smaller ones. This will help out and allow you to pay your debt down. Your score will go down once you start making your payments and your debt goes down. Also, if possible, try not to use any more credit if you still are able to. Good luck
2007-03-24 02:13:30 · answer #2 · answered by aaron b 4 · 1⤊ 0⤋
I hate to break it to another answerer, but the worst thing you can do to your credit is to not pay your mortgage. Since that situation isn't an issue, you could end up with a sub-prime loan. The numerous charge-offs are going to immediately drop your credit score. Here's the real question... Are you a homeowner? Because at this point an option you do have is a home equity loan. Utilize these to pay off your credit cards and zero out your debt while consolidating into one payment with an overall lower interest rate. Your credit is going to be low, but not unmanageable. Just go to the site http://www.myfico.com and look at possible solutions.
Best of luck to you and your little one on the way.
2007-03-24 02:43:06 · answer #3 · answered by john_fetzer 2 · 0⤊ 0⤋
"Buiilding credit can be done in many ways. If you are disappointed at your loan application being turned down, it is mainly because of absence of credit history. You should learn how to do build your credit.
Do not buy unnecessary items. If you are looking to build credit start spending properly.
If you see any errors in your bills or credit, reports, contact the concerned persons immediately.
If you have purchased an item using your your credit card that later turned out to be defective or gave poor service, then you need not pay the charges.But you have to dispute the charges with the parties that were responsible for the act. If they do not replace the item or compensate you for a service or product, you are justified in refusing the payment."
2007-03-24 07:59:06 · answer #4 · answered by stone m 2 · 0⤊ 0⤋
I hate to tell you, but the worst thing you can do to your credit score is not pay your credit cards (revolving credit accounts.) Get a free credit report from all three bureaus and evaluate how bad it really is. Unfortunately, your rent, monthly expenses, etc. are not reported to bureaus and do not help your credit if you were to apply for loans. I suggest you contact your credit cards and explain your situation and get back into a current payment status, even if only minimum payments. If you divorced, you really need to contact them and make sure your ex is not on any of the accounts, and if he is, get him off your accounts, and get your name as authorized user of his (unless he has great credit and is paying them off, but that is kinda shady.)
2007-03-24 02:09:53 · answer #5 · answered by eleven11 2 · 1⤊ 0⤋
The question should be what are you doing as of this moment to stabilize your credit? a few blips on the radar won't matter too much, but if you continue to neglect your credit, it will only get worse. Understand the root cause and correct it. Don't assume problems will go away. You clearly have made a solid credit rating for yourself. protect it
2007-03-24 02:40:11 · answer #6 · answered by Michael 2 · 0⤊ 0⤋
it's bad, but not destroyed. contact the credit cards to try to set up payment plans and this will make a big difference in your credit score. also talk to them because they may lower interest rate and cut out some of your penilties that you have aquired
2007-03-24 01:53:17 · answer #7 · answered by golfnutsjosh 2 · 0⤊ 0⤋
I guess bad. Around 400 now and streaking toward the rock bottom.
2007-03-25 11:07:46 · answer #8 · answered by chaleychan 3 · 0⤊ 0⤋
bad but repairable you can call ur cc companies and hash it out they can give u a deal and usually will
2007-03-24 01:53:26 · answer #9 · answered by undercovernudist 6 · 0⤊ 0⤋