We have really horrible credit. We have at least $8,000 in credit card debt alone. We also have medical bills, utilities from my husband's bachelor days, and insurance bills. All of these things haven't been paid in over 18 months. This is the plan.
1) Debt Settlement/Consolidation. It will take us 18 months to pay it all off. Through http://www.creditsolutions.com (Let me know what you've heard?
2) Then we are going to hire someone to do a credit cleanup/credit repair to erase all or most of our negative marks on our credit. (cost from about $900)
3) And finally, we are having my mother (who has excellent AAA credit) add us to two of her major credit cards and carry us as account shareholders for one year. We are going to help her make her monthly payments ect, but not actually have or use her cards.
Hopefully all of this will land us with some fair credit to be approved for home loan in say... 3 1/2 years.
Let me know what you think. How would you do this
2007-04-19 03:35:15 · 6 answers · asked by Ashley V 3 in Business & Finance ➔ Credit
You have a great plan.
Ditch the $900.00 credit repair scam. If your mom has great credit yes it makes sense, otherwise it will make it worse.
Make sure your mother has you designated you as "authorized user" only and NOT "joint account holders".
Tt takes a few days for her good credit history to change your points. (beware that some credit cards don't report authorized users to bureaus). Double check.
Pay everything on time...pay extra when you can.
(your credit will be better in about 18 months) even though you still show a balance through the program.
DON'T aplly for a mortgage till you pay this all up.
Good luck.
2007-04-19 05:01:43 · answer #1 · answered by lilpuppy6 3 · 0⤊ 0⤋
Sounds like you have a plan but since most of your accounts have been charged off if they have not been paid in 18 months you need to make sure that the credit company deals with the the debt collectors. Your accounts have probably already been sold to third party collection agencies. I would suggest you read a credit article at www.adviceontime.com their article explains how the whole credit thing works. then you can execute you plan based on what you know.
2007-04-19 06:35:12 · answer #2 · answered by Joe 2 · 0⤊ 0⤋
Looks good except for # 2 that is a scam, they cannot edit/erase things on your credit report
2007-04-19 03:43:52 · answer #3 · answered by ewtaylor2001 5 · 3⤊ 0⤋
my daughter and her husband are in same predicament,they are just about to sell their place ,before it is repossed,the ammount they have made in the past 3years on the property they are using to pay some debts ,then they are moving back with me for a while while they can do some serious saving and hopefully start again
2007-04-19 03:43:47 · answer #4 · answered by dumplingmuffin 7 · 0⤊ 0⤋
walk away or declare financial disaster and reclaim all your different charges different than those linked with what's now no longer homesteaded, the valuables. enable the financial corporation complication approximately it and the linked expenses. you have become no longer something from it besides yet a feeling of delight.
2016-10-03 06:03:00 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Very good plan except #2
why not trade out the $900.00 for $9.95 and do it yourself?
http://www.thecreditrepairmanual.com
2007-04-19 04:02:15 · answer #6 · answered by Anonymous · 1⤊ 0⤋