credit question?

Question

i have horrendous credit,, had about $5K that i just never paid off.. some creditors still call, some gave up.. this has gone on for about a year and 1/2.
whenever everyone stops calling and everything,

how long will i have to wait until my credit is ok, and i can start gettng credit cards (to pay off correctly and get on the right track) ....get a morgage... ect..

Answer 1

I used to work for a credit and debt management company which allowed me to understand how credit works. First, a lender will generally write off an account as a bad debt within six months after it becomes delinquent - in other words, six months after the borrower stops paying. The write-off is reported to the credit bureaus as a "charge-off." Usually, a lender will turn the charged-off account over to its collections department or a collection agency, and you'll have two entries for the same account on your credit report: one from the original creditor showing the account's status as "charged-off" and another from the collection agency showing the account's status as "in collections." From the point of the last entry, your credit will remain delinquent for 7 years. The FCRA requires that most negative credit items be deleted from your credit bureau file in no more than seven years, except for bankruptcy, which can be reported for up to ten years. Isn’t that the pits?

Answer 2

First, get a copy of your current credit report. It may not be as bad as you think. Ask creditors to remove old and incorrect items.

Second, start speaking with lenders. Be truthful. Explain any past problems. Pre-qualify with one lender and have your credit report reviewed.

Three. Pay all bills on full and timely basis to build-up your credit history.

Four, pay off credit accounts and close those you do not need. If possible, keep only one credit account active.

Fifth, adopt a budget. Stick to it.

Sixth, spend less than you earn. Start a monthly savings program.

pickup The Money Book for the Young, Fabulous & Broke by Suze Orman

Answer 3

You can still get credit cards and I suggest if you are not going to pay your previous debt, that you actully try to rebuild. By just ignoring it and not trying to get better credit, you will continue to ruin your credit. So, what I did, was get those credit cards that charge annual fees to obtain. Even though they usually give you a small credit line and take out all their "fees", it is still a card that will reflect your credit report. So, get one of these 300 or 500 cards, make purchases and pay it on time every month. I suggest you only use it for what you actually have and can pay off each month. So I would use mine for groceries for the month, about 250, then when the payment is due, pay the whole 250 amount. Do this and you should improve your score and then with time, actually after a long time, your past regression will make less and less impression on your credit score.

Answer 4

In order to make your credit okay again, you have to repair the damamge and reestablish.
Repairing your credit includes paying off or settling the collections you owe. You could wait the 7 years for them to fall off of your report, but legally the creditors can and will still try to contact you for payment. It's best to deal with them now and pay them off.
In order to reestablish, you should try to get one or two lines of credit with small limits. Make on time payments and DO NOT go over your limit. That will help.
Normally, to get a large loan like a mortgage, lenders will want to see a good payment history for at least one year. They also want to know that you have no open collections. You have a bit of work to do, but it can be done.
When you settle with the collection agencies, make sure you ask for something in writing that says the debt has been settled. Sometimes, it does not show up on your credit report that it has been paid and you will need proof that everything is paid.
Good luck!

Answer 5

You'll need to pay those accounts if you want your credit repaired. You'll need to build 2 years of good credit history to raise your score and get a descent mortgage rate. You need to purchase a 3 in 1 FICO credit report so that you can build a plan of action. There is a link on my profile page that can help you develop a strategy.

Answer 6

those that say that the English heavily isn't taught yet another language are no longer joking. there replaced right into a information merchandise over the weekend that a undeniable component of Spain that has been overrun via the British at the instant are status for the interior sight council because of the fact among different issues their infants are no longer taught in English. To the guy that asserts that the Spanish be conscious of English yet won't communicate it . I say how do you be conscious of? I spend particularly some time in France and particularly some human beings do no longer communicate English and in the event that they are able to why ought to they,no one will communicate to them in French in this component of the channel. I went to stay in France interior the overdue 60's early 70's while i replaced into on submarines with the SA army, at that factor my French replaced into good yet now it is totally rusty. I nonetheless communicate French while in France even while spoken to in English ( via the French). I certainly have constantly had super admiration for human beings that spoke different tongues quite those that made the attempt to communicate an African language (I communicate now of the white inhabitants) I constantly lived on the slopes of table mountain and as a baby went to a private college interior the Southern suburbs and not often ever spoke Afrikaans. I certainly have found that my little team of SA pals right here in uk pop out with Afrikaans, or communicate in genuine Kaapie accents continuously we are jointly.

Answer 7

either 7 years i think or whenever you decide to just pay it off!! you should just pay it off, it's the honorable thing to do anyway..

Answer 8

Even if you have bad credit, you can get mortgage:
http://pay-your-debts.com/category/Bad-Credit-Mortgage-Loan-Tips.html