Bad Credit to Good Credit?

Question

Ok I have a C.C. with a non-paid balance of $2,352 it is still with the credit company. I have a phone bill for $1900 that is in collections. I am at a point where I can finally take care of these debts. The C.C. was originally $300 so that is $2052 in late charges, etc. Anyone know what I might closely be able to negotiate this down to? I am sure I will be paying the phone bill in full though. Now after this is paid I know my credit won't be magically good again. I had heard if I could prove to a credit union I have paid these debts. I might be able to get a car loan this way, anyone know if there is any truth to this? Thanks for any information.

Answer 1

You can't dispute charges that are true and correct. They'll investigate, but if they're true, you can't make them go away. Call them up and ask to negotiate. Offer them about 40% of what you owe. See if that works. If not, go up to a superviser and try again and maybe offer 50%. You may be able to negotiate something lower. Ask that they agree to remove the negative info from your credit reports. Once they're paid, you can talk to the credit union and see what they can do. You may be able to start with a small secured loan first. Someone will give you a car loan, but you might pay really high interest.

Answer 2

First write letters to the 3 credit reporting bureaus and have them investigate your derogitories. Then send a letter to dispute the charges to the collection agency or cc company and tell them not to call you at your home or any other number. If they do call you they are in violation of the THE FAIR DEBT COLLECTION PRACTICES ACT.

http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm

After all of that, in a month or so, send a letter with a check for %25 of what you owe and tell them that you want all derogitories removed from the credit reports. By them cashing your check, they will agree to your offer, and if they don't you have a nice little lawsuit.

P.S. SEND LETTERS CERTIFIED RETURN RECEIPT SO THAT YOU CAN PROVE THEY ACCEPTED YOUR LETTERS YOU WROTE. MAKE COPIES OF THE SIGNED LETTERS YOU SENT.