Question
I'm looking to repair my poor credit rating. I owe 10k+ to various creditors. I'm married, we both have a decent paying jobs. My spouse has credit problems as well. Here are my concerns: 1. Are there any immediate steps that I should take to get started? 2. What is considered a "good" score to have when buying a house? 3. What short term steps (6 months to 1 year period) can I take to bring my rating up to a "moderate" level? 4. What long-term steps can I take to make for the future so that I do not fall back to where I am now? 5. I know that some credit counselling services are predatory in nature, and actually put people into more trouble than they had to begin with. Are there any reputable credit counselling services out there (preferably non-profit)?
I'm looking to repair my poor credit rating. I owe 10k+ to various creditors. I'm married, we both have a decent paying jobs. My spouse has credit problems as well. Here are my concerns: 1. Are there any immediate steps that I should take to get started? 2. What is considered a "good" score to have when buying a house? 3. What short term steps (6 months to 1 year period) can I take to bring my rating up to a "moderate" level? 4. What long-term steps can I take to make for the future so that I do not fall back to where I am now? 5. I know that some credit counselling services are predatory in nature, and actually put people into more trouble than they had to begin with. Are there any reputable credit counselling services out there (preferably non-profit)?
Answer
You can make a settlement with all of your creditors and pay 50% of what you owe. Creditors wont tell you but they will make a settlement and except half of what you owe and then close that account and u cant use that company for 7 years. If you need another credit card there r many other companies to use. When u ask for a settlement they WILL try and get more than 50% but be firm and let them know that 50% ia all that you have. You will have to pay the settlement in full no payment plans. they will then report it to the buearu and your credit will be updated with in 60 -90 days. So if u have 10k+ u can pay 5k+ and be done with them. As for a house u should have at least 650 or better to get a decent mortgage rate. the higher the better and u can get comfortable lower payments. So start by calling creditors asking for a settlement for 50% and ask them to send u a comfirmation of payment so that you can make copiers yourself and send to the 3 buearu the company is suppose to send it for you but sometimes they drag their feet and this way you will make sure that your credit is on its way to repair. good luck
You can make a settlement with all of your creditors and pay 50% of what you owe. Creditors wont tell you but they will make a settlement and except half of what you owe and then close that account and u cant use that company for 7 years. If you need another credit card there r many other companies to use. When u ask for a settlement they WILL try and get more than 50% but be firm and let them know that 50% ia all that you have. You will have to pay the settlement in full no payment plans. they will then report it to the buearu and your credit will be updated with in 60 -90 days. So if u have 10k+ u can pay 5k+ and be done with them. As for a house u should have at least 650 or better to get a decent mortgage rate. the higher the better and u can get comfortable lower payments. So start by calling creditors asking for a settlement for 50% and ask them to send u a comfirmation of payment so that you can make copiers yourself and send to the 3 buearu the company is suppose to send it for you but sometimes they drag their feet and this way you will make sure that your credit is on its way to repair. good luck
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