Credit Problem?
eyez145 asked:
Ok My Freshman year of college i got 2 credit cards 300$ both and failed to make any payments. I still cannot afford it and would like to get a house some day i am now a SR in College. Any advice help or anything.
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Ok My Freshman year of college i got 2 credit cards 300$ both and failed to make any payments. I still cannot afford it and would like to get a house some day i am now a SR in College. Any advice help or anything.
May 7th, 2010 at 12:04 am
yes..you screwed yourself by not paying on your credit cards..it will take 7 yrs to clear up your credit before you can even look at buying a house and if your credit isn’t spotless, forget it… Kathy A
May 9th, 2010 at 4:19 pm
You need to call the two credit card companies and pay off the balances you owe (they will be listed on your credit report). The second thing is you need to get another credit card WHEN you get a job, and can afford paying for them (this will establish credit). Then when it is time to afford a house, you should not have a problem. A mortgage banker or broker will then walk you through the system. Good Luck!!! GrapeApe33
May 12th, 2010 at 4:38 pm
a friend of mine is a creditor, if you can start payments on those cards and keep the monthly payments current for 6 months you should be well on your way to restoring your credit. but dont miss a beat !! thats a fact jack ! bbbabykisses
May 16th, 2010 at 1:55 am
First, pay off the cards. If it’s been 3 years since you’ve paid anything, they are in collections. Bargain with the collectors, tell them how much / little you are willing to pay to see if you can get a deal. Make sure they update your credit report to show you paid them.
Then, you have to repair your credit. What does this best is time. Pay off all your bills on time, your student loans, etc. Try to get a new credit card, but be aware this one will have high fees and interest. Use it for something like getting gas once, then pay it off. Do this every month. If you cannot get a regular credit card, get a secured card through a reputable bank that will eventually give you your deposit back and / or change to a regular credit card.
The more good credit you build up, the less significant those old cards will be. You will be able to get a house some day, but make sure you wait till your FICO score is doing better before you go and apply.
I made some mistakes in college and had to deal with them for a few years after college. I am now okay….I have no debt except my new home loan which I just got this fall. My FICO score isn’t what I would like it to be and I would’ve gotten a lower interest rate on my home loan if it was, but time will fix that too. It can be done!
Good luck. eliza
May 17th, 2010 at 2:24 am
Don’t listen to the ignorant post from Kathy above. You can fix this and you will be able to buy a house. You have two options. First, you can offer to settle the accounts with the creditors and as part of the settlement they remove the tradelines from your credit report.
Second, you can ignore the accounts and start to build good credit. While you are building positive accounts you can simply wait until the negative items drop off of your reports. This should be 7 years from the date of your last payment or the date the accounts were charged off.
Good Luck GUS
May 19th, 2010 at 5:00 am
Not Good.
You need to pay them off asap, then cut them up.
You need to contact a credit counsellor to see what you need to do to get clean again. Will take some time.
In the meantime, if you need a loan, you will need to get family or significant other to cosign your loan (not a popular request, based on your fiscal irresponsibility)
If you leave the country, you can start afresh in the new country. robbie
May 19th, 2010 at 9:16 am
600 dollars isn’t a lot of debt and it’s probably the amount you spend on beer for two months. Call up your creditors and make arrangments to have them paid. Make small 11.50 payments (1 case) and slowly knock the principal owed. More then likely you’re also going to be fee’d to death if you’re not careful and the 600 could end up being 6000
take care of those asap, otherwise you’ll be paying for the 600 original dollars for years. marcus79