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| *Loan,banking and credit>>>credit repair |
Poor credit. Based on years of ignoring credit report and poor spending choices. Now wiser. How to repair??? |
I do not qualify for credit cards. Haven't for years. Owe about 50k, about 35k in school loans that are now in collections. License revoked due to judgment about 15 years ago. That one isn't even on my report any more!! Some medical and other, but mostly judgments and school loans, which cannot be discharged with bankruptcy. Still cannot manage money. Each payday, about $30 to $150 in NSF fees. Any suggestions? Unfortunately, your credit will not improve significantly until you get spending under control. Once that's done, you need to start saving SOMETHING so an emergency doesn't kill your effort to establish good credit. Work on paying the most current judgments & collections. Don't close out old accounts. Use ONE charge card monthly for some minor expense and PAY IT ON TIME. Limit credit inquiries, particularly multiples in a short period of time.The rest, unfortunately, takes time. Good luck! Source(s): 20+yrs in mortgage lending I borrowed from my retirement fund to eliminate 20K in debt. Now I repay quarterly for 5 yearss @ 6%, but 3% of that goes back to me. Now if I stay current with paying bills on time, my credit reflects that good standing recent experience I would need more info before giving any advice. How much income do you have? How much are your monthly expenses? Do you own a home/car? On the little info you gave me I would almost suggest bankruptcy. A Chapter 13 would not eliminate your student loans, but you would be able to pay them off over a 5 year period. This would be considered a "priority" account and would be paid before your credit card depts. The problem is this will not fix your credit report. It's gonna kill it for 10 years. But from what you are already saying, it's in a coma now and not likely to improve for many years. Be advised that the new bankruptcy law passed last year makes it harder and more expensive to file. Read the link below and see if you wish to pursue it. Wish I could have been more help. Good luck to you. http://bankruptcy.findlaw.com/new-bankru... |
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