Debt Questions

The eviction could be on your credit report. My former SIL was evicted from her last place. She tried to move and the new apartment wouldn't lease to her because she hadn't taken care of the $$ from the apt she was evicted from.

Good point, thanks for clarifying!:thumbsup2
 
Accounts are placed in charge off status because the creditor assumes that they won't receive the full amount owed. This does not mean that they won't still try to collect the money. If you do pay the account can show up as a paid charge off.

Also if you dispute the accounts as not yours with the credit bureaus, the companies do NOT give proof to the credit bureaus that it is in fact yours. They do their own investigations and then either state that it is accurate as reported or it isn't. They will only provide proof to you. I work for one of those credit bureaus and proof is not provided by the companies.

Evictions can show up on the credit report under collections or in judgments if there was time remaining on a lease or something similar. The original creditor would not report it on a standard credit report however.

Most negative things do remain for 7 years from original delinquency or file date in the case of a public record. There are exceptions. For example a chapter 7 bankruptcy remains for 10 years from the file date.
 
I have some debt questions that I'm hoping someone can answer for me..Up until 2 years ago I had gotten myself pretty heavy in debt..I was young and very dumb and made A LOT of mistakes..I currently have a lot of bills in collections. I've been trying to pay off what I can, the smaller ones right now, and working my way up to the bigger ones..I'm not currently working which is hurting my situation A LOT...I have several good leads on jobs right now and hoping and praying I'll land something in the near future..in the meantime I know my credit is being affected..luckily, as luckily as you can consider it i guess, only one company has taken me to court..I checked my credit report 2 years ago and seen that a lot of debts were "WRITTEN OFF" by the companies..When I checked that report I added up all the figures and it was about $7.000..So here's my questions

1. Should I run another credit report BEFORE i get a job?

I would. As others have pointed out, annualcreditreport.com is a good place to go but I recommend calling each of the 3 bureaus and requesting a HARD COPY mailed to you. There are often differences between what is shown in an online copy versus the HARD COPY.

2. Is an eviction included in your credit report? (as I've said i've made A LOT of mistakes and I'm working on fixing it)

Yes, they can show up, esp. if it involved rent not paid that went to collections.

3. My mother is currently doing debt consolidation, would that be my best way to go to get my credit cleaned up?

It's a possibility but it doesn't sound like you have good enough credit to qualify for that, unless you know someone willing to sign or co-sign a loan for you.

4. If I go the route of debt consolidation, how to I go about finding a good one? My mother uses Wisconsin Debt Helpers...to me the guy who works there seems a little sketchy

Debt consolidation places often make things much worse before things are paid off. Avoid them like the plague...as well credit fixing law firms.

5. How long after I've paid off a company does it show up on the report? say i have a bill in collections and I manage to pay it, will my credit report reflect that the debt was paid?

Usually within a month or so.

BUT, NEVER just pay anything in collections. You may not owe what they claim. I HIGHLY RECOMMEND going to http://creditboards.com/forums/index.php?showforum=2 and reading up on the newbie FAQs and learning about how to repair your own credit. Sometimes, you can get the original creditor to recall the debt so you pay them and the collection gets deleted. Sometimes the collection agency can't properly validate the debt or they make one or more violations of the FDCPA and/or FCRA and you can get accounts deleted (I've gotten many deleted over the years and now my credit reports are completely clean on 2 of the 3 bureaus)

In the past 2 years I have not incurred anymore debt. Somehow, by the skin of my back, I qualified for a cell phone (2year contract that the company let me out of just over a year in but I'm still with the company month to month) so I'm assuming since I've been paying that on time that it reflects positive on my credit...I pay my car insurance on time every month (owned the car over 3 years) and my storage unit fee (not sure that gets reported to credit or not since it's a family run business here in our very small town). I'm just worried because I know I have some large bills out there but right now I"m living on basically child support. my family helps where they can but as i said my mother is in consolidation as well..my daughter also receives SSI but that's HER money and I only use that appropriately. These are my bills and I know I'm responsible for them. Does anyone have any other advice or tips for me to get back on the right track? thanks for listening to me!

You need to start rebuilding your credit. You might qualify for a small, unsecured credit card thru someone like Capital One or one of HSBC's card (Orchard, Household). If not, there are plenty of places that offer secured credit cards. Again, that link above has plenty of information for rebuilding credit and who best to look to to start re-establishing credit. Just don't go overboard. No more than 1-2 new accounts for now and let them start "aging".

Also, see if you can get into a local or a good national credit union. Navy Federal is an excellent one if you have a parent, grandparent, brother or sister that is either active military or retired from the military. Credit unions are a great resource to fall back on to help rebuilding your credit (secured credit cards, checking/savings, better rates on loans, etc.)
 
I would. As others have pointed out, annualcreditreport.com is a good place to go but I recommend calling each of the 3 bureaus and requesting a HARD COPY mailed to you. There are often differences between what is shown in an online copy versus the HARD COPY.



Yes, they can show up, esp. if it involved rent not paid that went to collections.



It's a possibility but it doesn't sound like you have good enough credit to qualify for that, unless you know someone willing to sign or co-sign a loan for you.



Debt consolidation places often make things much worse before things are paid off. Avoid them like the plague...as well credit fixing law firms.



Usually within a month or so.

BUT, NEVER just pay anything in collections. You may not owe what they claim. I HIGHLY RECOMMEND going to http://creditboards.com/forums/index.php?showforum=2 and reading up on the newbie FAQs and learning about how to repair your own credit. Sometimes, you can get the original creditor to recall the debt so you pay them and the collection gets deleted. Sometimes the collection agency can't properly validate the debt or they make one or more violations of the FDCPA and/or FCRA and you can get accounts deleted (I've gotten many deleted over the years and now my credit reports are completely clean on 2 of the 3 bureaus)



You need to start rebuilding your credit. You might qualify for a small, unsecured credit card thru someone like Capital One or one of HSBC's card (Orchard, Household). If not, there are plenty of places that offer secured credit cards. Again, that link above has plenty of information for rebuilding credit and who best to look to to start re-establishing credit. Just don't go overboard. No more than 1-2 new accounts for now and let them start "aging".

Also, see if you can get into a local or a good national credit union. Navy Federal is an excellent one if you have a parent, grandparent, brother or sister that is either active military or retired from the military. Credit unions are a great resource to fall back on to help rebuilding your credit (secured credit cards, checking/savings, better rates on loans, etc.)



First of all a big THANK YOU, for all this info..when I did my credit report 2 years ago I was able to get hard copies mailed to me, I don't trust just looking at them online...Is it possible to go through annualcreditreport and get hard copies? I have been looking at the original creditors that I owe, even though it says the collection company, and been contacting them in regards to the old debts so I'm glad to hear that's the best way to go about that..I have started to look at the creditboards newbie section..In regards to consolidation my mother never had to qualify for a loan so i guess I'm confused about that..they basically took all her bills, put them in one account and helped her to make only one payment a month on everything and stopped the collection calls..however she DOES have credit card debt and like I said I only have one credit card debt out there that might even have been charged off by now since it's been so long, when i called the company they couldn't find record of it..

We don't have very many credit unions where I live..I live in a very small rural area so that idea is out of the question. I doubt I will qualify for a credit card right now since I have not worked in 2.5 years but maybe once I'm working again that's something I'll look into..I have really no use for a credit card, I use my debit card for everything I need and if i don't have the money then I don't buy it..


So I'm thinking I'll get a copy of my credit report and start going down the list of creditors and start calling them to see what kind of payment arrangements I can get set up..does that sound decent?
 

I've been in a similar boat. You need to stop playing the blame game. I too had good reason why I thought my debt wasn't mine to pay. In order to move forward I had to suck it up and just pay those items.

Your issues seem much more complex than what anyone on this board can help you with. You need credit counseling. I used American Consumer Credit Counseling http://www.consumercredit.com/. Another reputable organization is Greenpath http://www.greenpath.com/. ACCC can do the counseling over the phone. Have all your financial information ready and even do a little budget before you call. They are very honest with you, but not judgemental. Their solution was not a workable one for me, but it gave me a lot to think about.

Good luck to you. Like I said, stop the blame game including blaming yourself. Just get it done.

BTW "Charge Off" basically means that you paid a settlement instead of the entire amount owed. You voluntarily closed the account by doing the charge-off. It will show on your credit report for 7 years. The account was probably due in 2007 making it due to be removed from your report in 2014.


Yes as far as the debt that DD's father is SUPPOSE to pay i know I'll have to suck it up and just pay it because I have fought with the creditor over and over, even had them tell me incorrect information..so I'm just going to have to pay it..

Is credit counseling free? Which information do I need to have ready, my credit report, income sources, what else?

Everyone has given me a lot of good information, I truly appreciate it!
 
I highly recommend Dave Ramsey's book, The Total Money Makeover, and then, when finances allow, Financial Peace University.

The first thing you need to do is generate some income. Find a job, any job for now. Don't wait for the perfect job, even part-time work is income (maybe several part-time jobs would work).

Your goal needs to be finding work, maintaining a home for yourself and your child, and paying off debt.

Don't worry about your credit rating and/or FICO score. It is what it is.
 
I have really no use for a credit card, I use my debit card for everything I need and if i don't have the money then I don't buy it..
The reason you NEED a credit card is to start rebuilding your credit. Even after you pay off all of these debts your credit isn't going to be good, because the only credit you have is negative. If you can qualify for an unsecured credit card, get it, buy something small, and pay it off immediately. Do this every month. This starts a positive revolving credit and can bring up your credit score. You have to start small to start building your credit back up. If in the future you want to be able to finance something, you need to start getting positive trade lines now. The longer something good is on your credit the better your credit is. If you can't get an unsecured credit card get a secured credit card that reports to the credit bureaus.
 
In regards to consolidation my mother never had to qualify for a loan so i guess I'm confused about that..they basically took all her bills, put them in one account and helped her to make only one payment a month on everything and stopped the collection calls.

Your mom likely didn't do consolidation, sounds like she did credit counseling. Consolidation is taking all your debts and getting another loan to pay off all the original debts. Consolidating several debts into one debt. Counseling involves negotiating with the creditors to stop the calls, lower the interest rates, etc. and you can do all that yourself.
 
I highly recommend Dave Ramsey's book, The Total Money Makeover, and then, when finances allow, Financial Peace University.

Another vote for this. (google my total money makeover - you can join the forums there for free for a week, good information about how to deal with old creditors, sample debt validation letters, etc to get you started.)
 
So I'm thinking I'll get a copy of my credit report and start going down the list of creditors and start calling them to see what kind of payment arrangements I can get set up..does that sound decent?

NO!! Absolutely DON'T do that! NEVER call a CA (Collection Agency). They will lie 100% of the time. SERIOUSLY, go to that creditboards.com link and please read thru FAQs and such there (it's a lot of info but you'll be glad you did)

You need to research your Statute of Limitations for the types of accounts you have (typically 4-5 years). If they're past that, then send them DV letters (Debt Validation). 99.999% of the time they'll fail to provide proper DV and will often commit violations of the FDCPA and FCRA. Once that latter happens, it's simply a matter of time before you get the accounts deleted.

First of all a big THANK YOU, for all this info..when I did my credit report 2 years ago I was able to get hard copies mailed to me, I don't trust just looking at them online...Is it possible to go through annualcreditreport and get hard copies? I have been looking at the original creditors that I owe, even though it says the collection company, and been contacting them in regards to the old debts so I'm glad to hear that's the best way to go about that..I have started to look at the creditboards newbie section..In regards to consolidation my mother never had to qualify for a loan so i guess I'm confused about that..they basically took all her bills, put them in one account and helped her to make only one payment a month on everything and stopped the collection calls..however she DOES have credit card debt and like I said I only have one credit card debt out there that might even have been charged off by now since it's been so long, when i called the company they couldn't find record of it..

There should be toll-free numbers listed either at annualcreditreport.com or the bureaus' sites themselves where you can request a hard copy to be mailed.

We don't have very many credit unions where I live..I live in a very small rural area so that idea is out of the question. I doubt I will qualify for a credit card right now since I have not worked in 2.5 years but maybe once I'm working again that's something I'll look into..I have really no use for a credit card, I use my debit card for everything I need and if i don't have the money then I don't buy it..

Yes, you should use credit cards wisely and properly.

ALSO, forget any advice to follow Dave Ramsey. He's a fool that would rather have people have no credit history whatsoever. Great for anyone that wants or is able to pay cash for a house, a car, etc. but for vast majority of us, that ain't the case. It's fine to follow the basic advice in paying down active credit card debt (higher interest rate cards first) but that's just common sense.

Your FICO score can affect what interest rate you'll pay, what your car insurance rate will be, etc.

Plus, if someone gets a hold of your debit card #, that's your real money that's at stake, not some credit card company's. :)

The key is having a spread of credit cards, eventually with higher limits and keep only a couple carrying a small balance (between 1-7%) while the rest are either used only rarely (to keep them active) or paid in full each month. That helps to optimize your FICO score.

And, again, as for collection agencies, NEVER call them on your own. Send them a limited Cease and Desist letter via certified mail return receipt (you'll find samples at creditboards). If they do happen to call you after they receive that letter, they are violating the FDCPA and you stand a very good chance at getting the account deleted off your report. Gotta keep a paper trail of every letter and green return receipt card you get back from mailing those letters.

The advice at CB is worth more than its weight in gold. It helped me increase my FICO scores around 100pts on 2 of the bureaus just since April of last year. Once my newer debt (bought a house last year and, of course, needed stuff to put in it :-) ) is paid down in a couple months, my credit won't be able to get much better. You can get to that point, too. But it will take time and effort but it's worth it!
 
ALSO, forget any advice to follow Dave Ramsey. He's a fool that would rather have people have no credit history whatsoever. Great for anyone that wants or is able to pay cash for a house, a car, etc. but for vast majority of us, that ain't the case. It's fine to follow the basic advice in paying down active credit card debt (higher interest rate cards first) but that's just common sense.
/QUOTE]

Dave Ramsey is not a fool, or his advice wouldn't work for so many people.
And it DOES work. Hundreds of thousands, if not millions, of changed lives speak for themselves.
 
Ramsey's advice is fine for people wanting to pay off debt (as I said earlier) but, again, it's just common sense. He's making himself a TON of money off of people unwilling to do the work and thought for themselves.

But his "advice" is the worst possible for anyone wanting to optimize their credit history/FICO score.
 
But his "advice" is the worst possible for anyone wanting to optimize their credit history/FICO score.

In the very long term, yes. But OP is a very long way off from the point where she has no credit history because she is purchasing through cash only. In the shorter term, paying off her debt and getting old defaults removed is the best thing she can do. Right now there's no sense in worrying about her FICO. As another poster said, it is what it is.
 
Your mom likely didn't do consolidation, sounds like she did credit counseling. Consolidation is taking all your debts and getting another loan to pay off all the original debts. Consolidating several debts into one debt. Counseling involves negotiating with the creditors to stop the calls, lower the interest rates, etc. and you can do all that yourself.

That must be what she's doing..she says it's consolidation but maybe it's just counseling..


NO!! Absolutely DON'T do that! NEVER call a CA (Collection Agency). They will lie 100% of the time. SERIOUSLY, go to that creditboards.com link and please read thru FAQs and such there (it's a lot of info but you'll be glad you did)

No I was talking about calling the original creditor, not the CA..I would try to settle the debt with the original creditor

You need to research your Statute of Limitations for the types of accounts you have (typically 4-5 years). If they're past that, then send them DV letters (Debt Validation). 99.999% of the time they'll fail to provide proper DV and will often commit violations of the FDCPA and FCRA. Once that latter happens, it's simply a matter of time before you get the accounts deleted.

So if I find out the SOL has passed and send the DV how to I get the account deleted? Do they deleted them or do I have to file other paperwork? Also how do I find out which type of account it is? sorry I realize that may be a stupid question but I'm not looking at the credit report right this moment




There should be toll-free numbers listed either at annualcreditreport.com or the bureaus' sites themselves where you can request a hard copy to be mailed.



Yes, you should use credit cards wisely and properly.

ALSO, forget any advice to follow Dave Ramsey. He's a fool that would rather have people have no credit history whatsoever. Great for anyone that wants or is able to pay cash for a house, a car, etc. but for vast majority of us, that ain't the case. It's fine to follow the basic advice in paying down active credit card debt (higher interest rate cards first) but that's just common sense.

Your FICO score can affect what interest rate you'll pay, what your car insurance rate will be, etc.

Plus, if someone gets a hold of your debit card #, that's your real money that's at stake, not some credit card company's. :)

The key is having a spread of credit cards, eventually with higher limits and keep only a couple carrying a small balance (between 1-7%) while the rest are either used only rarely (to keep them active) or paid in full each month. That helps to optimize your FICO score.

And, again, as for collection agencies, NEVER call them on your own. Send them a limited Cease and Desist letter via certified mail return receipt (you'll find samples at creditboards). If they do happen to call you after they receive that letter, they are violating the FDCPA and you stand a very good chance at getting the account deleted off your report. Gotta keep a paper trail of every letter and green return receipt card you get back from mailing those letters.


I don't have to worry about CA's calling me or contacting me right now, a lot of them do not have my current information so

The advice at CB is worth more than its weight in gold. It helped me increase my FICO scores around 100pts on 2 of the bureaus just since April of last year. Once my newer debt (bought a house last year and, of course, needed stuff to put in it :-) ) is paid down in a couple months, my credit won't be able to get much better. You can get to that point, too. But it will take time and effort but it's worth it!

I'm just starting to read about things on the CB, there is A LOT of info there..
 
In the very long term, yes. But OP is a very long way off from the point where she has no credit history because she is purchasing through cash only. In the shorter term, paying off her debt and getting old defaults removed is the best thing she can do. Right now there's no sense in worrying about her FICO. As another poster said, it is what it is.

That's not correct.

The best thing to do is to begin the credit rebuilding process while working on getting the old baddies removed. The sooner new credit is obtained, the sooner it can start aging and the next batch of newer, better cards can be obtained and so on and so forth until after a while (3-5 years) the old rebuilder cards with their toy limits can be closed.
 
Because I realize there is more here than what I think I'm capable of doing would it be best for me to contact a credit counselor? what exactly do they do for you? Is there someone that I can contact that would be able to sit down with me, go through my credit report, explain what I can have deleted off, and off tips and advice? or would that be a credit counselor? I'd even be willing to pay for that type of service, would be worth it to me
 

So if I find out the SOL has passed and send the DV how to I get the account deleted? Do they deleted them or do I have to file other paperwork? Also how do I find out which type of account it is? sorry I realize that may be a stupid question but I'm not looking at the credit report right this moment.

...

I'm just starting to read about things on the CB, there is A LOT of info there..

Glad you're checking that place out. Awesome info there.

There's a method to the DV process and it's best to research as much as you can and get your reports first. Search for "psychdoc's transcripts" there and look thru all that stuff, too.

Also, if you have any medical collections, follow the specific medical CA dispute process known as the "WhyChat process". Look in their forum named "Medical Collections"
 
The reason you NEED a credit card is to start rebuilding your credit. Even after you pay off all of these debts your credit isn't going to be good, because the only credit you have is negative. If you can qualify for an unsecured credit card, get it, buy something small, and pay it off immediately. Do this every month. This starts a positive revolving credit and can bring up your credit score. You have to start small to start building your credit back up. If in the future you want to be able to finance something, you need to start getting positive trade lines now. The longer something good is on your credit the better your credit is. If you can't get an unsecured credit card get a secured credit card that reports to the credit bureaus.


How do i know if a credit card is secure or unsecure? I know I took out a loan 2 years ago from Security Finance, i had to pay a high interest rate..but on my credit report it says it was an unsecured loan
 
Because I realize there is more here than what I think I'm capable of doing would it be best for me to contact a credit counselor? what exactly do they do for you? Is there someone that I can contact that would be able to sit down with me, go through my credit report, explain what I can have deleted off, and off tips and advice? or would that be a credit counselor? I'd even be willing to pay for that type of service, would be worth it to me

Trust me...it's not worth going that route.

CCS typically pay a small amount to certain creditors (ignoring others) until they're paid off, then they go off to the next one and so on and so on. In the meantime, your credit is even further trashed.

Places like Lexington Law that do credit "repair" aren't worth the money either. Becoming familiar with the FDCPA and FCRA and the credit repair process and sending out some letters CMRRR here and there and doing it on your own are the way to go. That way you control the process.
 
How do i know if a credit card is secure or unsecure? I know I took out a loan 2 years ago from Security Finance, i had to pay a high interest rate..but on my credit report it says it was an unsecured loan

A secured loan will have collateral (car, house, etc.)

A secured credit card is obtained by depositing a certain amount (say $500) with the lending institution and then your credit limit is that $500. You're securing the card with your own money. After 1-2 years, cards can sometimes be unsecured. If not, by that time you're ready to apply for an unsecured card separately.
 














Save Up to 30% on Rooms at Walt Disney World!

Save up to 30% on rooms at select Disney Resorts Collection hotels when you stay 5 consecutive nights or longer in late summer and early fall. Plus, enjoy other savings for shorter stays.This offer is valid for stays most nights from August 1 to October 11, 2025.
CLICK HERE













DIS Facebook DIS youtube DIS Instagram DIS Pinterest

Back
Top