Credit Help Q & A

Q:
Mike,

I’m an educated, honest, hard working woman who has had a difficult two years. I went through two (brief) periods of unemployment and my credit has suffered. I was never educated on money matters and I didn’t take the responsibility to educate myself until it was too late. I was late on payments – car and student loans – and I feel very overwhelmed with the daunting process of repairing and restoring my credit. I need options and help. I feel like a one of those morbidly obese people on Maury Povitch who can’t figure how they got to 860lbs. and feel too far gone to do anything about it now. Except I HAVE to do something about this because I’m disgusted with how out of control everything seems.

A:
Jasmine,
I am sure I can get you in the right direction. Could you give me some idea what is on your credit report, and what your current situation is ?

Q:
Thank you so much for responding – and so fast!

Okay, here are the gruesome details. Brace yourself, this is going to get ugly.

I have 3 negative accounts, my credit card, my car payment, and my student loan which is now in forebearance but was more than 120 days late.

I have one account in collections but I paid that account off. I don’t know why it’s still on my credit. I was told they would send a letter to the reporting agency asking them to remove the item from my credit.

Is there any hope? Please help.

A:
Hi Jasmine,
Typically when you have a collection or a slow pay, it will be on your credit report for 7 years from collection date. If a collection company told you that they would remove a collection from the credit report, make sure you get it in wirting. If your 3 negative accounts are in collection, then I would negotiate paying them off for pennies on the dollar.If you dont currrently have any good credit reporting on your credit report, I would recommend gettintg some new credit, this is part of the credit score building process. You typically need a couple credit cards and one other type of loan in place. Here is a good article about collections and the credit rebuilding process.
http://www.creditscorequick.com/2008/04/fast-free-credit-report-repair.html

You can apply for credit cards and loans at our secue site. www.creditscorequick.com/reward_cards

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Disclaimer: This information has been compiled and provided by CreditScoreQuick.com as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.