raising credit talk

[Turbo617]

I'm 23. around a year and a half ago Sprint told me i had very good credit for my age. ( maybe close to 700)

I used to always pay everything. used my credit card for everything and paid that off. but my kind-self didnt go un-punished. my sisters friend asked if he can take out a phone line. i said sure. that dude couldnt even pay a 75 dollar a month phone bill. yet every week he was buying jordans ( he was pretty much one of those "swag" crap guys). long story short. i got fcked over hard. i couldnt pay my bills. got swarmed.

I learned my lesson. I'm working on rebuilding it.
my question is; my Bank of america got closed, do i still try and pay them? ( it was closed maybe a year ago)

what about hospital bills, does that affect credit?

I'm new at this, but I want to start paying attention to this credit stuff!

[illinois_erik]

Yes pay off the bills regardless of accounts closed.
Medical will be on credit reports, can it be used against you..probably so

My sister in law was telling me about https://www.creditkarma.com/
because she just filed chapter 7 and is trying to get her and her husbands credit back up to eventually buy a house.

I used this loan place, not a payday loan, but like a high interest loan place (world finance) anyway they report to credit bureaus on the regular, and making timely payments and paying it off really bumps up your credit score

Be aware though usually when entities check your credit (like trying to get a new card) it can knock it down a little..sometimes even entities you have no association with will check your credit, for whatever reason. Pulling your own credit report (free once per year) should not adversely effect it though.
http://www.consumer.ftc.gov/articles...credit-reports



Lesson learned. never do that EVER again. you might as well loan them your good name.

good luck.

[H311RA151N]

You can go to a credit repair service. They do work. What they do is rewrite your credit and yes they do have you make "good faith" payments sometimes.

But honestly, putting your credit on the line for a swag dude and dealing with B of A? That's not good man.

The way credit works is screwed up sometimes. Personally, I got in a car accident, racked up over $60,000 in medical bills, I had filed a suit against the other driver in which the hospital put a lien against my future settlement. That brought my credit down.

I used a reputable credit repair service myself. They are expensive. What you are essentially paying for is a better credit report.

Say you are wanting a home loan and the loan officers or who ever you go to pulls up your credit report. It's not just a number. There is a detailed report in there. If it's rewritten it may "sound better" or if the debt's are paid in good faith then it will look better to the potential lender reading the report. It doesn't necessarily raise your credit score although it can.

I'm not a financial adviser or anything special and I am only a year older than you. I would read into these options if your serious. But in all honesty if there is not a rather large loan you will be seeking in the near future then it's not that worth it. I went the route I stated above to purchase my home in which I put down well over 50%. Still yet though, I wanted that good interest rate. So that was my reasoning.

Just a heads up, don't use buy here pay here lots. Ever ever ever. I done that when I was young and I paid the thing off but at 19% interest because I didn't have credit. Not to mention you are paying $6000 for a $2000 car that was bought at an auction.

If you are wanting to establish better credit and you are responsible then look into a credit card. In the past I have used credit cards for fuel only and paid them off at the end of each month. Unfortunately though, you may not be able to get one due to the last mishap. But you can actually build credit and get the ball rolling with the appropriate pre-paid credit card. You'll just want to check that the specific prepaid card builds credit by reporting to the credit bureaus.

I just had this discussion several months ago with a close friend and they now have a Bancorp Purple Diamond prepaid Visa.

Everyone has their own opinion on credit. This is mine.

[Turbo617]

Yeah, I tried applying for a credit card and I was being turned away so fast ��.

BUT silver lining. I recieved a random statement in the mail. First one ever. Apparently I got accepted for a card two years ago but never recieved it. I jumped at it instantly. Called the company, they sent a card, they said there was no activity since approved two years ago. It is now my gas card / music store card . I'm definetly ontop of the payments for this.

Guess I'll look into slowly paying off the bank, thanks!

[H311RA151N]

Yeah, I tried applying for a credit card and I was being turned away so fast ��.

BUT silver lining. I recieved a random statement in the mail. First one ever. Apparently I got accepted for a card two years ago but never recieved it. I jumped at it instantly. Called the company, they sent a card, they said there was no activity since approved two years ago. It is now my gas card / music store card . I'm definetly ontop of the payments for this.

Guess I'll look into slowly paying off the bank, thanks!

It's likely the bank will be unwilling to accept the payment. Funny, I know. But that's how it works. It was more than likely turned over to a debt collection agency and is no longer in the banks hands.

[Turbo617]

ill start paying these guys soon, thanks!

[deevergote]

Call BoA and ask them if they'd be willing to accept a reduced lump payment in lieu of the entire debt. Many times, they will do that (and that's usually what those credit repair companies end up negotiating for you... for a fee.)
Do the same with the hospital bills.

Call every debtor you have and ask if they can work with you. See if you can Negotiate a lower payoff amount. Most debtors would rather have some of the money than none of it.
Once you've done that, consider finding a cosigner to help you obtain a debt consolidation loan. If you can get such a loan, you can pay off those old debts immediately, and have just ONE payment instead of numerous. Additionally, it will help improve your credit if you stay current with the consolidation loan.

Keep any bank accounts you have open. It is good for your credit score to have long-standing accounts.
Use your credit card and pay it off with every statement. Keep the balance low. My own credit score suffered a little due to the fact that my credit card balance at each statement closing is about $2000. I pay it off monthly, but like you once did, I pay for EVERYTHING with that card, including business expenses (which is most of it.)

Run a free credit report from one of those reputable reporting companies. They will show you what your score is, explain what things are lowering it, and give you very good tips on how to rebuild it.