Hello,

I owe about 000 on a credit card, but I have never been late or missed a payment. The bank recently changed the minimum payment from 2% to 5% and that will make it hard for me to meet the minimum payment. My credit score is in the low 700’s

I called the bank and complained about it and they said that I have two options:

a) Payment plan with an interest rate af 12% for 60 months; I’m sure I can get a better rate from my local credit union.
b) Settlement, ,000 that can be paid in 2 installments.

I’m very tempted on taking the settlement, but how is it going to affect my credit ranking? I really don’t expect applying for anything in the next few years, but you never know. I know I have to pay taxes on those ,000

Thanks for your input.

Technorati Tags: credit card, credit score, installments, interest rate, minimum payment

We need to get my husbands credit score up 45 points before we can get our morgage loan. and we need to do it pretty fast (6-10 weeks) We dont have alot of money to pay things off but we’re planning on paying an old 0 verizon bill and then he had overdrawn a checking account by 0 but on the credit report its a charge-off and it has a zero balance. Its only like 6 months old. Can it still be paid off? and will they take it off his report? and will it improve his score by much? thanx

Technorati Tags: checking account, credit score, money, morgage loan, thanx, verizon, verizon bill, zero balance

I am 23 years old, in college part time and working part time. I am recently divorced and have about ,000 in loans and credit card bills I got stuck with that were all aqquired during the marriage. Since I can only afford minimum payments (and receive no financial aid) I feel like I should look into bankruptcy.
I have two credit cards, so If I file bankruptcy on just my loans (,000) and one credit card, does keeping the one credit card plus an account balance with Dell (for a laptop I financed) help my credit score at all, as opposed to filing on everything I owe?
And everyone says to do it before I get any older if I’m going to do it. And I don’t expect any new bills (I have a dependable car and low rent) anytime soon.
Sometimes I feel like bankruptcy is "cheating" but I had an extra income at the time I signed for the loans, and of course didn’t expect to get divorced. I feel helpless, as the balances barely go down and i’m spending money I need to live, or I’m going to have to quit school.

Technorati Tags: 23 years, account balance, bankruptcy, college part time, credit card bills, credit cards, credit score, dell, dependable car, extra income, financial aid, laptop, loans, low rent, marriage, minimum payments, spending money

They will not hire me because they do not care what circumstances lead to bankruptcy. And each company who runs my credit history, this puts an "entry" on my credit, which makes my credit score go down even further. I cannot go without a job for another 2 or 3 years. Help!

Technorati Tags: 3 years, bankruptcy, circumstances, credit history, credit score, job

I am currently a sahm for my 9month twins and hoping be going back to graduate school here within 1-2 yrs. Is it worth filing bankrupt. I still have a good credit score.

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I am no longer working and have closed my credit cards with high balances (the most is 00). I will be getting a chunk of money next month and would like to settle these debts on my own without having to use one of those debt management companies. What is a fair offer to make on a debt that size? How do I go about doing this, and what about my credit score? Please help.

Technorati Tags: chunk, credit cards, credit score, debt management companies, debts, money

As everyone must have noticed, there are now hundreds–if not thousands–of debt settlement companies out to make even more money on people that are almost in a state of bankruptcy. They all seem to "claim" that they can reduce your debts by 50% or more without damaging your credit score. So if it’s that easy, does anyone know how to go about doing it yourself without paying someone?

Technorati Tags: bankruptcy, credit score, debt settlement companies, debts, money

I am really struggling to make payments on my credit cards. My credit score is already fairly bad, and I don’t want to make it worse by making late payments. Would it hurt me for a long time to settle on one of my credit cards? If they do accept a settlement, what % should I go for?

Technorati Tags: credit cards, credit score, late payments, long time

I have about 00 credit card debt on about 4 cards total. The debt has been in collections for 2 to 3 years. I have been working on repairing my credit but these 4 cards have done damage because I wrote them off. Should I contact these credit card companies and settle the debt and If I do will that have any effect on my credit score or will the score remin he same or will my score improve because I have settled the debt.

Technorati Tags: 3 years, cards, collections, credit card companies, credit card debt, credit score

I need a relaible card with a high limit, low annual fee, and low APR but that is unsecured? I filed bankruptcy a year ago and want to work on getting my credit score up???

Technorati Tags: bankruptcy, credit score, high limit

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

I want to try to pay off the debt in approx. 3 yrs. I do care about my credit score, but at this point I want to payoff the debt as soon as possible.

Technorati Tags: credit score

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but I wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy (which I know absolutely nothing about) even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance!

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

First off, I am a full-time college student. Ok, here’s my situation–I’m a little over ,000 in credit card debt. My monthly payments from all my cards combined add up to about 0, and every one of my cards (with the exception of one at 8%) have rather high interest rates (19%, 20%). Most of them are pretty close to being maxed out. Having to make these payments is really hurting me every month. I would like to consolidate all of my cards through a loan from my credit union. HOWEVER, due to having a bill that has been out in collections (0 electric bill) for the past 3 months, my credit score has gone down. I know you’re prob gonna say just pay it because it’s only a 0, but wouldn’t even be able to pay that right now without ultimately cutting myself short at the end of the month. Would this mark on my credit inevitably prevent me from being able to secure a loan through my credit union?

Also, if that wouldn’t be able to fall through, do I have any other options at all? I am pretty stressed right now about finances and would really appreciate some educated/experienced advice with this type of situation. First hand experience with this would probably offer me the best advice to this predicament–what did you do to get out of debt? Is bankruptcy even a good option, or is my debt small enough to where there’s still hope for another alternative? Please respond to this i am desperate to get out of debt! Thanks a lot in advance.

Technorati Tags: bankruptcy, cards, collections, credit card debt, credit score, full time, hand experience, high interest rates, maxed, predicament, time college student

Since my soon to be ex-wife racked up over 50K worth of credit card debt behind my back while we were married, my lawyer suggests that we file for joint bankruptcy.

I’m not crazy about the idea due to the downstream consequences…it stays on your record for 7 yrs., insurance co’s adjust your rate by credit score, renters wont sign a lease with you, etc.

Your thoughts?

Technorati Tags: bankruptcy, consequences, credit card debt, credit score, insurance, insurance co, lawyer

I need at least 10 people to answer. You don’t need prior knowledge about the subject, just what you know right now. State your age. Thanks a lot for answering.

1. Do you know what bankruptcy means?
2. Do you know anyone in your family or friends who have been bankrupt?
3. Have you ever worked for a company who has filed for bankruptcy?
4. Do you know how many chapters of bankruptcy there are?
5. Why do you think a company goes bankrupt?
6. Do you have a financial strategy to avoid bankruptcy?
7. Do you think your money spending habits will eventually lead you to file for bankruptcy?
8. Do you know if you have alternatives other than filing for bankruptcy?
9. Do you know the consequences of filing for bankruptcy?
10. Do you know how long bankruptcy will affect your credit score?

copy paste the numbers with yes/no answer or however you like . Thank You!

1
2
3
4
5
6
7
8
9
10
Question 6 is about opinion, so think of a short answer, thanks
question 10 , answer how many years you think

Technorati Tags: age thanks, consequences, copy paste, credit score, filing for bankruptcy, financial strategy, money, prior knowledge, short answer, spending habits

How does settling for less than you owe compare with paying in full or not paying at all? Should I settle 3 debts or pay in full only 2 debts in order to raise credit score? All 3 are already with collection agencies. thanks

Technorati Tags: collection agencies, credit score, debts

I just checked my credit score for the first time and saw some unpaid things. They are not credit cards but there isnt enough information to contact the collection agency to make payments? How can I do this?

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It would take me years to pay back my entire debt to these billion dollar credit card companies, which I don’t feel at all guilty about with all the interest that they charge.

However, I want to resolve my debts in order to improve my credit score. Are there any good websites that offer advice and ways to settle these debts at relatively low amounts?

Thanks in advance.
Also, some of my debts have been delinquent for over 5 years and have been sold off to collection companies. How do you settle these if the credit card company is no longer involved in the debt (i.e., they sold the rights to the money).

Technorati Tags: credit card companies, credit card company, credit score, debts, dollar credit, money, thanks in advance

my loan is 3000 and a lawyer told me thet can wipe out everything except that loan,will my credit score be any better…is it worth it?

Technorati Tags: credit score, lawyer

I filed my taxes today and included a 1099c form for a credit card debt of ,107. Now that this debt is paid, how can I get the credit card company to remove this from my credit report so my credit score can go up. All of my bills are paid on time and I only have one debt left that is a positive on my report. My goal is to be debt free and buy a house this year.

Technorati Tags: 1099c form, credit card company, credit card debt, credit report, credit score

Thanks to idenity theift i pulled my credit, i found alot more than i expected but as it turns out they do all pan out. I am thinking about filing chapter 7 bankruptcy but since my wife’s credit is good we dont want it to show on her file, heres the thing. We are young we have nothing in our name our house is owned by her parents our cars are paid off we have no loans or anything of that nature with both of our names on it I would be filing by myself with out her. All my bad credit is old starting when i was 18 and I want to get a fresh start and with all the old medical bills and things bankruptcy seems the best for our family. I’ve read alot on these sites saying your credit is there credit and when you are married there debt becomes yours, this isnt true my wife’s credit score is over 700 while mine is in the 500’s this is why i am asking i dont want it showing up on her file…. does anyone get what im trying to say???

Technorati Tags: bad credit, cars, chapter 7 bankruptcy, credit score, filing chapter 7, filing chapter 7 bankruptcy, fresh start, loans, medical bills, parents

I am 25 and want to be debt free. I have over ten thousand in debt. I want to start settling with debt collectors. It been about 5 years since i paid a dime. I want to buy a house in 15 months.What steps should I need to take to be debt free.What should or Shouldn’t i do when talking to collectors. I know i am suppose to get a written agreement saying the acct# and how much I settle for.In the letter can I state that they would contact the bureaus and state of paid in full. How long does it take for credit score to fo up and how long take to fall off. Any other advice will help me.. When I settle with a collections does hurt credit card score.

Technorati Tags: 15 months, acct, collections, credit card, credit score, debt collectors, ten thousand

I am looking for an unsecured personal loan between ,000 and ,000–but I have past bankruptcy and a low credit score. I have researched and only found the same companies that keep turning me down or companies that want a fee to help me find a loan. Are there other alternatives to these? NEED HELP PLEASE!!!!
This loan is for an expansion on my business, and I have heard of prosper.com– just recently and I have joined. However, it looks like people with with a grade of E and the amount I am needing for my business may not get filled.

I also have only applied for 2 personal loans in the past 3 months. I do know how credit works and have managed to raise my score by 100 points, but this is something that does take time.

Unfortunately I am losing money without the money I need for an expansion, so I don’t have time.

Technorati Tags: bankruptcy, credit score, money, personal loans, unsecured personal loan

Well, it is ashamed to ask this question but it is true that I’ve been living in this condition for couple years now and it made me so depress because of my personal financial problem. But I am still hoping and trying to find everything I could to recover my credit. I hope I will get some advise from you guys out there to help me start rebuild my financial life again.

Since last 5 years ago the first time I moved to this country I started apply my first credit card with US Bank, I’ve been living so happy with it, I thought it was cool when using credit card, I spent money like a rich kid, and I got a really good credit, then I applied for any other cards from one bank to other banks till I ended up with 5 different credit cards. Then 3 years gone by I couldn’t handle these credit cards, I ran out of control and ended up with a balance of 22K at the age 27 years old now, so still there is a long way to go, if I am keep paying the minimum payment like this I will end up paying those creditors for my whole life. I did try credit card consolidation but it just reduced my interest rate Now at this time I decided to go with debt settlement company in order to get rip of this debt and start a new life, but of cause it gonna take me couple years to settle this 22K debt. Now I m paying the settlement company 0/month for 28 months to settle my debt.

So first of all please ignore my grammars I know you understand what I am talking about, but I am seeking for advise from you guys out there:

1. I can possibly maintain my monthly payment of 0 to 0 toward my debt, so is there any alternative way beside debt settlement and bankruptcy to get rip of this debt? now my credit score gone so bad and there is one collection on my credit already, and soon there will be more as I am enrolling in this debt settlement.

2. I start looking at peer to peer loan and sound like an other option for me as long as I have a co-borrow with a good credit, but I am kind of hesitated and not sure how legitimated it is. Can anyone advise me if I should go with it?

I am making 90K from my job but I am still living in this horrible life because of my debt. This is a really bad experience that I am currently having in my life and I hope everyone who read this post will learn from what my mistake was, and won’t go on the same path as me.
Yes I will looking into my daily living expense and hope I will cut some of them. Originally, it was 35K on my balance but then I tried to sell most of my asset (Stock, I don’t have a house) and brought it down to 22K. So at this moment of 22K debt I have nothing beside my monthly salary. I am so upset when I see most of my friends now they bought houses even they make less money than me, I was really poor in my money management.

Technorati Tags: 3 years, bankruptcy, banks, credit card consolidation, credit cards, credit score, creditors, Debt Settlement, grammars, interest rate, minimum payment, money, personal financial problem, rich kid, settlement company, us bank, whole life

We are hoping to buy a house next year so we need to build our credit score. Any tips/advice with settling? I’ve also heard that you shouldn’t give them access to your bank acct so how would you go about paying them?

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I recently lost my job and i can`t keep paying not even minimum balances. I have around .000 in debt and minimum balances add to almost 0 a month + i have the car payment with insurance 0 a month. Please guide me to the best solution that i have without destroying my credit score. Thank you

Technorati Tags: best solution, car payment, credit score, insurance, job, minimum balances

I have three loans for land that I purchased a couple years ago (I know…good move) for 35k each that are now worth about 9k each. I can still afford the monthly payments, but I am wondering if it is just best for me to file bankruptcy (or if some other alternative exists). One of the loans is with IndyMac bank and the other two are with Wachovia. Any suggestions other than for me to jump off a bridge?
Also, I have a 780 credit score that I would hate to let go, but I figure as long as I can produce enough income I don’t have to worry about my credit being destroyed.
Well, the reason why I was thinking bankruptcy is because I figure its cheaper for me to repair my credit than to lose 78k (26k on each piece of land). At this point I dont care about the land since nothing is on them.

Technorati Tags: 26k, bankruptcy, bridge, credit score, loans, wachovia

I have several accounts on my credit that are all in good standing. I just have one credit card with ,000 in debt. I was making payments on it but when my husband was laid off, I couldn’t make payments. It’s over 90 days due and I want to settle the debt but I am afraid of how it will affect my credit score and what I can do to make sure it is not too negative on my credit. Any advice?

Technorati Tags: credit card, credit score

I’m currently 22 years old, never been marry, I owed about 23,000 in credit card debt and about 10,000 in collection. Should file for bankruptcy? and how does it affect my credit score in the future?

Technorati Tags: 22 years, bankruptcy, credit card debt, credit score