- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
21 y/o college student, w/ credit card debt...HELP
I am roughly three thousands dollars in the hole, and this card has been in collection for 2.5 years now. I was considering taking out a loan for three thousand to receive a fresh start by making monthly payments and get this taken care of. Bad idea? or no?
Asked by
thebeginning09
1 year ago
Flag this Question
1 response
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Credit Cards
Can I re-open a closed Amex acct from 1999 that is still showing on CreditKarma?
0 Responses
Asked by FirstLast1
under Credit Cards
Should I get more then one secured credit card
0 Responses
Asked by lilrichard107
under Credit Cards
Credit Card Offers Just For You
These are the most popular credit card offers from Credit Karma members with credit similar to yours.
Credit One Bank® Visa Platinum Card
- Pre-Qualify for a Visa credit card without affecting your credit score
- Get a starting credit line up to $1,500
- No enrollment fee
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
If it has been in collections for 2.5 years, chances are you can settle it for a fraction of that, depending on the collection agency it is with. Settlements can be anything from 30-80% of the amount due. Being a college student, and with this on your record, and most likey having limited income, it is unlikely that you would be able to get an unsecured loan. You would need a co-signer. But, if it is possible, I would talk with the credit agency to see what amount you may be able to settle it for (without commiting to it), before taking out a loan. If they are willing to settle for $1500, you just saved $1500 (but, be aware that the savings counts as taxable income).
phnxangell 1 year ago