Credit Advice

Why even bother fixing bad credit?

Good question?

Just a perspective of mine.

I had good credit for majority of my life, the economy caused my business to falter leaving me with not much income but having a lot of bills. Tried working with the creditors and explaining my situation but majority of them played hardball and didn't offer any alternative or compromise while I tried managing my hardship but it got to the point where I had to let it go. It was pay rent or car note, pay for food, power or pay a credit card. So I let it all go. It wasn't until everything was too late and I was in the mentality that I will take care of those bills when I get back on my feet and use what I have simply to live that they started to make concession at that time I was so ****ed that I told them to screw themselves when I was trying to work something out, they kicked me and now that they realized that I am no longer worried because they shot up my credit and I am no longer making payments, they want to offer all these great solutions, too late I said, I am doing what I think I need to do. I call you when I am back on my feet.

Anyways, as I slowly started getting back, I saw what these creditors did. I owe one, they sell it and then on my credit report I have 3 negatives for the exact same bill but it looks like I had 3 different accounts. So whats the point of paying one when the other 2 still linger on the report and most likely the one you paid off as well.

I have been working on my credit for sometime, I have car loan that I have been paying, credit card and few others, so my past 3 years I have nothing but a excellent payment history but it really doesn't matter because my score doesn't improve much because of the credit collections which they keep adding on my report.

I believe in paying your bills, but at the same time, I also believe if someone is being upfront and tells you that things happened and are looking for some relief and offers some payment. They should work with you because the reality of it is either you pay it or you not and you deal with the consequences. I understand that there are people that don't care about paying. However, someone that had a good history most likely doesn't want to be where they are and if you work with them they are more likely to work on getting you paid as quickly as possible. But playing hardball and unmovable changed my stance on how to deal with this.

My credit is bad, it appears that no matter how well you pay it won't go up. You owe one company but they are allowed to put it on your credit as 3 different accounts making your credit look worse than what it really is. But you suppose to work it out with them?

My approach is simple, I no longer try to rely on credit, I save cash and I was able to go to a specialty type dealership where I got my car and they gave me a decent payment along with an excellent car, there are companies that will give you emergency cash without a credit check and some offer 90 days same as cash.

The point I am trying to make, you guys are breaking your neck trying to get into the credit system but the reality is when you have bad credit the ONLY thing that will get you on track is TIME and it is a LONG TIME (7 years). If they destroy your credit and you can't get any benefit from negotiating to pay them, then I don't see the point except morally, but that bond has been broken long ago with their antics in order to collect. If a company offers you to settle and they say your debt has been satisfied doesn't mean anything to your credit report matter of fact it just starts all over. So if you have something on there for 4+ years or even 3 years, you paying them starts your derogatory reporting all over. So you be better waiting the time out.

Some will say how dare I? but it's quite simple all of these banks and companies employ unethical business practices that morally wrong but yet are quite legal. A lot of them were bailed out for their reckless behavior and are able to recover quickly. However, us unsignificant consumers are being held at a higher standard where they try to make us feel bad if we miss a payment. Our countries credit rating was downgraded. So I don't feel bad because I tried to work it out but was shut the door in my face.

Use the system to your advantage if your credit is already bad, don't kill yourself paying anybody only the necessities. Condition yourself to no longer use credit and play the credit game. If you want to buy a car, save cash buy a used privately owned car, put money aside as you would if you make a car note, after a few years, you can sell yours use it towards a new used car and upgrade. There are companies that will work with you with no credit check but you have to do your homework, don't just do it because it sound good. Discipline and education can go a long way. Then you wouldn't have worry about CLI's or getting credit extended.

Asked by dbatl2012 3 months ago Flag this Question