139 People Helped
Member Since: June 2009
Credit card information will stay on your credit report for 7 years after the account is closed. If, however, what youa re saying si that the peyment did not show up you need to allow for 30 to 60 days for your credit card company to report to the credit bureau. If that much time has already passed then you could call the credit company and ask them to report and if they do not, dispute the out of date information with each and every one of the credit bureaus.
ladald's response was:
Yes by over 50 pts... They provide of lot of useful suggestions, resources such as the credit score simulator, and beign able to see the effect of your score after different actions real life so to speak is educational.
IT works the other way around -- the question is how often do creditors update the information that they give to the credit bureaus -- normally they have 30-60 day window to report changes, but it differs from one creditor to another.
First and foremost, establish your emergency fund of 6-12 monthss of living expenses. Only then worry about collections.
since the accounts are alread in collections, play hardball. Call the colelction agencies (startign from newest debt) and offer to settle fro say 50% if they also promsie to delete the entries from all 3 credit reports. Get them to cofnirm that in writing before you pay anything. Thsi will be msot effective with the oldest debts.
I defintiely wouldn;t pay anythign on accounts that are 6yrs or odler unless they remove the items. Depending on your plans for the 2-3 years you may not want to pay anything without removal on collectiosn 4-5 yrs old either. anythign 3 years and elss you should try to settle with remvoal if possible, but settle nonetheless.
The hard inquiry will slightly hurt the score for a couple of months but it is no biggie. Do the calculatiosn absed on how much you plan to pay each month, and if you would pay the debt faster then do get the card. The hard inquiry will get less important in a few months and the decreased utlilization will be a big plus.
They may not offer it at time of application but any card will offer a balance transfer. But in general you can save money even without the balance transfer. Suppose you have current credit card debt as forllows:
Card A: at 20% Card B at 30% and are looking to add Card C at 15%. Proceed to get card C and charge every day expenses to Card C. At the time your credit cards are due, pay minimum payment on A and C, and pay the amount you owe on Card C + all you can to Card B instead. This way you have transfered some debt to lower interest rate and will lead to savings.
What CK "recommends" is really advertising. IT is how CK makes money. It doesn't mean ti si good advice or anything. Do your math, and your own calling of lenders to seek refinancing.
You cna be open witht eh apartment rental agent -- some work with bankruptcy cases and some do not. It will help if you coudl have a co-signer. If not you may still be able to get an apartment but expect much much higher security deposit than average.
Pay them all down to 50%. However, one has got to wonder if you have emergency fund. If you do not, consider using some of that money for that.
In either case, when you figure out how much you can pay, call each of the credit card companies and work out a payment schedule. Threaten to default if they do not -- worst they can say is no in which case you proceed to pay them off as you originally planned; best case you end up with some fees and interest rate reduced.
Yes and no.
If you open a credit card you get decrease in credit age (small negative), increase in credit limit and hence decrease in debt ratio (positive), and a hard hit (short term negative effect). How it all balalnces out depends on individual circumstances.
However, note that what is good for your finances is not necessarily the best for your credit score short term. If transfering the balances around helps you pay off your debt significnatly sooner then take the short term hit and enjoy the long term benefits.