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CATRHK

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What to do when you have a degoratory mark? Build more credit?
I have a degoratory mark on my credit. It's been about 3 years since I paid. I had tried to pay them but my husband was out of work and I could only get part time work. The loan amount is for about $6000. I'm looking to get a car and possibly a new apartment. I wanted to remove it from my credit so I can have a better credit score but I don't have a whole lot of money to pay them even half of it. I was thinking of contacting the creditor. I was reading an article that said I should worry about making my other crediting factors (student loans) and to build up my credit. Should I contact the creditor to try and fix it? Should I also try to build up my credit? How do I go about building up when I have that degoratory mark on it?

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You should NOT contact the creditor. First thing that you need to do is to look up the "statute of limitations" in your state to be sued for this kind of debt. If you are still on the hook, you do not want to bring any attention to you or this account. Another thing is that you can restart the "sol" if you enter into payment agreements on this debt. I would guess that you would be best to leave this account alone. Do what you can in other ways to improve your credit. Pay your other accounts down that are in good standing, get a secured credit card if you don't currently have a credit card. You can still work on your credit with a negative account on your reports, of course, the negative account will hold you back, but it is very important to build a number of open accounts in good standing. I advise you to spend some more time reading on all of this. Consider a cheaper car for now that you might be able to pay cash for. You probably could get an auto loan somewhere now as this negative has aged, but the rate will probably be high and may not be the best thing for you at this time. Any more questions on any of this or something else, feel free to ask.

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