Jump to content

Looking to fix my credit, What the best place to start?

yukon25008.1

By yukon25008.1
in The Off-Topic Bar

Recommended Posts

yukon25008.1 Senior Enthusiast

yukon25008.1

Posted
Posted

Ive been doing the hvac trade around 15 yrs.. And went on my own in early 05, Things were great the first few

yrs, I had so many customers from when i was still working at the last job.. Anyhow i was going 7 days a week

and had 2-3 guys working then in late 08 when the economy took a crap.. I got backed up pretty bad and all my credit cards went into collection, etc..

I really want to set up payment plans with these credit cards and get everyone paid and up to date.. The one

question i have is, Is it better for my credit to pay the past due ammount in full, Or Pick a number with the company and pay that in one shot.. for instance if i owed 1600, And paid the whole 1600 with 100 a month Or if

the settle for 1000 in 1 or 2 payments..Will my credit show better paying the whole ammount vs a settlement

price, Or doesnt it matter?

I was going to ask my lawywer about it..but aalready owe him a little lol,

When things did go crappy I did keep my mortgage good give or take being late a few days here and there.. I have a 4.25 intrest rate and dont want to mess that up!

Any input/help is much appreciated!

8.1HD/ALLISON Senior Enthusiast

8.1HD/ALLISON

Posted
Posted

I'm not sure on which way. You could call and talk to the credit company or better yet talk to your financial advisor. I would definately tighten the belt and pay off all credit cards asap. Glad to hear you kept the mortgage in good shape. Sit down and make a budget. I know thats hard to do being self imployed. If you do use credit cards in the future, make sure you pay the balance every month. You will be much better off. Only 2 things I have ever took a loan on is the house and truck. Paid the truck off in record time. Never paid a credit card interest in my life. Also if you are able to check into making weekly payment on your house.(some banks won't let you). If you pay weekly instead of monthly you will work the interest down quicker and cut around 5 years off a 30 year loan, and thats without making extra payments. Check out Dave Ramseys website for lots more info.

kstruckcountry Senior Enthusiast

kstruckcountry

Posted
Posted

Everyone tells me I need to get a credit card and use it a little to raise my credit score. But I just use my debit card, I figure without a credit score it'll make it harder for me to borrow money, and sometimes that's a good thing. I don't do a budget, I just buy as little as possible most of the time.

Carder09 Senior Enthusiast

Carder09

Posted
Posted

If the credit cards are already in collection status, as in you have people calling you asking for their money, you need to completely pay off your cards. Even if you are making small payments on them, it will not up your score since its already written as collections and negative on your credit report. Best thing is to pay it off and have your credit show closed on the negative part. I think it will also stay on your report for awhile so once you get all the negative paid off, keep all your cards, but dont spend. Maybe one card for emergencies but if your mortgage is on your credit history and in the good, that will start to build your credit up.

yukon25008.1 Senior Enthusiast

yukon25008.1

Posted
  • Author
Posted

Thanks guys, I want to run it by someone also..Just not sure who. What financial advisor?

Im good with the card I WILL NOT!! run them up again.

Chris Senior Enthusiast

Chris

Posted
Posted

Also try a secured credit card. Youre borrowing against your own money then, and it builds credit

txab Senior Enthusiast

txab

Posted
Posted

If they were to settle for a lesser amount, many times you will receive a tax form from them showing the difference that you didn't pay, as income. You will owe taxes on that amount because the IRS considers it income

yukon25008.1 Senior Enthusiast

yukon25008.1

Posted
  • Author
Posted

Thats crap! never heard of it..but it sounds like something discover crd will do!

were do you get thet secured card?

chakis24 Senior Enthusiast

chakis24

Posted
Posted

what about a loan? a personal loan for the balances due on your cards would likely have a lower interest rate and a lower monthly payment than your cards combined. the loan would also be a fixed period of time.

 

once the cards are paid off, closing the accounts will also lower your credit score since you lower your available revolving credit- best thing to do would be cut them up. or use one for all your bills and pay it off every month. this way it gets used, you dont pay interest since it gets paid off every month, and the balance is never more than your available cash since youre budgeting for those bills anyway.

SarahsGMC Senior Enthusiast

SarahsGMC

Posted
Posted

dont do credit cards, just take out a loan for something and go from there i used a student loan to build credit which got me an awesome deal on the loan for my truck

Zembonez Senior Enthusiast

Zembonez

Posted
Posted

Items paid in full can still be seen as "paid late" on your credit report. Any settlement for less than you owe will be marked as "settled" and remain a black mark on your record. These items remain on your record for seven years.

 

First thing to do is pull your credit report (all three agencies) and print them out so that you can see what is being reported.

 

The agencies are:

Experian

Equifax

Transunion

 

Edit: You can pull these for free once a year by going to annualcreditreport.com

 

Good luck!

  • 2 weeks later...
txab Senior Enthusiast

txab

Posted
Posted

Thats crap! never heard of it..but it sounds like something discover crd will do!

were do you get thet secured card?

 

Any card or loan company can do it. It's an IRS thing. You received money that you didn't pay back. Poof! It's income.

Archived

This topic is now archived and is closed to further replies.

Go to topic listing

  • Latest Articles

  • Posts

    • silveradosid
      Replacing 2.7L on 2021 Silverado with 2023 2.7L

      By silveradosid · Posted

      same here , i have a 2020 first gen and the cost to repair these engines far excedes replacement
    • KARNUT
      OCI, not when but why?

      By KARNUT · Posted

      But Grumpy I did show several subdivisions that had homes starting in the 170K range. If you bought a Townhouse or Condo you could go cheaper. Same with a car 3000 dollars in the 70s translates to around 20K today. There are several models at that price. You actually get more for the money. In the 70s I drove a 3000$ car bought a 28K home and made 4.50 per hour. Thank goodness for overtime. Today I could buy a 170K house drive a 20K car and make 25 dollars an hour operating the same machine today. The difference the house, car, machine would be better and have AC. And I wouldn’t be taxed on overtime. And statistically your wife works too. Easing the burden. I thought we agreed to disagree. I brought receipts earlier, showing examples. I think you’re more stubborn than me. I was done with this debate. 
    • Coastie05
      Replacing 2.7L on 2021 Silverado with 2023 2.7L

      By Coastie05 · Posted

      I’m definitely interested to hear the end result here. 
    • MASONV88888888
      Another 6.2L engine failure!

      By MASONV88888888 · Posted

      My 2025 Silverado 1500 had to receive a brand-new engine (long block) under warranty last month at only around 16,500 miles. Before the replacement, the truck repeatedly displayed "Engine Oil Level Low" warnings, even though the Oil Life Monitor still showed around 50% remaining after about 6,000 miles since my last oil change. After seeing the warning several times, I checked the dipstick with the engine cold, and the oil level was completely normal. The next day, the message escalated to "Add Engine Oil." At first, I assumed it was just a faulty oil level sensor, so I brought the truck to the dealership. After inspecting the engine, they found internal cylinder wall scoring and ultimately replaced the entire long block under warranty. Before this happened, I was planning to install a 4-inch lift and suspension upgrade on my truck. After needing a new engine at just 16,500 miles, I honestly don't see the point anymore. I also contacted GM to ask whether my vehicle qualified for a buyback, but I was informed that it does not at this time. Anyway, this experience has left me with serious concerns about the long-term reliability of this engine. I sincerely hope NHTSA expands the current investigation or recall to include 2025 model and performs a thorough inspection of affected vehicles. My biggest concern is that these engines may fail shortly after the powertrain warranty expires. If GM truly stands behind this engine, then at the very least, please consider extending the powertrain warranty to 10 years for affected owners. That would go a long way toward restoring customer confidence.
    • Grumpy Bear
      OCI, not when but why?

      By Grumpy Bear · Posted

      Without exception but then I'm the odd duck, right? I know what goes into that test, how it is calculated and thus how to beat it. But EPA values are often not beaten by the general public and the government has in past years adjusted the means and methods to come to those values to more closely approximate "Joe Average".    The only real trick to beating that EPA average is don't drive like "Joe Average".    It's the same method you used to profit from "Economic Migration" and in doing so beat the 'stats'. But you, like me, are not "Joe Average".     The thing you don't seem to grasp is this "Purchasing Power Index" isn't forward looking. It doesn't predict what it going to be but looks backward and states what it was. They are not telling us what the THINK, they are telling us what they MEASURED. Example:    Wife says "I'm going to lose 40 pounds by Christmas". May she does, maybe she doesn't but the doctors office who weighed her when she made that statement and again at Christmas only REPORTS what the RESULT was. You and I can banter about what was possible and what aunt Tilly did till the cows come home but the result is the result. Arguing otherwise is.....irrational. That's all I'm saying. This isn't about:      What you are calling a 'Statistic' is a RESULT not a CALCUATION and as a result the RULE. Like gravity as a rule, it can not be broken. 

  • GM-Trucks.com Clubs

  • Popular Contributors

×
×
  • Create New...