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Old 07-17-2007, 04:26 PM   #16
Mathius
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Default Re: Being in Debt

Cell Phones don't go on your credit report unless you end up in collection and its reported. You may be in this case, if you've already recieved a letter.

Your credit is not screwed forever. Worse case scenario, everything falls off after 7 years. Usually, you can rebuild your credit before that.

Best thing to do is if you have credit cards, keep paying them on time and whatnot, and keep checking your credit report annually. (if you don't mind payin for it, you can check it more often).

Eventually, you will rebuild your credit.

If you don't _have_ credit other than the cell phone thing, you will probably have to wait a year or two before someone will take a risk on you.

However, if you choose to buy a car at some point, this can actually help you rebuild your credit. The dealer will usually argue on your behalf to the bank, because they want your money and they want to get rid of a vehicle.

You might end up with high interest for a year or so, but you can always refinance, and you will be rebuilding your credit as long as you keep making payments on time.

Mathius
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Old 07-17-2007, 04:43 PM   #17
Enigmatism
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Default Re: Being in Debt

pay it off, it's your debt (and credit report if this is some deal where it's on a best buy store credit card)

if she is any bit reasonable try to work out a payment plan with her

if that fails you can take her to small claims court
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Old 07-17-2007, 05:29 PM   #18
Sean77
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Default Re: Being in Debt

Quote:
Originally Posted by Mathius
Cell Phones don't go on your credit report unless you end up in collection and its reported. You may be in this case, if you've already recieved a letter.

Your credit is not screwed forever. Worse case scenario, everything falls off after 7 years. Usually, you can rebuild your credit before that.

Best thing to do is if you have credit cards, keep paying them on time and whatnot, and keep checking your credit report annually. (if you don't mind payin for it, you can check it more often).

Eventually, you will rebuild your credit.

If you don't _have_ credit other than the cell phone thing, you will probably have to wait a year or two before someone will take a risk on you.

However, if you choose to buy a car at some point, this can actually help you rebuild your credit. The dealer will usually argue on your behalf to the bank, because they want your money and they want to get rid of a vehicle.

You might end up with high interest for a year or so, but you can always refinance, and you will be rebuilding your credit as long as you keep making payments on time.

Mathius

Yeah, pretty much all things don't show up until it's sent to collections. That doesn't look good, but defaulting is worse.

With the credit cards, you can even use your checkcard if you have one to pay things off. It counts as credit transactions, and it's your money, so it's the safest bet.


Another thing I found is that you should never close an account once you paid it. Yeah it's paid off, but on your credit report a closed account can be interpreted as anything. Companies looking at your report can't tell the reason for the account closing, so they can assume the company closed the account due to negligence rather than it being paying off. Which makes it important to get a letter confirming the account was paid off.

But in either case, leaving the account open will show them the account is in good standing, then you just forget about the account and leave it alone.

Also, don't co-sign on stuff or take on someone else's bills unless you know beyond a shadow of a doubt you can trust that person, I don't care who it is. When my wife and I were dating, she helped me with my debt by paying off 90% of it, because she knew she could trust me. It wasn't even my idea, she offered. I'm not stupid, I know a woman worth keeping when I see one.

Last edited by Sean77 : 07-17-2007 at 05:33 PM.
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Old 07-17-2007, 07:57 PM   #19
Mathius
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Default Re: Being in Debt

Quote:
Originally Posted by Sean77
Also, don't co-sign on stuff or take on someone else's bills unless you know beyond a shadow of a doubt you can trust that person, I don't care who it is. When my wife and I were dating, she helped me with my debt by paying off 90% of it, because she knew she could trust me. It wasn't even my idea, she offered. I'm not stupid, I know a woman worth keeping when I see one.

Even if the person is reliable, it can still hurt you. When my sister was just getting out of high school, my dad co-signed for a car for her.

Thing is, it shows up on his credit and her credit. So when he went to apply for loans for a house, and for a car, he had issues, because they were showing his credit as being almost maxed out, when in fact, it wasn't.

Co-signing is just really really risky, unless you have really good credit, a trustworthy individual you're co-signing for, and plenty of extra credit.

Mathius
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