What can I do to help my credit score after I have a couple credit cards charged off?
This happened a few months ago, I lost my job and could not afford rent food and gas along with my credit cards. So how do I help my score now?
Rate hound : I know u don’t know anything about the statue of limitations or dealing with what I had asked about, so learn before you spout.
Anyhow they’ve already been in collections for a few months bc that’ s what charged off means.
Tags: after, Cards, charged, couple, Credit, Help, Score
The best thing you can do is go back to your bank(s) and take care of these debts. They can still go to collections (and may already have). That will be a double whammy against your credit let alone the pain of dealing with collection agencies. Once you have taken care of the debt, THEN and only then will the “expiration clock” start ticking. That is, one you have settled these debts, then in seven years from this date, they will come off your credit report.
Those charge offs will remain on your credit report for the balance of the 7 year reporting period. The debts have probably been turned to collection agencies who will be hounding you for payment and possibly even sue.
If you’re back to work, you may want to consider negotiating a settlement. Paying won’t help you socre. But creditors look at your whole credit report not just your score. Paid debt looks better than unpaid.
Settle for as litle as you can. Lump sum gets the best deals. Payment plans must be short term. Get any settlement agreement in writing and don’t give creditors direct access to your bank account.
You will have to rebuild your credit. You need at least 24 months of consistent, on time payment history to see any improvement in your score. If you don’t have any open lines of credit, you may have to get a secured credit card.
I had my fair share of credit problems, no bank or company was willing to give me a loan. I honestly examined the reasons for my financial troubles and had tried my best to solve them. In my searches I got on-line and I found this great article about credit repair:
Good luck fixing your credit problems.
http://credit-fix.bestof-the-net.com/
it has changed my life for good. Now my family and I are living in the house we’ve always dreamed about
Good Luck!
Matthew.
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com
try to make good transactions as much as possible. or contact some good credit repair agencies like http://www.creditrepairinfo.com