i think its possible i have one of the worst credit ratings, i need a way out,?

Comments

1. Ryan M said on October 31st at 4:21 pm:

   You sound like it. Learn to be responsible and you will not have this problem. Unfortunately your will probably have to be responsible for the next 7 YEARS in order for a another lender to trust you.
   References :

2. whitewolfe said on October 31st at 5:01 pm:

   Don’t mean to sound preachy, but, you need to learn responsibility in one way or another before your situation will get better. You can’t default on every credit line you’ve ever had and just expect to find a magical "way out".

   You do have a few options but none of them are easy.

   First of all, do you still owe money on these accounts? (I’m assuming you do.) You have two options here:

   1. File bankruptcy. This is not good for your credit rating, you will not automatically have a perfect clean slate, because your credit will show you filed bankruptcy. But it may be your best option. It is not something you should attempt to do on your own - get a good laywer who is experienced in personal bankruptcy.

   But you NEED to understand that if you file bankruptcy, you need to be PERFECT with every credit line you ever open in the future. It is your one shot to start over, you cannot mess up again. You will have little to no protection or options if you get yourself in another mess. In other words, if you take this "out", you better get your act together and learn how to manage your finances to the penny.

   bankruptcy should be a LAST RESORT ONLY. If you have the ability to pay off your old debts, you should not do this.

   2. Pay off all the old debt.

   Your credit history will still show that you were horribly delinquent, but accounts will eventually be reported as "Paid/Zero Balance." This requires diligence and following up - you need to make sure if you pay a bill, the company reports it as Paid to the credit bureau. Sometimes they are lazy about that part.

   (I recommend going straight to the company you owe money to for paying off old debt. Don’t deal with the collections agency they’ve handed the bill over to. I got screwed big time by a shady collections agency that never reported the bill as fully paid. It is better to work directly with the original company.)

   Your credit rating will really improve in about seven years when the old negative marks start to drop off your credit report.

   3. Don’t pay anything, don’t do anything, and just wait seven years for everything to drop off your credit report. During this time you cannot pay off old debts (they will become active again and the seven year rule will reinstate itself), you cannot apply for or accept credit of any kind.

   This is not really a good option because lenders seem to have ways around the seven year idea. If they transfer an old debt to a new collection agency, it may become ‘active’ again as of that date. I think that happened to me.

   Starting Over

   Either way, once you’ve filed bankruptcy or paid off old debts or they’ve dropped off your report, you have to rebuild credit.

   The best way to begin this is to get a secured card. It’s not really a line of credit, you give a bank a chunk of money and then use it sort of like a debit card, but it is reported to the credit bureaus so it gives you a positive credit reference.

   From there, apply for store cards like a Target card or whatnot. From there, you should be able to qualify for a crappy high interest credit card. From there, possibly a car loan, and so and so forth.

   Bottom line is, your credit report is a reflection of how responsible you are with money, and there is really no way "out" of that without some hard work and patience on your part.

   I used to have a terrible credit score because I didn’t understand how important it was to pay things on time when I was young and stupid. It took me years to rebuild my credit but now it’s excellent and I was able to buy a house and it was all worth it. Good luck.
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3. Smart Piggy said on October 31st at 5:15 pm:

   yes its possible. The first thing you must do is understand what your credit report is exactly. Your credit report tells lenders wether or not you are going to pay them back if they let you borrow money or something. To make it easy, put your self in their shoes. Say i come to you and want you to lend me 1000.00 of your hard earned money. And then 30 people come forward and say dont do it, he never paid any of us back, how is that going to make you feel. Do you think you will still lend me your money. You would be a fool to do it. So hears what you do, go to http://sjrates.com and click on the free credit report tab and run some copies of your credit report, print them out so you have them handy, and one by one, go back and pay everybody that you burnt, and pay them in full, this is important, you would be just as well off paying them nothing then paying them less then what you owe. Next go subscribe to Finance 101 at http://honestbanker.blogspot.com so that you start to learn how the financial system operates a bit. A few years down the road and you will be off and running again, and the sooner you get started the better.
   References :
   http://www.sjrates.com
   http://www.honestbanker.blogspot.com

4. MissyMiss said on October 31st at 5:25 pm:

   Don’t give up! You CAN repair your credit. At one point, mine was a 400 (I’m guessing yours is probably worse)…and now it’s pretty decent. It took a lot of hard work, but it was worth it. Here’s an article about fixing your credit: http://www.ehow.com/how_5551631_raise-score-repair-bad-credit.html
   References :
   http://www.ehow.com/how_5551631_raise-score-repair-bad-credit.html

5. Cris said on October 31st at 6:01 pm:

   Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - credit-report-free.totalh.com
   References :

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