May
21
What should I ask for when settling a debt?
Filed Under Credit
Matt asked:
I recently received my annual bonus from work and I want to pay off one of my credit cards. What should I ask to be reported on my credit record that will help improve my credit rating? I have numerous missed payments and had gone over my limit since I could no longer pay my old debts but I want to start fresh and work on being responsible building good credit instead of being haunted by my college mistakes.
ok first let me add to the fact that I have not taken out a new line of credit in over 3 years I haven’t charged anything to my cards in the last 18 months and my goal is to put the past behind me in the most favorable light so that I can get debt free and when I need credit (to buy a car or house) I can do so with out rates that leave me a slave to my creditors. and if we can leave out bible references that would be great thanks
Travis
I recently received my annual bonus from work and I want to pay off one of my credit cards. What should I ask to be reported on my credit record that will help improve my credit rating? I have numerous missed payments and had gone over my limit since I could no longer pay my old debts but I want to start fresh and work on being responsible building good credit instead of being haunted by my college mistakes.
ok first let me add to the fact that I have not taken out a new line of credit in over 3 years I haven’t charged anything to my cards in the last 18 months and my goal is to put the past behind me in the most favorable light so that I can get debt free and when I need credit (to buy a car or house) I can do so with out rates that leave me a slave to my creditors. and if we can leave out bible references that would be great thanks
Travis
Comments
4 Responses to “What should I ask for when settling a debt?”
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Lucille
just pay your bills
things will work out
Renee
Pay off the largest one first keep them open but put them in a block of ice in the frezzer so you wont be tempted to spend on them.
Tanya
You have already gotten everything that you’ve ASKED FOR, now follow the advice of an earlier answerer and just pay your debts.
AND … if you REALLY want to show how much smarter you are then QUIT BORROWING MONEY! The Bible says that the borrower is a slave to the lender. Get the hint!
Go to DaveRamsey.com
Dave will set you straight AND if you listen to him, you’ll retire a millionaire ta boot!
Tim
Now for an intelligent answer….When negotiating with your creditors, you want them to report the accounts as paid, paid as agreed, or paid in full. Anything else will lead other creditors you may be seeking credit with to believe you were once in trouble. The ball is in your court. You have the money to pay them and would like to resolve this. Remember, the creditors are in the business of making money, so if they think you will give them what you owe in exchange for a positive listing, most of the time they will go for it. Check out the sources I have used to clean up my credit.