Brehs With Bad Credit

[knickscity]

I'm seeing some good answers and some not so good answers.

If you have bad credit, you have to tackle it little by little. There are options to raise your score such as secured credit cards, but ultimately you have to limit your actual debt by paying more on it to eliminate it.

I do wanna talk about debt collection agencies......

Now, if you have debt that has been sold to a collection agency, there really isn't anything worse than that other than bankruptcy. Paying it off likely wont improve your score, but it could help avoid going to court and possible garnishments. Most folks I've talked to including lawyers have all said don't bother depending on what it is. I'll explain why later.

I know a lawyer that is hired specifically for credit card collection cases. He sits in the court room and the judge reads off like over 150 names for amounts anywhere from $500.00 to $2k. Most of these people being sued do not show up, and that is an automatic loss for them. But what about the folks that do? The judge is gonna ask you about this debt, and all you have to say is "you have no knowledge". In cases such as this, these debt are sold for pennies on the dollar, that lawyer across from you doesn't have anything but a spreadsheet, no actually documents, just names and amounts. The debt collector bought the case for cheap, the original company is not about to hand them your entire file for pennies on the dollar.

Some say you should request information to prove the debt is valid and they are the proper owner. Imo, from the pros I've spoke, all you really have to do is state in the court "you have no knowledge". All a judge can do is move the case to another date, or set a trial date, and likely this case will be non suited, meaning the lawyer is gonna drop your case, but will likely include your case again in the future depending on what state you live in and the process starts all over again.

Think about it.....he's won over 100+ cases that day, do the math on his winnings, but some of these wont be collectable.....and this is with no actual documents of ownership. He's not gonna take you to trial which will cost the company he's representing over 5k to possibly win 500.

Debt collection agencies are a racket, a big one. The best thing a consumer can do is of course pay your bills and work with your creditors when you cant make full payments to avoid this from happening. But when it does, it's over. Just let those years ride out.

 

[Grizzly]

7 years.. Once it goes to collections, don't bother paying it off.. Just wait the 7

It really depends on how much you owe....$100k? just ride that bytch out...if they been blowing you up for a minute though most times they are as tired of you as you are of them so you can just hit up the collection agency and they'll let you pay half of what you owe just to get the case closed

E.g., you owe $3000, call and say "my name is such and such. i will pay you $1500 right now in exchange for removal of the negative account on my credit report." If they agree, you break them off and ask them to send you proof of payment.

it's really better to send them a letter asking for proof of debt and corresponding strictly through snail mail so you have a paper trail but a sista I know just straight up called them and had success that way

the other approach is straight up calling the credit bureau and disputing the shyt. Ask for proof of debt from the companies you're in the negative with, if they send it and any of their information is wrong get that bytch removed. Or call Transunion and say you don't recognize the company on the report (basically alluding at credit fraud) and you can get the mark removed. the collection agency or creditor can get that bytch but back on there but if you only get one or two off that's a W.

 

[HabitualChiller]

purchase it with your card and pay double whatever the minimum payment is.. Do this for 6 months and then pay off the balance.. Let your next bill come and when it says 0 balance due then you do the same thing again. If you buy something with a card and pay it off immediately your credit score will go nowhere.

Do you have any proof of this?

 

[Elim Garak]

Do you have any proof of this?

Yeah its tons of proof just do a google search. It is very simple if you pay it off immediately the agency will not have a chance to report a change and then another change your utilization will look exactly the same but if you utilization goes up slowly and then takes a big dip after a few months that will reflect a massive change and will increase you score.

 

[Pimp]

Do you have any proof of this?

My proof is my experience. I can just about guarantee you get to 720 easy doing this. Just use one credit card to do it and when your score goes up get a new card with over $10,000 credit and watch how high your score goes.

Use your credit card as you would use cash. Do you not buy things you cannot afford. I really don't understand how any adult can have a credit score under 750..

 

[Knowledge]

Don't get married

 

[TRY GOD]

Worked for me..

I was dumb as hell in my early twenties..


Honestly I'm not sure.. I believe it basically resets once you pay it off and you'd have to wait a few years for that bad/slow paid account to fall off your credit

I fukked everything up when I was 21.. I had trouble finding a job after getting fired at the end of 07 right around the recession.. I kept fukking up even beyond that until I was 24..

Car loan for 13K repoed
Capital One credit card $1100 charged off
Two apartment evictions
A Sprint cell phone bill for I think 400 charged off

Had to tough that shyt out..

At some point when I was 29-30 I was able to get a secured credit card knowing that last bit of bad shyt on my credit would fall off at 31.. I was a 495 beacon at the time but I don't know what each individual bureau score was at the time..

The secured credit card has only has a $200 limit btw..

I bought a car in May (i think) of last year and nothing was on my credit except the secured card with a little over a year of perfect payments and my score was around 620.. I traded that car in around November of last year and my score was around 650..

I found a little cheat code shortly after that.. My step father has credit card with like a 10-15k limit that he's made perfect payments on for years.. I had him list me on the account as a registered user only.. I don't even have the card..

I just bought a car about 3 weeks ago

816 Experian
718 Equifax
742 Transunion

Now I don't have a ton of credit history now but my scores are pretty good

What's on my Experian now

A $200 secured credit card
2 paid off auto loans with about 17 perfect payments
A $1100 PayPal credit (I don't remember if this showed on my Experian)
The 15K credit card with no balance.

Edit
I'll be 33 on the 24th

Im right here with you breh and thanks for the unk gem. Like Neely Fuller says, "I'm still learning":yeabreh:

 

[Jhoon]

Im right here with you breh and thanks for the unk gem. Like Neely Fuller says, "I'm still learning":yeabreh:

You just have to know someone willing to let use their credit.

 

[Jhoon]

My proof is my experience. I can just about guarantee you get to 720 easy doing this. Just use one credit card to do it and when your score goes up get a new card with over $10,000 credit and watch how high your score goes.

Use your credit card as you would use cash. Do you not buy things you cannot afford. I really don't understand how any adult can have a credit score under 750..

I don’t think you can get a $10K card unless you have the income to back it up.

 

[The Coochie Assassin]

My proof is my experience. I can just about guarantee you get to 720 easy doing this. Just use one credit card to do it and when your score goes up get a new card with over $10,000 credit and watch how high your score goes.

Use your credit card as you would use cash. Do you not buy things you cannot afford. I really don't understand how any adult can have a credit score under 750..

Well life can happen b like a poster in here said, a lot of people credit goes to shyt because of medical bills....people file bankruptcy cuz they got 150K in medical bills they have no way to pay....divorce can hit your finances hard too....

 

[Deuterion]

It really depends on how much you owe....$100k? just ride that bytch out...if they been blowing you up for a minute though most times they are as tired of you as you are of them so you can just hit up the collection agency and they'll let you pay half of what you owe just to get the case closed

E.g., you owe $3000, call and say "my name is such and such. i will pay you $1500 right now in exchange for removal of the negative account on my credit report." If they agree, you break them off and ask them to send you proof of payment.

it's really better to send them a letter asking for proof of debt and corresponding strictly through snail mail so you have a paper trail but a sista I know just straight up called them and had success that way

the other approach is straight up calling the credit bureau and disputing the shyt. Ask for proof of debt from the companies you're in the negative with, if they send it and any of their information is wrong get that bytch removed. Or call Transunion and say you don't recognize the company on the report (basically alluding at credit fraud) and you can get the mark removed. the collection agency or creditor can get that bytch but back on there but if you only get one or two off that's a W.

Terrible advice...

If you owe someone $100k you ain’t gonna ride that shyt out. They gon’ take your ass to court, get a judgment, and start tapping your pockets directly out your check. They gon’ take like 1/3rd of your check every pay period and it”s gonna put you in such a tight spot that you will default on other shyt and you end up going down a dark hole. If your debt is more than half your yearly income you need to be thinking about BK. Even little amounts like 1k -3k will get you sued...

 

[904]

Most of my customers I've met that had good credit get fukked over in divorce..

Also I just remembered I did have a customer about a year ago negotiate with a collection agency to take a lesser amount and remove the entire account from his credit.. This only makes sense if they remove that account though

I think I few guys in the thread have been saying this too

 

[Kasper KArr]

I found a little cheat code shortly after that.. My step father has credit card with like a 10-15k limit that he's made perfect payments on for years.. I had him list me on the account as a registered user only.. I don't even have the card..

Whats good bossman. So what did this do for your credit? Did having you as a registered user only increase your credit? Where did you get this idea from? I am tring to help my little brother get on his feet and if I can do this I would. He asked for me to be a cosginer for him, but this is reverse and if it helps him shyt Imma do this

 

[904]

Whats good bossman. So what did this do for your credit? Did having you as a registered user only increase your credit? Where did you get this idea from? I am tring to help my little brother get on his feet and if I can do this I would. He asked for me to be a cosginer for him, but this is reverse and if it helps him shyt Imma do this

My Experian went from 630 to 816 in about 18 months.. In those 18 months I had him list me as authorized user in his credit card. I also had 18 perfect payments of auto loans and already had a small pre paid credit card with about a year of perfect payments before the 18 month period I was talking. The pre paid card was only a $200 limit.

More info on the authorized user part.


What to know about being an authorized user on a credit card

"Being an authorized user can affect your credit situation in a few ways.

The accounts you’re an authorized user on will likely appear on your credit reports — most, but not all, credit card providers report account activity to an authorized user’s credit reports. Before you’re added as an authorized user, you may want the primary account holder to ask their credit card provider whether they report authorized user accounts to the three major credit bureaus.

If the account does show up on your credit reports, the primary account holder’s actions could impact your credit for better or for worse. (Exactly how much it will affect your credit depends on the scoring model, as different models weigh credit factors differently.):

• If the primary account holder has a strong history of on-time payments, this can have a positive impact on your credit. Additionally, if the account’s credit utilization rate is low, this can also be good for your credit. You can figure out your utilization rate by dividing your total credit card balances by your total credit card limits.
• On the other hand, if the primary account holder misses a payment on the card, your credit can take a beating — just one late payment can have a severe negative impact. The same goes for high credit utilization on the account."

 

[ATownD19]

Breh covers alot of mistakes people make when trying to repair their credit.