Getting started fixing my credit.
My current score is 573 according to Equifax.
I have 14 installment accounts, 8 are past due, and all 14 have negative marks on them.
12 of the accounts are as follows: 6 AES Student Loans that give a 0$ Balance and the same 6 AES Student Loans with an updated balance with interest. I am guessing this happens when the loan goes into default or is there another reason?
I am in a default repair program with AES after 9 months I should be out of default, for the purposes of my credit report, what does getting out of default mean and how will the change be reflected upon my credit report?
1 is a student loan I am currently making payments on but they said they will not report to a credit reporting company until the debt is paid in full and with my current plan that looks to be in 3.5 years.
and the last one is a 140 bill from an account with Verizon for an early termination that I never paid as I was unemployed at the time.
My guess is to pay off Verizon first as it's a one time bill, at an affordable cost.
I am currently on payment plans for all of my debt, but I have no credit cards and no other way to show or prove credit worthiness. If I get out of default, will the 0 Balance accounts be deleted or will I have to wait out an SOL time?
Thanks for any information to help me repair my 3 year, stupid mistake.
It is good to note that you've realized your mistake and you're
It is good to note that you've realized your mistake and you're working on it to get it rectified. Your current credit score is quite bad and it will take quite some time to improve it. You have taken right steps in order to deal with your debt problems. But if you're making debt payments on time now, you should request your creditors to start reporting it to the credit bureaus. Once they start reporting it to the bureaus, your credit scores will start improving.
Once you pay off your debts in full, the status of your debt accounts will be updated as "paid in full".
Now, those seemingly duplicated accounts with negative marks are
Now, those seemingly duplicated accounts with negative marks are technically zero balances, are those considered PIF or are they just black marks that will stick around until the identical debts are paid to AES and then are reported?
Also, what is a reasonable amount of time, assuming my bills are paid on time, would it be to get a more respectable credit score around 650? I have no allusions that this will take less than many years but I want to know because I just got engaged and want to know how far the road ahead is.
Would getting some rotational credit history be advisable to improving my situation?
Thanks!
First of all, instead of
First of all, instead of thinking about the kind of time you've wasted is something that you should put behind you and make all the efforts possible to fix your credit. However, you must be prepared that it'll take quite some time before you get your credit in order. Make sure that all your debt payments are being updated on your credit report. Check it from time to time, for otherwise it'll lead to further hassles. It'd be better if you could try and get some old credit listings off your report by discussing with the bureaus and your creditors.
Submitted by Sanders Patricia on Mon, 12/17/2012 - 05:01