While attorney fees can run into the thousands of dollars, they generally have installment plans that make it easier for filers to get the expert help they need on a payment plan they can afford. Attorneys also generally offer a free consultation for the initial meeting, which allows you to get to know several attorneys and find the one that you think will get you the best results at a price you can afford.
What can and DOES change is whether you have a collector pursuing you for the debt. If you are talking about a dormant account that has been in collections and has finally been left alone with no collections activity for a few years, messing with it can be problematic from the point of view that the collections people will start pestering you again to see if they can get money and if the SOL isn't up, they can start reporting on it again which can affect your score or they could even file suit if your state SOL isn't up.

Now, let’s take this a step further; one of the biggest misconception of this industry is that one’s credit score and credit report are the same thing.  The truth is, both concepts are gravely different. A credit report is a mere profile of your entire credit history – including all your positive and negative moments. This report is held and created by the three credit agencies, or bureau: Equifax, Experian, and Call Credit.  It’s here that lenders can discover if you’ve missed a payment, how many loans you have taken out, and even how reliable you are. On the other hand, a credit score is a number that derives on five different factors from your credit report, which leads us to our next significant section.


If you’re hesitant for your teen to open their own credit card, adding them as an authorized user on your credit card account may be the best option. You can easily monitor their spending through statements and online banking. While they piggyback off your credit, you can continue to benefit from the same perks your card offers and even earn rewards on their purchases — if you have a rewards card.
Thanks for the helpful information. Being a loan officer, would you please be able to help guide me in the right direction of obtaining a home equity loan or refi on my paid mortgage? My home has been paid off for years now, and I would like to rent it to elderly HUD housing in my community. I need to make some modifications to be able to comply with HUD standards plus some other repairs. However, my credit file is very thin, and I was hoping to be able to use the home as colateral. Is this possible? Any feedback would be a blessing. Thanks so much for your time.
Contrary to popular belief, credit repair is not always difficult and frustrating. While many see the process as long and confusing, there are many ways to clean up your credit in just a few minutes or hours. If you are looking to take control of your financial future, get started by using the tips below. Credit repair may be easier than you think.
The best way is to be sure you are paying all your bills on time. And, if you have credit cards, try to keep your balance to less than 30% of your credit limit (less than 10% is even better). We suggest checking your credit score monthly (you can get two scores every 30 days from Credit.com), along with personalized advice for improving your credit. Here’s how to monitor your credit score for free.
If you’re making little to no progress repaying or transferring balances or consider yourself to have a severe debt problem, then you may want to reach out to a reputable credit counseling agency or debt consolidation company. They can talk to you about a  debt management plan and other credit resources that may be available to you as a consumer to help pay off your debt.
If you own a home, you might also consider a home equity loan or a home equity line of credit, which will provide you with extra cash. Home equity loans come at a fixed rate, while home equity lines of credit have variable interest rates and follow a flexible repayment structure. Borrowing criteria vary by lender, but the amount of equity you have in your home will at least partially factor into the size of the loan you’re able to take out. More equity tends to equate to better terms.
Don’t try to transfer debt between two cards of the same bank. It won’t work. Balance transfer deals are meant to ‘steal’ your balance from a competing bank, not lower your rate from the same bank. So if you have a Chase Freedom® with a high rate, don’t apply for another Chase card like a Chase Slate® and expect you can transfer the balance. Apply for one from another bank.
If you get denied for a major credit card, try applying for a retail store credit card. They have a reputation for approving applicants with bad or limited credit history. Still no luck? Consider getting a secured credit card which requires you to make a security deposit to get a credit limit. In some ways, a secured credit card is more useful than a retail credit card because it can be used in more places.
You can apply as a non-member online to get a decision before joining. And Justice is unique in that the Student VISA® Rewards Credit Card from Justice FCU is also eligible for the intro 0% for 6 months on purchases, balance transfers, and cash advances. So, if your credit history is limited and you’re trying to deal with a balance on your very first card, this could be an option. The APR after the intro period ends is 16.90% fixed.
Great advice! There is only one issue and I am honestly hoping this is just an unclear explation because I would be quite surprised that you got this wrong considering your line of work... Once a debt is charged off, it stays charged off. It can not be "re-activated", "re-aged" or "re-" anything. The law states that the Statute of Limitations (SOL) is fixed at the point which the debt is charged off and it stays the same no matter what. This won't change your credit score unless you can have that line of information removed from your credit report. A charged off debt stays a charged off debt whether you are paying on it or not.
Unfortunately, some credit blunders may be out of your hands. Unfairly reported or inaccurate information can plague an otherwise clean credit score. Protect yourself by staying up-to-date. Order a free copy of your credit report and review its contents. Check to verify your correct name, address, and other basic information. Look closely at your accounts to make sure your balances are accurate and there is no duplicate reporting. If you need help, contact one of our legal experts for a free credit repair consultation and analysis. False reporting is illegal, and your credit health depends on action.
Following these 6 steps people with bad credit are sure to succeed. I would like to add while paying down your credit card debts one option that may help you get ahead is to take advantage of credit card transfers. Normally banks will let you transfer your balance (they’re more than happy to take it) for a small fee. One word of caution however, is that this doesn’t really fix the underlying issue, which as Sarah mentioned budgeting and keeping on top of your payments will.
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