Throwing money at the problem.

[creditscoressuck]

When I turned 18, I was kicked out my house. I worked a menial job at Kmart where I earned at best $300 a paycheck (Bi-weekly). And I had way more than $600 in expenses, so being a stupid 18 year old kid, I got a few credit cards, ran them dry, then never paid them off. (Around $10k in debt)

I'm now 25, and I have a fantastic job where I earn around $8500 a month after taxes. Even with my high income, I still keep my expenses low (I've managed to save $23,000 already) so I have plenty of extra money. But my credit history is really catching up with me - I can't get a decently priced house or car loan, can't even get a credit card to help start rebuilding my credit history or anything. I wish I could just throw a bunch of money at the problem and easily regain my credit score to a decent level. Is there any way that would be an option? I've looked around, but don't see many options like that. I just want my past to be in the past... and I'm willing to pay pretty much anything to get rid of that ugly history, even if it means throwing all my savings and more away just to do it.

Any suggestions?

[dogtown01]

my advice to you would be pay for delete, a pay for delete letter is a agreement with you and the people you owe money to. for example if you pay them they will delete all negative history on your credit report. here is a example of a letter. o btw my other advice is to see if those credit cards are more then 7 years long cause then you can dispute them and they fall right off.

Dear Collection Manager:

It has come to my attention through the credit bureaus that you claim I owe a debt to your agency. I can save us both some effort & time by "Settling the debt out".

Below is my offer. It is not a renewed promise to pay nor does it constitute any agreement unless you sign and return it. Note, I have not agreed yet that this debt is mine and have the option to seek further proof from your agency ofthis debt. It has also come to my attention that your agency regularly purchases debts in the course of doing business.

Suffice to say, you hold all the rights to report the debt to the credit bureaus as you see fit and you can change that listing at any time as the source reporting the debt.

I am sure you are aware of my right to dispute this debt and request full proof of the obligation. Paying this unverified debt to you means little to me if we cannot mutually agree that you will report the debt as mentioned below.

While I realize that your purpose is to collect debts as a collection agent, I am also aware of what a paid collection would look like on my report, which is not favorable. That being said, I have concurred through the bureaus that you havethe absolute right to report this debt as you see fit or not report it at all.

Please do not quote to me that you are unable to change the listing or I will be forced to cease and desist our communication and request full lengthy verification of the debt.

My goal is to arrange a term acceptable to both us since this debt is questionable.

I will pay your company the amount of $xx as payment in full for the fullsatisfaction of this account. Upon receipt of the above payment, your company has agreed to change the entry on my credit reports to Paid, no lates. Youfurther agree to remove all previous notation of delinquency.

If you concur with these terms please acknowledge with your signature and return it to me. You agree the terms herein are confidential and you have the authority to make such decisions. No payment will be made without writtenconfirmation.

Upon receipt of this signed acknowledgment, I will immediately mail you funds priority mail. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and theoffer will be void.

Name of Creditor:

Signature of company officer :

Date:

Sincerely,

Name
Address
Social security number
Do not sign your name!

[cgeorge]

Are there any other methods to use to help your credit if your in serious debt?

[dogtown01]

disputing and pay for delete is your best option in my opinion.

cause lets say you just through your money at the problem your still gonna have a bad history and you will have to wait 7 years for it to fall off once you pay them.

once you make a payment the 7 years reset i think.

pay for delete and disputing is the key bro. my friend told me about this website and in justa phew months i raised my credit sore by 56 points. my advice is to get a secured credit card to start building credit while you are disputing.