never pay your old debts if you're tryna boost your credit score smh

[Bboystyle]

he finna listen to these coli cats, have that shyt go to a collection agency be a negative mark on his financial record all while thinking he raising his credit score

He clearly stated his debt from 3 years ago is already in a collection agency and is on his credit score.

Why the fukk would he wanna pay it for when it's already a negative mark on his credit?

 

[Bboystyle]

Wtf are you talking about you fool
Your score will remain low until you pay off that debt because guess what. That shyt is on our report which when you go to apply for a loan/credit card they can see. They key is to get it deleted off your report.

If you do not plan to take out a big loan anytime soon the yes it's doesn't really matter.

And whats the fukking difference does its make of debt is secured or insecure when it comes to credit scores you dumb ass


I bet money your credit score is shyt

Breh you're giving the worse fukking advice in here and you clearly have no idea wtf u talking about.

I can 100% guarantee that you probably think if u pay off a debt that's has effected your credit score before the seven year drop off, it will help your score.

You are the idiot collection agencies love. Do some research before u come talking in here about how debts work

 

[Bboystyle]

My credit score is 670..and I keep getting denied loans because of short line of credit, because my oldest account is only a year old, if I were to piggyback off my grandmother's credit card, which is over 10 years old and in good standing, plus her score is 820, would it report on my credit report that I "now" have a long line of credit because of her card

No it won't. What it will do is help your score by adding more positive credit lines to your name. There's more then one factor when it comes to getting/increasing your score.

one factor in that is not having enough open credit lines. For someone who doesn't have a long history of credit, opened new accounts will help your score but only do so if U can afford to utilize your credit usage below 20%.


It's a long process for those trying to fix or get started. It took me over two years to get my shyt established and I'm sitting on a 795 credit score.

 

[BantuKnotz99]

No it won't. What it will do is help your score by adding more positive credit lines to your name. There's more then one factor when it comes to getting/increasing your score.

one factor in that is not having enough open credit lines. For someone who doesn't have a long history of credit, opened new accounts will help your score but only do so if U can afford to utilize your credit usage below 20%.


It's a long process for those trying to fix or get started. It took me over two years to get my shyt established and I'm sitting on a 795 credit score.

so how do I get these loan folks to stop denying my shyt? Basically how can I get a long line of credit history

 

[IAmGettingAMailOrderBride]

So if I get a credit card, buy a brand new car with it, don't pay it off in 7 years, I'm good?

- blackierobinson

 

[Michael's Black Son]

Crazy shyt is that $25-50gz liquid would do wonders for everyone in this thread. Because with that kind of $ I would legit settle all kinds of debts, chill for a minute and keep it moving.

 

[Bboystyle]

so how do I get these loan folks to stop denying my shyt? Basically how can I get a long line of credit history

It's hard for me to say because I dunno your credit history or your current situation. Basically if your fresh with no credit establish, u gotta start off with secured credit cards. Capital one is a good choice to get a secure credit card. I started of with them and within six months they offered me an unsecured credit card. My next step was to try to get unsecured credit else where so I opened up a finger hut account which is basically an online store. Yea their prices for products are higher then most places but u gotta see it as in your paying extra to get your credit score up.

Unless u have a co signer, it's gonna take time Breh. But using your grandmas account to piggyback is a good way to start off As well

 

[Bboystyle]

So if I get a credit card, buy a brand new car with it, don't pay it off in 7 years, I'm good?

- blackierobinson

Doubt u can get a card with a credit line enough to cover a brand new car breh

 

[Slystallion]

You took too long to pay that off damage has already been done and it drops off after 7 years anyway

 

[Family Lives Matter]

I don't have any debts other than my mortgage people borrow money like its free

If I can't afford it i don't get itv

 

[iFightSeagullsForBread]

I swear I needed this thread a month ago.

 

[HalfwayHandsome]

ALSO IF U PAYING OFF A COLLECTIONS EACH PAYMENT U MAKE U WILL LOSE TEN POINTS BECAUSE THEY ARE REPORTING THAT YOU ARE PAYING IT. CALL THEM AND TELL THEM NOT TO REPORT UNTIL THE VERY LAST PAYMENT

 

[CACarot]

I owed 9k to the bank from 2008. I called them and told them my aunt was gonna give me 3k and that's all I got. I said I can wire the money thru my lawyer this week is you agree. They told me they would call me back. ...
They called me back in 20 mins and agreed. I also told them I want it in writing that they will take it off my credit report... they sent that email the next day with everything I demanded...

So that 6k they wiped away for you will be reported as earned income on your taxes, adjust accordingly.

So if I get a credit card, buy a brand new car with it, don't pay it off in 7 years, I'm good?

- blackierobinson

Credit Card company will likely take legal action on you. The amount to buy a new or used car say 15k and above will be enough for the company to willing to take you to court which is a beast of a problem you don't wan't to deal with.


@Sly Cookin. Don't bother paying it, unless you need to do something financially in the next 2 years. 7 years it won't reflect on your credit, Medical bills don't get viewed as heavily as other debts to begin with and with each passing year it's impact drops off. Sooooo being at 5 years already it's effect is probably minimal. Honestly you must have been denied a CC for more than just that, I know it has to be more than just that truthfully. Look at other debts you currently have or didn't pay, length of credit history, your income , the card you are applying for restrictions , credit score , how many credit card's you applied for recently etc.

I know a fare share about credit I worked for a bank in a credit department for 5 years. Charged off for those who are unaware is basically when you let your account go past due for over 6 months. You generally build up to it in these stages 5 day past due-30 day-60 day-90day-120 day-150 day-180 day-Charge off. This can occur whether you are paying on account or not. I can charge off for not paying at all, or charge off because I have made payments just not enough to cover my past due balance. Generally companies will hold off Charge off if you are paying something towards the balance to cover a portion of your past due.

Paying charged off accounts is stupid tho. It's already reached it's "maximum" when it comes to negatively affecting your credit. Now it's on the downswing but you reactivate or acknowledge the debt by making payments and thus making your credit score even lower. Unless negotiated on how it will report , paying on a charged off account will adversely affect your credit.

 

[newarkhiphop]

He clearly stated his debt from 3 years ago is already in a collection agency and is on his credit score.

Why the fukk would he wanna pay it for when it's already a negative mark on his credit?

aren't you guys in here preaching that it doesn't fall off for 7 years, what if he needs to go to a bank and get a loan? What if wants to fiance a car? Or anything else, that mark is going to show up.

Instead he could call the collector up, tell them to send a paper bill, he sends them a check, after a few weeks he calls up the three major credit score keepers equifax, experian and Trans union and have them remove that from his record

Na yall logic is keep shyt on there for almost a decade


what do you think is gonna happen in 7 years once his credit is clear and the next time he racks up a bill he can't pay? He gonna become financially responsible all of a sudden?


secure debt, unsecured debt

Y'all financial advice is everything but no debt

 

[Amestafuu (Emeritus)]

Student loans are different, that's usually a secured debt. that shyt is gonna follow you for life, plus you defaulted.

Credit cards and shyt are usually unsecured, meaning that unless you lose a judgement they get purged from your credit after 7 years and the collector can't garnish wages or place property liens to get their money, they can just pester you to pay.

Learned all this shyt in the past day.

Yup

I danced around on some creditors after the recession. Hit em with the

The only thing I paid off was small student loan with a tax return