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is there real solution to bad credit aside from bankruptcy?

creditors hound me all the time even if I pay my dues but its a never ending balance.. also I had repo and sticks like a sore thumb all the time.. do you know of any good solution to this?


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8 Responses to "is there real solution to bad credit aside from bankruptcy?"

  1. justathought says:
    Call a debt consolidation co. they put us on a plan cut our interest in half and we have great credit now. We used Genius Debt Solution.
  2. Pancakes says:
    Credit counselers can lower your monthly dues and keep creditors from calling you. Of course, you will not have any credit cards for awhile. But, it’s about all that you have left besides bankruptcy. Check your yellow pages.
  3. question_ahoy says:
    Try to negotiate lower payments. Make sure you pay on time. try to minimize any use of credit at this point; just work on paying off.
  4. April says:
    bankruptcy will only make your credit worse. If you’re trying to figure out how to get the creditors off your back without that, I would suggest a consumer credit counseling agency in your area. DO NOT pay for the service! There are numerous not-for-profit agencies that will help you work with your creditors to make payment arrangements and with some of them, you make one payment to the credit counselors and then they pay the creditors from that.
  5. Momof2 says:
    Do you own your own house? If so, you can take out a second mortgage which hopefully will be enough to pay off your debts. If not, it takes a good year of paying your bills (credit cards, car payment, etc.) ontime each month before your credit score will rise. If you file bankruptcy it can haunt you for at least 7 years. I wouldnt do it. Always pay more on credit cards than the minimum, even if you can only affor 10 bucks more. It adds up! Also, each time you apply for credit your credit score will go down. If you have credit cards with a zero balance, close them. They are considered open credit. What ever your credit limit is, it reflects your credit score because it is considered open credit. You should, however, keep one card for emergency use only. Good luck. Been there. WHAT EVER YOU DO, DO NOT CONSOLIDATE! FINANCIAL EXPERTS ADVISE AGAINST THIS!
  6. resource man says:
    inspect for yourself see if this can help
    just something i found describing your issue
  7. commorancy says:
    Federal as well as some state debt collection laws states that you can formally request that the bill collectors stop contacting you about the debt. Once you make this request, however, the only contact they can make with you is through a subpoena (legal documents) to sue you for payment. They will no longer be allowed to make any paper requests for payment or via the telephone. So, if you request them to stop, they can and may take it to the next level (i.e., court).

    Of course, if you formally request and they do not stop, then you are entitled to sue them for violating the law. I believe the penalty for each infraction is around $1000 per abuse. So, once you formally make the request, you will need to document each and every contact they make with you after that point.

    As far as getting better credit, just continually pay off the debt diligently each month. If they see you are diligently paying each month, eventually your credit will get better. The repo will haunt you, though. I’m not exactly sure how to remove this from the credit report other than to pay off that loan on the vehicle as well.

    A credit counselor would be able to tell you more about your options. However, I would be careful when using a credit counselor. The fact that you are using a credit counselor also goes onto your credit report and can sometimes make your credit worse rather than better.

    Please note, I am not a lawyer. So, you should always consult an attorney for all legal options available to you in the locale where you live.

  8. Unfolding Fire says:
    There’s no “magic” solution to bad credit. However, you can stop your creditors from hounding you. Refer to the Fair Debt Collection Act (see Source(s), below). This does not make the debt go away. You still owe the money, and it really does help if you start a repayment plan.

    The only solution to bad credit and debts is a repayment plan and time. Bankruptcy does not change this. It simply removes some of the debt burden to give you some breathing space. You need to review the new bankruptcy rules, either online or with a bankruptcy lawyer so you’ll clearly understand what you might be getting yourself into if you file for bankruptcy.

    You can contact the credit reporting agencies and correct any reporting errors that might negatively impact your credit rating. Sometimes you’ve paid a debt in full and the company doesn’t remove the “ding” from your report.

    You’re entitled to receive 1 free copy of your credit report per year from each of the credit reporting agencies.

    You might check out credit counseling agencies in your area. Be very careful if you try to use one of these agencies. I’ve heard that a few of them actually end up costing you more than the debts you owe and they don’t do anything that you couldn’t do for yourself if you’re willing to make the effort.

    I know I couldn’t offer much specific help but I hope this helps a little.

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