MikeZX10R Posted June 23, 2013 Report Share Posted June 23, 2013 Hello all! FIrst off I would like to say thank you for all information that is forum has to offer. I have been doing alot of research, but im still stuck in my current state. I will keep my sob story to a minimum, and get to the point. Early 2010 I was diagnosed with cancer. I had a ok job, but was new and my medical had not kicked in yet( 90 wait period). long story short, I had to pay all the medical bills out of pocket. The bad part was most of the bills over time went into collections. There was about 9 bills that I simply just didn't have the means to pay, and ended up losing my apartment. I had 9 collection accounts and one judgement on my file(due to the loss of apartment). As of today i have paid all bills off, and im working to get the judgement paid completely off. The situation that i am in is i want to buy a house. I spoke with a few lenders( my bank and credit unions) and each have told me even though i have paid off my past bills, and current on car, and students loans, i wouldn't be able to get a loan due to all the negative marks on file. So my question is, is letting the bad marks fall off my file in time the only option i have? I was told to file BK as it would be a better and faster solution, but I am skeptical about that being I only have one debt left. Any thoughts on BK option? Only credit i have is a auto loan that is current( Paid off in Aug/2013), and student loan that has been put in forbearance while i pay my other debt down. My grand total for all my past debt was just over $31,000. My credit scores as of today experian: 526 Equifax: 494 Transunion: 478. Link to comment Share on other sites More sharing options...
kutuzov Posted June 23, 2013 Report Share Posted June 23, 2013 You need a cc, keep paying your car do not pay it early it will be your only goody there. After a few years your score will go up when the paid collections age, it pretty much goes by year FICO seems to like the year mark, from the day it was placed on your credit. As long as you don't acquire new badies and get some other credit line to keep reporting you'll be fine, also for a house you'll need a score of at least 600+, so between the inquires you'll have when you get a cc and the aging maybe 2 years, to qualify. Link to comment Share on other sites More sharing options...
S. Louis Blisko Posted June 24, 2013 Report Share Posted June 24, 2013 First question would be "when" did these accounts go into collection? Before thinking about future strategy and options you need to consider timing. Link to comment Share on other sites More sharing options...
MikeZX10R Posted June 24, 2013 Author Report Share Posted June 24, 2013 Everything started to go in collections around early 2011, not sure how long it will stay on my file. im guessing 7yrs Link to comment Share on other sites More sharing options...
admin Posted June 24, 2013 Report Share Posted June 24, 2013 @MikeZX10R - The reporting period goes 7 years from the date of chargeoff, which is 6 months usually from the date of last payment. Link to comment Share on other sites More sharing options...
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