Quote:
Originally Posted by ken0042
http://www.creditcounselling.com/
The bottom line as I understand it is this:
- Companies only have 2 years to collect debt from you. That is 2 years from the last date you acknowledge the debt.
- Bad credit will stay on your account for 7 years. If you have 4 year old bad debt, and decide to pay it off, that black mark will stay on for 7 more years.
Get yourself a secured credit card, and keep your nose clean until it all drops off your record. That's what I did.
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That is EXCATLY right.. there is a time when paying off your old debts is worse then NOT... an R9 with a ($0) balance is the same number of points as as an R9($10,000) balance...
you make a payment or contact them about the debt and it's gonna reset the 7 year counter.
The best way to repair your credit.. and it takes a while... is to get a secured credit card, and or finance a car through one of the we take bad credit people... it costs you money.. but it's the cost of doing business in the credit world.
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Uhwh warehouse