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Advice on how I can get a job?

Need advice on Credit problems...how can I pay if I can't get a job?

  • So obviously the "Duh" answer is "Pay your bills." I have about $3,000 in defaulted credit history that I need to pay off, and the problem is that I'm living ...show more

  • Answer:

    Here is an answer you won't believe: QUIT PAYING on defaulted debt. It won't make a difference to your credit score if you pay it off. It will actually prolong the time it stays on your credit report. Here is another one: Employers DO understand when your debt is medical bills or money you owe because you could no longer pay re-curring bills like the rent or the utility bill. They don't understand credit cards that got maxed out and then sent to collections - that is irresponsible behavior. Go to school and get your degree and leave the mess alone. If you do get sued... show up in court and explain to the judge that you had no insurance to pay the medical bills and that you had no job to pay the other bills and that you did not intend to get sick nor did you intend to lose your job. Most likely it won't come to that unless you have defaulted credit cards... Your bad credit issues will fall off your report within 7 1/2 years of the recorded "default". That sounds forever.. but it is not. By the time you are done with school and applying for that "real" job.... they will be so old that your prospective employer won't bother with it and even then... you can explain what happened and how you tried to better yourself and got an education to get out of the financial mess you were in. Good Luck.... and just leave it alone.

S4URWUVILWBWMJNRGSU5FURG7I at Yahoo! Answers Visit the source

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There are no non profit organizations that can assist you with paying back defaulted credit card debt. There are private charitable organizations that can help people...but these are reserved for catastrophic type situations. When a credit card completely defaults, this is noted on your credit report as a “charge-off.” This will stay on your credit report for 7 years. It is very important to understand that paying back a charge-off will not repair your credit. Your credit report will be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. A charge-off, whether paid, settled for less or not paid at all, will remain on a consumer's credit reports for up to 7 years....so you'll be stuck with damaged credit regardless of what you do. A "settled" charge off does look better on your credit report for the sake of employment. Paying back charged off credit card debt: One of the worst mistakes you can make is to naively call up whatever collection agency that has your account and offer to pay off the debt in small amounts over several years....they aren't interested...and it will do nothing to help your credit rating. They want up front settlements. If you're going to pay off old charged-off debt anyway, then you might as well negotiate the lowest, rock bottom settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report, regardless of whether the charge-off is paid or unpaid. ...Offer 20% and go from there. Get all terms in writing prior to paying. There is a non profit firm called Credit Counseling Services (CCCS) that is funded by the credit card industry. This is only good right at the point where you've gotten over your head with credit card debt....not after you've already defaulted. If you call them up...they will for sure put you on a payment plan...but it will do zero to help your credit rating. Bottom line: Save up $600 or so....once you've done this, offer to settle these defaults in up front settlements.

CatDad

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