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charw812 · Joined: 03 Aug 2008 Posts: 2 1.94 Dollars($)

my husband and I both have bad credit, we are renting a home and have to purchase it by 2009, everything on our credit is collections and charge offs, what is the best way to achieve this. we have a combined income of 110,000. advise on how to settle and clear our credit and get our scores up

adonis · Posted: Sun Aug 03, 2008 10:33 pm Post subject:

Welcome Charw,

How many of your accounts are in collection? and which of your debts are in charge-off? If the charged-off isn't a large amount, I suggest pay it off - that's the best way to remove it and get it reflected on your credit report as "Pay for delete". Just check out the Credit Repair tool to know how to remove collections and charge-offs.

sara · Posted: Mon Aug 04, 2008 11:48 am Post subject:

Hi Char,

Welcome to the forums.

I too would be interested to know exactly how long have the accounts been in collections? And have you been receiving any calls from the collections agencies?

If you're looking to buy a home, the best way to improve your credit is to pay off the debt accounts in collection and charge-offs. If they are too many, then try paying off the ones that are quite recent as because old debt accounts don't affect much. Check out the information on Credit repair for some tips on how to raise your score.

Take Care

Guest

most of the debt is charge off approx 10 charge offs and 6 collections, most of the collections are old about 6 yrs or more but have been sold to collection agencys and reported with current date not actual date

helping_user · Posted: Tue Aug 05, 2008 12:25 am Post subject: RE: debt consolidation may help

Hi Charlene,

Where do you stay? I would like to know the SOL. Once you start making even a partial payment after the SOL expires, chances are that the SOL may start off again.

I think you should try to pay at least a few of the charge-offs and collections. Why not enroll for a debt consolidation program? I know of one such community which can help you get debt free - it's the debt community at "debtconsolidationcare.com" . You may take a free counseling session with them on how to manage and pay off your debts.

Thanks.

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help we need to purchase the home we are renting by early 09