Credit? Financing stuff?

[M@]

So, I recently discovered my credit isn't quite up to par, to say the very least. The past few months I've been working with a Consumer Credit Counseling place that actually handed my account off to a lawyer. They apparently negotiate with my existing creditors and try to make settlements with them for what I currently owe.

My question is, will places like these hurt my credit? I've been told by a couple people that it's a bad thing to have on your credit because it shows people that you basically couldn't handle the situation yourself, and you're paying someone else to do it and hold your hand through it. Anyone have any experience on this?

My other question is, what should I do about getting financed for a small personal loan (like $3k) or for a kind of larger loan ($10k)? How about for refinancing my car? I went to try getting financed for a new car the other day, but they said a co-signer would be required, but I don't have one, unfortunately. So now I turn to HAI for your expert (;)) opinions/advice.

I'm sure many of you have gone through this before, so any help/advice/handjobs would be greatly appreciated. Thanks. :)

[Conrad]

yes they hurt your credit.... because all your creditors charge off your account when they settle...

[Conrad]

There are places that have really crazy high interest rates that will allow you to refinance the car. I had to do this to get my credit rating back up... Do that. Pay the car off by making larger payments.. Then it will look good on your credit. And screw trying to buy a new car... Get a townhome, or a house. These loans are easier to get then a car loan and it does wonders for your credit.

[M@]

The plan is to buy my dad's house this summer, so we'll see. I'm already paying $325/mo on my Civic, though. Can you PM me the info on who you went through?

[M@]

Also, in the meantime, what do I do about the creditors that I owe money to? These lawyers are keeping them off of my back, but what should I do about paying them back? Some people said to simply not pay them back unless they summons you to court, then settle with them at that point. If they never do, then dispute the charge. But it seems to me that would just KILL my credit even more.

[Conrad]

www.coloradocarcredit.com "its whats poppin in t3h h00d!"

[Terry]

Rob a bank problems solved

[M@]

Hi, and welcome to the serious corner, jackass. If you don't have something worthwhile to say, gtfo.

[Conrad]

if you can pay your bills..... pay them. I wouldnt not pay them and attempt to settle with them. Charge offs are about the worse thing you can have next to collections agencies...

quit wasting money on the civic, get something reliable and learn to use your moniez wiser!

[Nate]

Like Conrad said most of those places suck. They may get the debt settled but the places you owed money to don't just say the account was clean. It is all referenced in your credit report. Then, even though you may not have to pay them back new loan/credit places will see that previous debts were not paid in full so obviously it is more risky to loan you money.

I was told never to use those places, if you can make your payments, make your payments.

You said before in chat you are paying your stuff just fine, is there a bunch of other stuff that you aren't paying? If so, all you are doing is furthering the issue. I had a TON of CC debt and luckily I was able to pay it all off, but until that time I made all my payments, paid extra, and things stayed great in terms of credit history.

If you are saying now that lawyers are keeping people off your back then obviously there are people you aren't paying. You have to figure all that ish out before you expect to get decent loans, even before you try to "rebuild" your credit. If you are making good payments on 2 loans, and you have 2 people still trying to collect other stuff the good stuff doesn't help. Anything bad can drop your credit quick, anything good can up your credit SLOWLY.

It's hard to say a good plan without knowing what the stuff is that you aren't paying. If it is something you will never be able to pay off maybe its just time to get it all settled, accept that you have shit credit for 7 years and figure out how to settle it.

Financing a new car when you have lawyers keeping people from collecting money you owe them doesn't sound smart does it? Everyone wants things, but if your credit future is more important to you, take that motor, throw it in a $500 car, and be happy with what you have for a little bit.

Get the stuff worked out that you currently owe on, and then think about financing something to build credit back up.

[Conrad]

bad paper on your credit sucks... i still have problems when they see shit on my credit from 97, 98, 99

[Loud_Scott]

those places will ruin your credit. i had a CC company offer me "a settlement" cuz i couldnt make the payments and then only LATER figured out it fucked me. dont ever agree to pay less than you owe, it'll fuck you.

[M@]

So, with each company that I owe to, just setup a payment plan with them?

[Conrad]

So, with each company that I owe to, just setup a payment plan with them?

yeah... you are definitely going to have to buckle down and quit wasting money on retarded shit. get a set of snow tires on the civic, quit ricing it and hunker down for some bill paying.

[M@]

Word.. good call. I have a decent set of all-seasons on there now, but they weren't the best. I'm just worried for the crazy snow storms.

[Conrad]

tie terry to a sled and whip him!

[Terry]

yay!

[M@]

That almost sounds like something straight out of one of my sexy dreams.

[Terry]

Conrads going to get excited you better calm down m@

[Conrad]

Conrads going to get excited you better calm down m@

whos my bitch?

[M@]

:( Me.

[Terry]

Sure as shit not i.

[Conrad]

sorry for turning this thread south... back on topic...

[M@]

Not much left to discuss, really. Got the info. I needed. :) Thanks, btw.

[Conrad]

well fuck you then...

[M@]

You don't love me anymore?

[Conrad]

+1

[Nate]

Word.. good call. I have a decent set of all-seasons on there now, but they weren't the best. I'm just worried for the crazy snow storms.

Seriously though, look for a bus route if you are really worried on a certain day. In all honesty, the roads hear are clear the day after it snows, get some non-performance tires and turn down the boost and you should be fine.

It's a Honda, not an El Camino SS.

[M@]

Well, luck has it, I'm buying a much better much more reliable beater than my Prelude. I'm getting it for a hair over $1,400, too.. great on gas, etc. So, I think that will be my best option. Then, if I finally grow the courage to sell my Civic, I can do that and not be screwed. I won't be out much money though, since I'll be selling the Prelude.

Thanks for the advice, though. You make good points.

[Street_Kings]

If you can get a credit card, get one, and use it really, really responsibly to start re-establishing credit. When my credit was omgwtf horrible, i had to end up getting a secured credit card. Basically, you give them 300 to hold and they give you a credit limit of $300. I opened 2 accounts, one for gas and one for the bar, thats all, and paid them off ontime every month. That starts to give you good standing on revolving accounts and in my case after 6 months they doubled my credit limit and refunded my deposit with em.