If My Father Buys Off My Past Debt Will It Help Improve My Credit? – Jonathan

“Dear Steve,

I’m going through a lengthy divorce and custody battle in addition to having been out of work the last 5 1/2 months. My credit is pretty awful as you might imagine (mid 500’s). My debt including my car (roughly 15k) and a loan from my father for lawyer fees (20k so far) is almost 50k. Fortunately, I will be starting a great new job next

My father has generously offered to buy my debt and let me pay him back over the next 7 years. My question is whether there is any way that in my repaying him, I can also improve my credit.


Dear Jonathan,

It can as part of a larger process. By paying off your old debt it will stop the continued reporting of negative past credit. but to improve it moving forward you’d need to start building new credit again. The most logical way to do that is through this process.

Please post your responses and follow-up messages to me on this in the comments section below.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

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