Steve, when I was 22 I signed up for a credit card and treated it like free money. I signed up for 2 more over the next few years and maxed them all out. I racked up 20k in debt and paid the credit card companies $100/card a month until I just got frustrated and behind and then stopped paying them.
I now am an adult, 32, and have two children. My wife and I can’t buy a house because of my credit. I have 20k+ in collections now because of my stupid move to stop paying my cc bills so we can’t even get pre-approved for a house. My wife and I make 125k(combined)/year and yet we live in an apartment with my daughter. We have some money put away(15K) along with a my 401k (30K).
How can I get my credit score up and not have to wait 5 years?
Don’t worry. We all make dumb mistakes at times.
So the $20,000 in collections is from ten years ago?
If not, when did these accounts go delinquent and what type of accounts are they. Additionally, what state do you live in?
Have these accounts been sold to another company or is the original company trying to collect on them?
What kind of current credit accounts do you have that you have an on-time record of paying?
I feel confident we can get this situation headed in the right direction, I just need some more information.
Please post your responses and follow-up messages to me on this in the comments section below.