A few years ago, I became quite ill and lost my house and car (owe $9K) as well as defaulted on unsecured loan ($12K), telephone bills (under $200) and 2 credit cards (1500). I have one judgment for approx $900 and numerous medical bills. I am now on Social Security Disability and don’t think I’ll be able to return to work because of my health and age. My income is 1988 per month and living expenses are approx 1500.
Although I am able to meet my current living expenses now that I’m on SSD, I have all this past debt hanging over me. I know my Disability can’t be garnished and the debt collectors rarely contact me once they became aware of my situation. The problem is with renting an apartment. I was lucky to get the apartment I have with my credit. The landlord overlooked it because a mutual friend vouched for me. Unfortunately, maintenance is awful and I would like to find a new place, but was rejected due to bad credit. Landlords I talked to don’t like bankruptcies either, but will overlook medical bills. Am I stuck until the bad stuff falls off my credit report?
Barbara
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You also need to carefully examine your credit report to make sure that everything is being reported accurately. That means look at the dates, amounts, limits, account numbers, etc. Scrutinize the reports with a fine tooth combs. Inaccurate information can provide the foundation disputing and eventually removing items from the credit report.
Agreed – Given the general intelligence and honesty of the dregs of the earth who work at collection agencies, there are mistakes on many peoples’ reports. Sometimes when you dispute incorrect information, you actually get lucky and the whole tradeline drops off your credit report altogether. Also, if you contact some of the smaller creditors, they might be willing to remove bad marks on your report altogether if you can pay them a “settlement.” to close out the account. Usually, they will take about 40% of the face value of the debt. The magic words when dealing with them are “do you delete?”
You should have better luck if you look for property that is owned AND MANAGED by an individual. Individual property owners are much less likely to use the credit reporting agencies; they would be more interested in hearing about your payment history from previous landlords. It costs money to get a credit report, & not just anyone can get one. Check your want ads in your newspaper, & also bulletin boards around your neighborhood. Also, when filling out applications, it helps to use the statement “will explain at interview” for questions that are hard to answer. Good luck.
Excellent tips.