Non credit card credit question…

[Blowery]

So I too just applied for a cap one credit card.. took a long time and they said they mailed it like on the 17th.. so it’ll be here soon.

First off all let me go over my HORRIBLE credit… I probably owe EVERY big bank out there at least two closed accounts with credit cards.. chase / wells / cap one / BOA / Wamu , ect ect.

I have a score of about 509 ( most of this stuff will fall off around 2014 )

So my questions are as follows.

would it pay to just pay off some of the smaller ones and let them stay another 7 years but show as paid ? or just let them fall off ?

second, my fiance has an FHA loan with a 5% intrest over 30 years for the house.. we want to add me to it. One, is if even possible, and two, would I have any chance at all of being ” added to it ” .. we would like to stay away from re financing if possible.

Third – With the cap one card… with my score so low, and me owing SO many negative things, should I just give up and wait till 2014 !?!?! I mean, my credit is probably the worst anyones seen in a long time, im 24, and I royally screwed it up.

If this is hard to understand, please let me know, ill check back often for updates. :!)

[TEKHD]

In my opinion… you should not pay a cent… keep your money, let all the negative stuff disappear by 2014, use your cap one credit card here and there, never above 30% of the credit line, pay in FULL… and then… in 2014 or 2015 do what you want to do with the house… right now, don’t even try in my opinion. Do this and by 2015 you will be reborn….

I’m 32 and I messed up my credit big time too when I was your age… Now by august this year, I will be reborn.

[fontanaman]

I agree with TEKHD. Don’t even bother paying, they will fall off in a couple of years. Why would you want 7 more years of bad credit? Paying will not improve your scores, it will make them look a LITTLE better for lenders, but you guys already have a mortgage and are not looking to refinance…Just be patient, rebuilding takes time and you are already on your way by opening a credit card. Treat it right and in a few months get a second one. In the meantime you can try to take care of the accounts that will not fall of in a couple of years. “Pay for deletes”, it actually works. Get everything in writing before you pay. Don’t trust collection agencies, they will tell you anything to get your money.

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