Post by account_disabled on Jan 3, 2024 8:34:10 GMT
Agood credit A friend of mine started his adult years with good credit. Soon he was able to get the credit cards he wanted as well as finance cars snowmobiles and more. He paid and fell deeper and deeper into debt while he was at it. By the time he was he had over in credit card debt plus car and business equipment loans. In the end it was too much to bear. After considering bankruptcy he was convinced that the credit card companies would reduce his debt if he just threatened to declare bankruptcy.
However he had to stop paying with cards otherwise the card companies would not believe that he was in financial trouble. He did so and then composed a nice letter to the companies photo retouching explaining his situation. Most cut at least of what he owed but he had to pay off the remaining debts immediately which he did with the home equity loan. As a result his bad credit rating was not as bad as if he had actually declared bankruptcy so he was able to rebuild his credit score. He also started rebuilding his credit balance. His good credit rating allowed him to restart the borrowing process.
His life is stressful to say the least. friend got her first credit score based on the phone bill on her first apartment which she never paid on time. In the end it was turned off. This along with several other minor credit violations destroyed her credit scores when she was young. What did that mean for her Well since she cant borrow she didnt have the pleasure of being overwhelmed with debt and on the verge of bankruptcy. He has to buy things with cash when he has it or wait until he saves enough.
However he had to stop paying with cards otherwise the card companies would not believe that he was in financial trouble. He did so and then composed a nice letter to the companies photo retouching explaining his situation. Most cut at least of what he owed but he had to pay off the remaining debts immediately which he did with the home equity loan. As a result his bad credit rating was not as bad as if he had actually declared bankruptcy so he was able to rebuild his credit score. He also started rebuilding his credit balance. His good credit rating allowed him to restart the borrowing process.
His life is stressful to say the least. friend got her first credit score based on the phone bill on her first apartment which she never paid on time. In the end it was turned off. This along with several other minor credit violations destroyed her credit scores when she was young. What did that mean for her Well since she cant borrow she didnt have the pleasure of being overwhelmed with debt and on the verge of bankruptcy. He has to buy things with cash when he has it or wait until he saves enough.