: Need some advice and help to restablish credit..



nafizur
2009-10-28, 08:00 PM
hello guys ill make this as easy as i can for you guys to understand my situation.. to start with here is wat i got from Transunion when i did my credit check

TD/GM VISA More about this account >>


Account #: 4551********6877
Condition: [Closed]
Balance: $397
Type: Revolving account
Pay status: Paid as Agreed
Payment: $19 Monthly (due every month)
Opened: 09/23/2005
Reported: 10/16/2009
Responsibility: Individual account

Remarks: Cancelled Account/Non-Derog Rating
Amt In High Credit Column (Disp 122-130 of Trade Segment) Is Credit Limit

High Balance: $500
Terms:
Limit:
Last Activity: 10/16/2009

Late Payments (last 6 years):
30 Days 11
60 Days 1
90 Days 1

GOVERNMENT STUDENT LOANS More about this account >>


Account #: ***9706
Condition: [Closed account] ([Transferred])
Balance:
Type: Installment account
Pay status: Paid as Agreed
Payment: $0 Monthly (due every month)
Opened: 12/01/2006
Reported: 11/15/2008
Responsibility: Individual account

Remarks: Account Transferred
High Balance: $2398
Terms:
Limit:
Last Activity: 11/15/2008

Late Payments (last 6 years):
30 Days 1
60 Days 1
90 Day 7

ROGERS WIRELESS INC. More about this account >>


Account #:
Condition: [Derogatory]
Balance: $1152
Type: Open account
Pay status: Bad debt/collection/skip
Payment: $0 Monthly (due every month)
Opened: 05/31/2004
Reported: 10/18/2009
Responsibility: Individual account

It says That the Account has been Collection Charge Off


ALso My Credit Score Shows as 526 and it says
Your credit ranks higher than 2.52% of the Canadian population also it says
Your creditworthiness is Very Poor


So From that i would like to know.. HOW BAD IS MY SITUATION???
Can i ever recover from it??
Should I PAY rogers Back there money?? nov 2010 will be 7 years ( i called the collection agency who has the rogers account and they said they can settle the account if i pay them 500$ and they will put Paid In Settle on my report instead of it saying "bad"
my student loan was paid of few months ago i paid it off to the collection agency.. Td Visa is ok i am paying it off slowly i have about 400$ to pay i willl pay that by next month..


SO now i want to know if i have any chance to gettin this fix.. am i in a bad position?

and finally Whats the Main and Best thing for me to do Right nowwwww, so i can start gettin my credit back up..

Spidey
2009-10-28, 10:12 PM
It's a healthy step that you are asking for advice but you don't give enough information to answer properly. How bad your situation is and how easy it is to fix depends on your ability to pay.

The only advice I will give you is to avoid debt. I've seen debt make my parents lives miserable their whole life and I vowed never to live the same way. While many people consider debt as bills, most people on the financial forums consider paying off debt to be the best investment and the cornerstone of their financial freedom.

nafizur
2009-10-28, 10:32 PM
well money is kinda tight but my main thing i want to know is .. should i pay of the rogers?? its in collection at the moment and reported as COLLECTION CHARGE OFF.. donno wat it means butt i do know nov 2010 will be 7 years for that account n its off

Berubeland
2009-10-28, 11:37 PM
I made a serious mistake when I settled all my credit cards after I went through my divorce.

I killed myself to pay them back and it didn't improve my credit one bit. I still have to wait for the 6 years to be up to get credit. I have applied for a secured credit card and been refused.

As for Rogers I am so mad I could spit. First of all a Rogers rep came to my house and my step son ordered cable. I did not know it was in my name. As soon as i found out i cancelled it and the bill was $100. I refused to pay it and they put it on my credit report.

Fast forward a few years Bell Canada was unable to supply me with dry loop internet (internet with no phone line) I had no choice but to use Roger's services for internet which I unfortunately still give them money for. Before they would hook up my internet they required me to pay the $100.

So I ordered my credit report..... it's Roger's collection is still there!!!! I have called them and called them. The old account i paid has disappeared. I never thought to keep the receipt so I am screwed.

Praxair same thing I settled with them. Does it show up on my credit that I paid them? Not at all.

Now I need to waste some of my life dealing with this crap.

TD Canada Trust does not provide secured cards if you have any open collections. (collections that have not been paid)

The word of advice I have for you is DOCUMENT EVERYTHING. GUARD THE RECEIPTS WITH YOUR LIFE. These companies are very quick to put things on your credit and very slow to take it off. Then you have to prove that you paid it.

And it's 6 years to fall off your credit I think not 7 so save your dough.

Cal
2009-10-29, 11:08 AM
I think that there are credit counselors out there who may be able to help.

Not sure what your situation is as you really didn't give much info...

Perhaps the Rogers bill is b/c there was a family tragedy and you incurred a lot of long distance expenses discussing family matters (which would truly be unfortunate) ...or maybe you were just living above your means with the ultimate cable/movie package even though you were carrying other debts (which would really leave us with little sympathy for your situation).

Regardless, I think there are counselors out there who would be of help.

specialk
2009-10-29, 12:52 PM
First of all, nothing on your history will just "disappear" after a set amount of time if you have not paid it off. I believe (and I could be wrong on this) that the 7 years stuff is starting from the time you actually paid it off. However, there may be a statute of limitations that says they can't collect anymore if they haven't tried after a long time, and maybe that is the 7 years you are referring to? How much is the Roger's debt?

The best way to improve your score is to just get out of debt and stay that way, but this is the best thing for your life anyway regardless of your credit score. Here is a good link to requirements for a mortgage in Canada and includes what you need for a credit score etc. Outside of a mortgage, I do not borrow money anyways so I don't really care about my score all that much.
http://www.mortgagescanada.ca/home-mortgage.html

AndrayDomise
2009-10-29, 04:26 PM
My first piece of advice is to go buy Dave Ramsey's book "Total Money Makeover".

Next, get the credit card paid off as soon as humanly possible. Next, the student loan, and then the Rogers bill.

Student loans should always take a high priority, because your tax refunds can be withheld and redirected to pay off government loans. Your wages could also possibly be garnisheed. If that happens, forget the 7 year blemish: whenever you fill out applications for new credit (and sometimes new jobs), you will be asked if your wages have ever been garnisheed.

Answering yes to that question puts one big strike against you.

Best of luck to you.

AndrayDomise
2009-10-29, 04:27 PM
Your credit is fairly low, by the way. Still, keep in perspective that your credit rating is your attractiveness to potential lenders. Since you should be avoiding lenders like the plague at this time, just focus on getting your debts paid off, and don't worry too much about the rating.

Just be glad you know exactly where you stand, and what needs to be done from here.

nafizur
2009-10-29, 06:28 PM
thankx for the info. appriciate it .. i guess i will work things out slowly and start building credit.. whats a good secured credit card company in canada ontario?

DAvid
2009-10-30, 12:51 AM
First of all, nothing on your history will just "disappear" after a set amount of time if you have not paid it off. I believe (and I could be wrong on this) that the 7 years stuff is starting from the time you actually paid it off. However, there may be a statute of limitations that says they can't collect anymore if they haven't tried after a long time, and maybe that is the 7 years you are referring to?

Correct -- Information on a credit report seems to hang on FOREVER! When I first obtained my credit report there was one old loan reported that I could not remember -- then it finally dawned on me -- it was the "no payments for a year" freezer we bought for our first house. The loan was paid before the year came due, but the record of that paid loan is still on my credit report.

I presume that as time goes on, and you rebuild your credit, the record shows your increasing responsibility, and the likelihood of a bank loaning them money increases, simply because they have shown financial responsibility.


That purchase was a lesson in a different manner -- the financing charge was pretty close to what we would have paid in interest to the bank had we borrowed from them for the purchase. Since that time we have stayed well clear of the *&^%#@ consumer loan sharks.

To the OP: There are those amongst us whose credit is higher than all but 2.52% of the population -- you should aim to emulate them. As others have stated -- pay off your loans, speak to a credit counselor about the Rogers debt, and live in a fiscally responsible manner. Once you have a credit card, use it cautiously to pay expenses for which you already have the cash & have to buy anyway such as paying utilities, groceries, etc. this way you can rebild a creditworthy record and eventually be in a position to obtain credit in greater amounts and at better rates.


DAvid

Berubeland
2009-10-30, 01:56 AM
Things hang on your credit report for 6 years after the last reported transaction.

For instance if you pay your Rogers bill now after 6 years the last reported transaction will be today so 6 years after today. If you let it "expire" it will disappear in November unless they make a mistake and leave it on.

m80
2009-11-06, 12:25 PM
well money is kinda tight but my main thing i want to know is .. should i pay of the rogers?? its in collection at the moment and reported as COLLECTION CHARGE OFF.. donno wat it means butt i do know nov 2010 will be 7 years for that account n its off

I believe credit score starts to improve based on the date of last activity, and things get removed based on the length of time that has elapsed since the date of last activity (ie the 7 years).

Therefore, if Rodgers has stopped reporting on this a long time ago (ie more than 2 years ago) based on the COLLECTION CHARGE OFF, then paying it may cause them to report it again, and that may hurt your credit score.

If they are still reporting on it or have reported on it recently (within 2 years) then paying will help your credit score.

However, I am not an expert, and I would advise talking to an expert before making a decision.

Matthew