I haven't paid on my credit cards in 7 months?

Question

I haven't made any credit card payments since November of last year. My child got sick and I had to quit my job. When it came between food and paying bills, well, frankly, we ate! Is there anything I can do now that I am able to work again? I can make the monthly payments but there is no way I can go back and pay the hundreds of dollars in late fees, ect. I can just move forward and start making monthly payments. Is my credit record completely c**p now?

Answer 1

all accounts have been charged off and sold to collection companies as yes your credit is in the dumper now. You will be contacted by the collection companies for payment. Offer a settlement but send nothing till you get it writing first as they will lie to you

Answer 2

Call the credit card business and tell them your situation.  You should have done this from the beginning - they will always work with you - somehow.  If you can make payments going forward, they may reduce the late fees that you've incurred.  and Yes - your credit score has now suffered but making your account current again will make that situation better as well - but not instantly.  You'll need to have at least 6 months of current payments in order to move your credit score up.

Answer 3

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Answer 4

Seven months of non-payment on a credit card....yep, your credit has taken a big hit....sorry.  Only time will heal this.....if you can stay out of trouble for two years...your credit will begin to bounce back.

Try to make a written settlement offer for a fixed amount (minus the late fees).

Answer 5

No its not completely c**p.  I would consider to call the credit card companies and talk to them.  See the problem is people do not answer the phone when they call you, all they want to do is work with you. Call them and explain the situation.  Ask them if you go ahead and make the monthly payments and pay them off, if they will get rid of ALL or atleast SOME of the late fees (it actually works) if they DO NOT say to them well thats fine I will take my business elsewhere if you do not give me a lower interest rate (BELIEVE ME THIS WORKS IT HAPPENED TO ME AND I NOW PAID ALL THREE OF MINE OFF) Feel free to contact me.

megpcp3 on yahoo messenger.

Answer 6

yes

Answer 7

Capital One has their own in-house collection dept.  If one of your cards is a Capital One, you might try working out arrangements to rehab the account.

But after 7 months, your accounts have been charged off and sold to collection agencies.  The damage is already done to your credit report.

Work on settling them one at a time.  Get any settlement arrangements in writing before you pay a cent and absolutely do not give them direct access to your bank account.

If you save up a lump sum, you might get them to accept settlement for 50%.  Any payment plan has to be short term.

Answer 8

Yeouch. Your credit is probably trashed. If I were you, I'd make an appointment with a financial advisor to see what your options are to get out of debt. Bad credit will haunt you for a very long time.