[michellet218]

I had a best friend that needed help, so I helped her get a home PHONE by putting it in my name. Then I put 2 credit cards in my name and gave them to her. She said she was going to pay on them, and I believed her... until she got fired from her job. Then I got scared. Now, because of that, she couldn't pay on any of her bills, including the ones that were in my name. That went on for about 6 months, until she finally got another job. But, it was too late. My credit had already been ruined. My credit cards are now in default, but she's currently paying on them. But still my credit is messed up because of her! I won't go into detail, because it's a lot more to the story, but this is just the summary to support my question I'm about to ask. Even though she is paying on her responsibilities, is there any way to clean my credit? Or is there any thing I can go to to get a loan with bad credit, or still get approved for a house or apartment with bad credit? Any companies out there giving people with bad credit a break with anything?I need to know some way to clear my credit for right now, because I'm young and is ready to move, and do a lot of things, but I can't because all of the things involves having good credit. My life is on hold! It came to a screaching halt! Is there anyone I can write to tell them my story and tell them that I am innocent so that I can get a break? Because I'm the type that pays my bills on time. And please, do not write to me telling me how I made a bad decision of putting someone else on my credit, because I already know the story! I have already been preached to numerous of times, and I know I made a mistake. Because I FEEL BAD ENOUGH! I just need help. Please just write about my question, nothing else because I fell bad enough PLEASE!! Besides paying off the bills, is there anything else I can do to make it go faster? Thanks I appreciate it :-)

[GlindaofOz]

The way to clean up your credit is to pay off those cards and start showing good payments (meaning on time). Pay the bills earlier then the due date, pay amounts greater then the minimum balance.

I know you don't need a lecture but you should never, ever put your credit in the hands of someone else. I hope that your friend no longer has those cards. I would also put a spending freeze on those cards so no more charges can be made to the card.

[excon]

Hello michelle:

There's nobody out there to help - not a soul.

You CAN negotiate with your creditors for a lower payment or a payoff, but that's going to take some cash. You can sue your friend, but she's got no money to collect even if you DO win.

Nope, you have to pay off the loans. If you don't, they'll sue you and win and it'll be worse. If you manage to pay, the late pays aren't going to be as bad as a charge off. If you keep on paying, the late pays get farther and farther back in your credit history. And, they'll fall off your credit report entirely after 7 years.

excon

[giants718]

Well I would go to a credit agency to help your credit. Lexington Law is the leading top company that helps get your credit on par. Hope this helps :)

[GlindaofOz]

Well I would go to a credit agency to help your credit. Lexington Law is the leading top company that helps get your credit on par. Hope this helps :)

This is an AWFUL idea. Whatever you do - DO NOT go to a credit agency.

Call your credit card company you will be amazed at what you can negotiate with them. Call and explain the situation see if they can reduce your interest to help you pay off the amounts faster.

[ScottGem]

I have to ask how you let it get so bad? As soon as you knew your friend lost her job, didn't you try to keep up payments?

But as you've been told, the only way to deal with this is to get those accounts paid off in full. If you have to contribute something each month besides that the friend is paying then do so. She can pay you back later.

[michellet218]

I have to ask how you let it get so bad? As soon as you knew your friend lost her job, didn't you try to keep up payments?

But as you've been told, the only way to deal with this is to get those accounts paid off in full. If you have to contribute something each month besides that the friend is paying then do so. She can pay you back later.

My family and I were struggling at the time, and I didn't get paid enough to add more bills to the bills that I already had. I really didn't have a great job at the time, just enough to barely pay the bills that I already had. But now that it's a little better, I will have to take your advice and put some of my money towards it. Like you said, she can pay me off later. At least my credit will be healing, slowly, but surly. And if she don't pay me back in a few years, then I can just sew her, right? But this time, I'm going to write a written agreement for her to sign, so that I can have proof. Do you think this is right? What's your opinion

[GlindaofOz]

Definitely put it in writing. And dictate the terms, i.e. she has to be X amount each month towards the debt REGARDLESS of her financial situation. She got you into this problem and she needs to dig it out.

EDIT

also I would have the document notarized.

[slowandeasy]

Hello michellet218

Do not go with a credit repair agency!! They will do nothing but cause you more headaches The only way out is for you to take the responsibility to make sure these bills are paid off that is the only way! I am curious as to why YOU let it go on for six months? Didn't you know she was not paying the bills? And did you make sure that those credit cards are stopped from being used!! Life is full of choices and I am afraid you made a bad one

[GlindaofOz]

If the credit card company won't work with you to lower the interest rate I would wait a few more months and make EARLY payments above the minimum due during those months then call them again. If you called them like this month or a few months ago you are still deep in this situation and you have not given them enough "good faith" to reduce your rate.

This is going to be a process and there will be no quick fixes. The only thing you can do is be persistent and be consistent. That will pay off for you in no time.

[michellet218]

Hello michellet218

Do not go with a credit repair agency!!!!!!! they will do nothing but cause you more headaches The only way out is for you to take the responsibilty to make sure these bills are paid off that is the only way! I am curious as to why YOU let it go on for six months? didn't you know she was not paying the bills? and did you make sure that those credit cards are stopped from being used!!!! Life is full of choices and I am afraid you made a bad one

Read #7. There goes your answer. I know I made a bad choice I know I know I know. Can I just get some answers instead of what I said I did not want? Thanks

[slowandeasy]

Everyone has given you answers its just not what you want to hear!! There is no magic fix for this except to say OK I made a mistake and now work to fix it!

[GlindaofOz]

everyone has given you answers its just not what you want to hear!!! there is no magic fix for this except to say ok I made a mistake and now work to fix it!

I believe that she was simply saying that your questions had already been answered.

If you had read all of the other posts you would've seen that she was making a plan on how to fix everything.

[slowandeasy]

Just giving my opinion I just call it as I see it a lot of times we get people on here that want a quick fix and sometimes they don't like what we say but SOMETIMES hearing the truth is what they need! I am glad that she has a plan to fix this. I quess I did not read all her posts

[kp2171]

Well... you might have damaged credit, but that does not mean it is irrepairable.

Right out of college I got stupid with my finances, got behind on a loan that defaulted. I sucked it up, went without some things id like to have had, such as a nicer apartment, and got back on track. Even damaged credit can be made better by discipline, work , and time.

Now... several years down the line, I have fantastic credit. But it didn't happen by accident. As others have mentioned, avoid credit agencies.

What you should do, in addition to the great comments above like capping the limits and taking responsibility for the debt yourself, is to get yourself financially organized. That means education.

Once a year I run a credit report, and I also usually also request my rating, though that can cost a fee. It is something you should get in the habit of doing. It lets you see the areas that are strong, weak, and it makes you face reality. It also is a good way to spot inaccuracies or find fraud against your name.

Here is the federal trade commission's site, stock full of impt info and links:
Your Access to Free Credit Reports

Next, simply do a Yahoo or Google search for "credit repair" or "how to fix credit" and "how to build good credit" or go to your local library. Don't neglect the library. Some of the best financial info I have found has come from a 30 min search at the local library. Again, it is about empowering yourself through education, action, and discipline.

In addition to all the above I would recommend making a budget, if you aren't already. I mean a structured, meaningful budget that maps out what you will spend and where. You don't have to go this far right away, but I have a spreadsheet that maps out an entire years worth of spending. I accrue for big expenses in advance, and I never, ever have to worry about "finding" money to pay most bills. Its powerful to know exactly where you stand with money, and too often, we throw money away in ways we don't even see. People spend more time watching TV than they do thinking about and managing money.

I have some suggestions on how to setup your budget... if you're interested PM me.

So... the world isn't over. You can repair your credit. You might have some hard work to do, but its worth it. Really.

And as for the friend... id just assume the debt as yours, since it really is your debt against your line of credit. If she ever pays you back, bonus. I wouldn't count on it.

[ScottGem]

Yes, any arrangement you make to supplement the payments to help your credit should be in writing.

[michellet218]

everyone has given you answers its just not what you want to hear!!! there is no magic fix for this except to say ok I made a mistake and now work to fix it!

GlindaofOz is right. I was just saying that your question was already answered. Yes, everyone has given me great answers, and I didn't disagree with a question not once yet. You see I agreed 110% with ScottGem, I even asked for opinions on my comment that I gave him. So you see, these ARE answers that I want to hear. But what I said I don't want to hear, & I asked everyone nicely and respectfully, is to please just don't comment on how this was a stupid choice I made, because I already know this. I already admitted my mistake 100's of times, even as soon as it happened up to now. I'm working to fix it, but I wasn't 100% sure how, that's why I asked you opinion on this website what to do. But I didn't ask for opinions on my stupid decision. I know the truth & I already faced it. I don't want a quick fix because I know there's no such thing in this situation. The question that I asked was about what should I do to fix this problem. I was not asking "hey, i feel bad! Can anyone make me feel worse for the bad choice i made?" that wasn't my question. I kick myself every day &night for putting someone else on my credit, & I just feel like going crazy! I've even cried a few times because that's how terrible I felt. I tried then to do something about it, but with little $$, it's kind of hard. So here I am :-) asking other people what else could I do. But please, I'm respectfully asking you, please keep the comments to yourself. I just need suggestions. Suggestions will help me, but comments won't. Because I already know about my stupidity. Thank you, and everyone else for your answers. I reallly appreciate you for trying to help me. Good looking out

[GlindaofOz]

You know another thing that could help is to pay on the card weekly. It might seem excessive but it can actually help reduce your interest rate over time. So lets say you pay $100 a month on the card is there a way you on top of that you could find between 10-20 extra a week to put towards the card? Paying this extra little money becomes even easier if you have online banking cause weekly you just log on and send out a payment. If you aren't set up for that I highly recommend it as most banks will send a wire transfer to some credit card companies so its possible for them to receive your payment THAT day.

[slowandeasy]

Hello Michellet218

Glindofoz is right paying weekly will reduce your interest over time. I do hope things work out for you. Have you thought about a part time job to help pay this off? Depending on your work schedule that may help. My brother was in a tight spot and was able to get a part time job cleaning dept stores for a few hours at night and he took that paycheck and put it toward his debt and in no time he had paid it off!