the credit score system
I will admit. Years ago I made a LOT of stupid decisions involving paying back people I owed money to. I was young, uninformed, and broke. However 5 years later this continues to haunt me. Three of those 5 years I haven’t made a single late payment. Not once to anyone, including collectors that I have payment arrangements with. Want to know what sucks about all of this? Even though I haven’t made a single late payment in three years the collection agencies keep reporting that I am seriously delinquent and while that’s true, it isn’t accurate.
What has this stopped me from being able to do?
Easily getting a credit card is one perk (since that is what got me in trouble in the first place). But I can’t buy a house, can’t get a loan to combine all the debts together to make a single payment, and my car insurance rates are much higher than they should be.
I make pretty good money now, and am very close to paying everything off in full (don’t take the settlement offers, they can hurt your score too). However, even when I get everything paid off, I’ll still have those delinquent marks on my score for another 7 years. So from the time I stopped making late payments to the time I get everything paid off to when those marks fall off my score will be a total of 12 years. I’ll be in my 40′s then and this is from something I did when I was 23-24 years old. This system is bullshit.
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