Debt Collection - lost
Hi everyone.
I just found out that one of my CC is going into debt collection and idk what to do.
Approx 13k and the CC company told me that I should receive a letter in 7-10 business days from the collection agency
At this point idk what I should do. Obviously I know ruin my credit score but do I pay this off so it will show paid on my Credit report ? I cannot pay the lump sum but I can do monthly payments. Never happened to me before so I am not sure what to expect. I considered line of credit to pay it off but realized my score is so shit I probably can’t qualify.
Is it possible for me to improve my credit score in the next year or two if I make timely payments to the debt collector? Even if I eventually pay it off let’s say in a year, will I even qualify to get mortgage anymore if it shows as in collection - paid ?
I’m just stupid with poor spending habits the past 2 years and now I’m scared and I definitely won’t let this happen again.
Hi everyone.
I just found out that one of my CC is going into debt collection and idk what to do.
Approx 13k and the CC company told me that I should receive a letter in 7-10 business days from the collection agency
At this point idk what I should do. Obviously I know ruin my credit score but do I pay this off so it will show paid on my Credit report ? I cannot pay the lump sum but I can do monthly payments. Never happened to me before so I am not sure what to expect. I considered line of credit to pay it off but realized my score is so shit I probably can’t qualify.
Is it possible for me to improve my credit score in the next year or two if I make timely payments to the debt collector? Even if I eventually pay it off let’s say in a year, will I even qualify to get mortgage anymore if it shows as in collection - paid ?
I’m just stupid with poor spending habits the past 2 years and now I’m scared and I definitely won’t let this happen again.