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  1. #1
    Registered User New Member
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    Charge off, settlement, closed, bankruptcy

    I opened up several lines of credit for an LLC I had with a business partner. Things went south and the business has folded. I am liable for all the debts. 3 accounts are in the LLC name and list me as a guarntor. None of them show up on my credit report and I have not made payements in 6+ months.



    I have 4 credit cards that are in my name soley that were related to the business. 2 are with syncronay bank and those have both been "Charged Off." I have spoken to them about settlements, and they will only report it as a settlement. Even if I pay in full it will still show as a charge off. Another account is charged off, and a credit card from a bank is closed, but has not been charged off.

    I do not want to file bankrupcy, but from what I read- a charge off and/or settlment of any kind kills your credit and will not be viewed well by a mortgage company for 7 years. What is the point of settling, or even paying in full if it will hurt you for 7 years?

    I do not want to do anything with the accounts until I know the best avenue to go, as payment is my leverage. Would a credit repair company be my best bet to fix these issues (if fixable)? Is multiple settlements and charge offs just as damning as 1?

  2. Charge off, settlement, closed, bankruptcy
  3. #2
    Registered User New Member
    Location
    USA
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    2
    If you reviewed your credit information and discovered that your credit scores aren't quite where you thought they'd be, you're not alone. Since your credit scores use information drawn from your credit report, your credit activity provides a continually-updated basis of data about how responsible you are with the credit you're currently using.

  4. #3
    Registered User New Member
    Location
    London
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    2
    Quote Originally Posted by ToryJay View Post
    If you reviewed your credit information and discovered that your credit scores aren't quite where you thought they'd be, you're not alone. Since your credit scores use information drawn from your credit report, your credit activity provides a continually-updated basis of data about how responsible you are with the credit you're currently using. they helped me a lot lift my credit score
    And what is yours credit score now?

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