Need Some Advice: Credit Hit

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Need Some Advice: Credit Hit

Postby TheChosenOne » Sun Feb 22, 2015 1:42 pm

Hello everyone,
I would appreciate some help in an issue i have gotten myself into. I'm going to make it simple and right to the point. I was in the hospital about a year ago for something and i haven't been able to pay the bill back properly. Recently I pulled some cash out of my 401K to pay the hospital bill off but in that time the debt hit my credit. I'm 22 years old, i've had good credit since i got my first card, my utilization was up a little bit recently but other than that high 600 low 700. With the debt hitting the credit bureau it has dropped significantly. I am seriously freaking out. I am able to pay the debt off but i know that it will stick on my credit report for a while and i don't want that and can't have that. I am sorry if this issue has been up on the forum but i haven't been able to find anything partly because i can't concentrate about the situation. I would appreciate any help that can be given and thank you guys in advance.

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Postby popamode72 » Sun Feb 22, 2015 4:19 pm

That sucks. I'd still try to see if you can pay that off though. I think it won't hurt you too much in the long run if it's paid off and if you have to recon for any cards, just stress that.
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Postby Vattené » Mon Feb 23, 2015 7:25 pm

TheChosenOne wrote: i haven't been able to pay the bill back properly.

Exactly how serious are we talking about here? On one end of the spectrum, you've set up some kind of payment schedule with them and have been making consistent progress even if you haven't been able to take care of it as quickly as you would have liked; on the opposite end, you've gone several months without paying them anything and your credit profile will reflect 90+ day late payments. Worst-case scenario is you've neglected it for so long that they've sent it to collections and you're starting to get threatening calls from shady people.

Depending on the severity, it MAY not be as damaging to your credit as you think.
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