I am very new here, so I apoligize if this has been asked a hundred times, or you have heard the story a thusand more, but I tried finding a topic that was similar to mine and couldn’t.
So I will start with my current situation. I am 25 years old and have a decent paying full time job for over 4 years with the same company, but have terrible credit from when I was younger. I travel a lot for work and my car is now up to 269,xxx miles. Well everything is going wrong in it now and since I got the car from my dad, he was going to get a new car and let me buy the one he has now, which would be great for traveling and he is giving me a killer deal of 4,000 off what it’s worth. So I went to the bank to get a small loan and was denied due to outstanding debts with collections. I didn’t even know about 2/3 the one I swore I paid back in 2010 and remember paying it, but there it is still. The other is an electric bill from when I moved, but I didn’t know it had an outstanding balance and was never sent anything. Nothing I can do about it now anyways.
Anyways, the bank told me to pay off all 3 accounts and get a co signer(my dad said he might) and they would look back into it. The problem I am having is if I spend the $ 1,700 and pay off all these accounts they are still going to be on my account for another 7 years after today. They are all over 5 years old and in two years will be gone. I know you can send letters and try and get them to take it off, but that takes months. I have until the middle January to get the loan.
I just do not know what to do. Paying the $ 1,700 is no problem to me, I can do that in a few weeks. I just do not want to screw myself even more. If I had known about these two other accounts each are like $ 250 I would have just paid the dang things off, but I never had any phone calls, letters… anything. Which maybe is my fault since I moved 4x that year and had to switch my number due to personal issues. The 3rd account is from an ex who opened a checking account with a different bank and racked it up in over drafts to over $ 1,000. This account has been closed and they wrote it off. I tried to pay it off many times in the past, but they told me it was too late, yet my bank now is saying it needs to be paid off to even be considered again.
Any advice would be great. I am sorry if this doesn’t even make sense. I am still trying to process it all myself