relatively safe investment ideas and possible credit repair?

Deal Score0

So i recently came into an inheritence of about $ 14,000. I have decided for the most part to live as if i havent recieved it other than upgrading my car (which is on its last leg) going to trade it in while i still can and spend about $ 2-3,000 cash… otherwise i wuld like some ideas on investing/saving for the long run… cds, stocks, etc… just anything really wuld b great to consider??

Now also when i was 18-19 (24 now)… i screwed up with credit cards n such… i think i had about $ 5,000 on one card which was eventually written off on their end (called it a loss) but obviously not good on my end… had a couple other low balance write offs as well… all back when i was 18-19…. my question is what can i do to repair my credit possibly with this money??? most of it i think is written off…. i think… and heck im not really even sure what my score is exactly what everything is thats on there… (oh i do have medical bills the last few years cuz of no insurance and bad asthma and scoliosis) is it true that some things drop off after so many years?? eventually u wuld like to buy a house and apply for a mortgage… but i know my credit is crap… but what to do about it????

my boyfriend has score of 588… but they say u need at least a 640 for a mortgage… and all he has is student loans and medical bills….

BEING AN ADULT IS HARD!!! LOL

2 Comments
  1. Reply
    stan c
    July 21, 2011 at 1:48 am

    It will fall off your credit 7.5 years. If you’re employed at least 12/18 months, take $ 500/1,000 and convert it into a secured credit card from a bank. Make sure they belong to the credit bureau. Use it for gas and small items and always pay the balance the following month. After 24 months of activity, your credit score should be between 660/749 which is good. Excellent 750/840. If you do not need the other funds, invest in fixed annuities. You’ll have to tie it up for 7/8 years and rate might only be 3 to 4% but your can’t lose a dime. You can also withdraw up to 10% without being penalized but you have to declare that when you do your taxes.

  2. Reply
    StephenWeinstein
    July 21, 2011 at 2:12 am

    Things do drop off your credit report eventually, but it takes 7 1/2 years.

    You cannot repair your credit sooner. To have good credit, you have to pay the debt on time. Once it is late or written off, your credit cannot be repaired until the things drop off your credit report due to their age.

    Leave a reply

    Register New Account
    Reset Password