Paid Judgements

[peanutbutter8204]

Hi I made some really bad financial decisions when I was in college on top of having a neighbor steal my identity ( I notified the Credit Bureau about this). I have a judgment on my credit for $1010.00 it will be paid in full at the end of next month is there a way to have this removed. I will hopefully be teaching in September and I plan to stay at home 1 more year to pay down my student loans and the remaining $3500 that I owe in Hospital Bills within the next 3 months. Can anyone tell whats the best thing for me to do about the judgment on file.

Also I currently have $2500 saved in my Simple IRA Account.

[noppenbd]

If it is a valid judgment I believe it will stay on there for 7 years. There is no legal way to remove it, as far as I know. Sorry.

[maat55]

Hi I made some really bad financial decisions when I was in college on top of having a neighbor steal my identity ( I notified the Credit Bureau about this). I have a judgment on my credit for $1010.00 it will be paid in full at the end of next month is there a way to have this removed. I will hopefully be teaching in September and I plan to stay at home 1 more year to pay down my student loans and the remaining $3500 that I owe in Hospital Bills within the next 3 months. Can anyone tell whats the best thing for me to do about the judgment on file.

The best you can do is have it as a judgement settled in full. It will remain on your credit. Thats one of the reasons why you don't want to neglect your debts.

From this point, make your payments on time, payoff any debts you have and save money. Time will restore your credit score, the important thing is to manage your money well. Establish a financial plan and stick to it.

I suggest you read The Total Money Makeover by Dave Ramsey, it will give you a solid financial plan.

[peanutbutter8204]

Thanks - I wish There was another way.

[mom2manyboyz]

Actually, if it is an outstanding debt it stays on there for 7 years after you've paid it in full. At least that is my understanding.

[Exile]

As a retired bill collector, I have to agree with the other posters that you're stuck. Be aware that for the next seven years, any major credit purchases that you make such as vehicles, if approved, will likely be financed at exorbitant rates (18% or more) by obnoxious subprime lenders lenders such as some of the ones that I worked for. They will conctact you if your payment is just one day late!

The good news is that if you pay on time for at least 12 months, you may be able to get your loan refinanced at a lower rate through another finance company. So stay on track, peanutbutter8204, and eventually you'll pull through.

[maat55]

Actually, if it is an outstanding debt it stays on there for 7 years after you've paid it in full. At least that is my understanding.

Yes, once an account has no activity, the ticker goes for seven years. Any activity on an account restarts the ticker.