Prioritizing which debts to settle first?

Posted in the Glade Hill Forum


Great Falls, VA

#1 Nov 7, 2013
Prioritizing which debts to settle first?Hi, I'm 24 years old and I graduated college in 2008. I have student loans totaling approximately $17,000. On top of that, I made some bad judgments when it comes to credit and I have the following bills that are in the hands of debt collectors:
-$800 BofA credit card debt from 2005.
-$300 T-Mobile debt from early 2009 (I am disputing this amount - I received an early termination fee after I cancelled my phone contract 2 weeks early because I had absolutely no service in the county I was visiting for 2 months).

I am trying to build my credit score (it is 520 currently) and begin getting out of debt. I earn $35,000 in one of the most expensive cities in the country. I have no savings and I currently own no credit cards at all. I'm not really sure how I should start building a healthy credit future.

Should I pay my BofA credit card debt in full? I was told that begining to make payments opens the debt again and it will be on my credit report for an additional 7 years as opposed to being wiped clean by 2012.

What are my best options for beginning to pay off my students loans (they are all government loans)? I am currently paying around $70/month, should I pay more and forget about my other debts?

What are my best options for beginning to save? Should I just open a traditional savings account or should I look into other options?

How I can I get negative things taken off my credit report? Can I get negative things taken off by the creditor once I settle the debt in full?

Thank you in advance for any help/advice.

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