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  1. I need some advice here. I had my Chapter 7 discharge in Feb. 2009. My house was IIB and not reaffirmed. The house is in my wifes name only and we live in NJ. We have only one mortgage but we purchased this house in 2005 at the peak of the market. As a result we still owe 155k but the house is only worth 122. We have 5 kids and we have outgrown our current house and it is not in the nicest neighborhood so over the past few months I have stopped paying our mortgage in hopes of buying a new house in my name and stop making payments on a house that is 30k backwards. I received a Notice of Intent to Foreclose demanding a decision by August 13th before they proceed with the foreclosure. August 1st was our 5th month without paying. I have to say that I am sick right now. My major concern is my children. I will gladly pay for a house even if we are backwards on it to ensure that they have a roof over their heads. I am questioning my resolve right now because it is official that in less than a week they will start foreclosure proceedings. I spoke to a lawyer who said we would likely have 6-9 months before having to leave. Can anyone please provide advice to me here? Is 6-9 months accurate? Am I taking too big of a gamble here? I do not qualify for Loan Modification and I don't know if I would want to do it anyway due to the house not being worth it. Will I have enough time to continue to put away money and purchase another house? What is the process we will undergo over the next few months? I am trying to put together a plan but it would be really helpful to know what the timeline of events will be. I really appreciate any help and advice you can give. Thanks
  2. Thanks for the encouragement. It is exciting to know that 6 months ago I set a goal and today I see the results. I can't wait for 6 months from now to see just how much more improved they get! Anyone have a BOA address to send a goodwill letter to? Thanks
  3. TransUnion went from 620 to 646 Equifax went from 589 to 642 Experian went from 614 to 673 In the past 6 months I have been working on my credit and just pulled my scores. I am very proud of the improvement! I still have a ways to go, but I'd say that was good for 6 months. The only thing I am having trouble with is getting BOA to get rid of a string of 10 lates that I had back in 2003. Does anyone know the address I need to send a goodwill letter to. I know that these lates don't really affect my score drastically but with them gone, I will have nothing derogatory on my reports!!!!!!!
  4. Look at what this will do for me financially. I am getting rid of one $6700 debt @ 21.9% I am getting rid of one $6300 debt @ 22.9% Also getting rid of 4000 dollar debt @19.9% and a 2400 dollar debt at 18.9%.
  5. 2 days after getting approved for a 10k dollar Visa Gold, Penfed approved me for a 15k loan @ 8%. I am so excited about this approval. Penfed is great and they will get my business for a long time since they approved me in times when others do not. I am going to pay off all of my credit cards and make all payments to penfed. I am going to save boatloads of money!!!!!!!!!!!!!!!!
  6. Sounds good snke. Thanks. How are they with CLIs? Do they give them automatically or are they pretty liberal if I ask for one in a few months?
  7. Good call here. I just bought my house so this will probably be the best way to attack this debt. Does anyone know if they do income verification at penfed post getting the card and if so what they require. Reason being I just got promoted making more dough and can't prove my new income via last year return obviously.
  8. I got the card with a 5k CL one year ago. I put my insurance and any car related expenses on it. It is convenient.
  9. I was approved for the VISA gold w/ a 10,000 cl!! This is now my highest available credit limit of any card I own. My question now is should I transfer a nasty citifinancial loan (6800 remaining at 21 percent apr)to it and say goodbye to citifinancial forever or should I work on get my utilization down on cards I have high utilization on? Here is a brief synopsis: Amt owed/Credit Line BOA 6250/6300 Best Buy 1800/2400 Geico 4000/5000 Discover Card 2900/3500 As you can see my utilization is near the max on most cards. I could rectify this situation a bit but how so? Or do you think paying off that Citifinancial loan once and for all would be a better bet? Advice is appreciated.
  10. Actually it will report for at least ten years after it is paid off. To obtain credit in the future you are going to need to pay down that personal loan as well as your cards. Lenders now have sophisticated software that flags situations such as yours. Being nearly maxed out on several accounts and the presence of what appears to be a sonsolidation loan makes it appear that you can't handle the credit you already have and are seeking more. This is going to kill you, even for some of the more lenient CUs. How come paying this off will be a negative TL?
  11. So paying that citi loan in full with significantly improve my score? But the TL will still report along with the 7 others.
  12. The citi loan was a dumb mistake I made about six years back. I am paying now for my lack of knowledge then. The good thing is CBoards are giving me the knwolege I need. I have refinanced it every year up until last year to get lower rates. The bad thing is every refinance makes it look like I have about 6 different citi finance loans. They are all closed except my current one, but I wonder if that effects my score. Anyway, I am trying to transfer this more than anything else. I am sick of paying the astronomical APR. This is the main reason I want a high limit cc
  13. Could this be why the fact that most of my store cards are zero doesn't seem to be helping?

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