Been a long time since I have reviewed this site. But recently got myself in a mess and almost pulled the trigger on a solution but then I remembered credit boards and thought I better get some opinions of the people here at credit boards.
I will try and make this as short as possible and not long and boring. I am actually so ashamed to even be here posting this but I am beyond knowing what to do, so here is my story.
Spent about the last ten years working on my horrible credit which consisted of a very low score, charge offs, collections and late payments. Had some life troubles that were unavoidable that got my credit to that point in the first place. Anyway, using the advice and tricks of this board I persisted and after several years finally was able to get my reports clean. I was so proud. But my scores would never budge above around 650. Was never able to get a credit card during this repair time but after I finally had all the bad stuff pretty well gone I was approved for a couple of cards which I intended to use for utilization to increase my score.
Here is where the trouble starts. The high of actually being approved is so overwhelming, you just want to keep doing it. And that's exactly what I did. That was not the problem,but actually having access to funds I had never had before was so exhilarating. I am the sole bread winner in my family and have kids, grandkids and lots of people depending on my for help and support. And so it began. When someone needed something, put it on the credit card. Grandaughter needs a new mattress, put it on the credit card, running short until payday, supper on the credit card. It was my full intention of paying the cards in full every month but anyone who has had an encounter similar to mine knows, best laid plans never happen.
So I am to the point of where I have about 12 cards, all of them almost maxed out. On top of that I borrowed cash at a very high interest rate for my daughter to have the gastric sleeve procedure. (which I would do again in a heartbeat, she is now free of diabetes). By now I am drowning and see no way out of this mess. And after all my hard work and no late payments for seven years, it was bound to happen, I just couldn't keep track of it all and have two late payments that I just totally overlooked. One is for a truck payment and the other a credit union loan.
I think the late payments made me sicker than anything else. I could barely stand the thought of it. All that work, down the drain.
So by all means let the flaming begin, I'm ready to take whatever anyone on the board has to dish out. No one know more than me what an awful place I am in to no one's fault but my own.
Now to the point where I need some advice. And really, I don't even need advice because I see no clear or easy solution to this problem..Forgot to mention I also have 140K in student loan debt which I have managed to keep in forebearance, deferment for seven years but the time has come I must start making the payment which is $800 a month.
I am 62 years old. Have a good job, make a six figure salary. I have a mortgage, truck payment, car payment, several other fly by night loans and the credit cards. I am current in all my payments and have never paid late except for the two I mentioned. can't get anyone to give me a consolidation loan due to the late payments. otherwise my credit report is perfect.
My question is this. At some point I would like to stop working and draw my social security but I don't see that happening. At least not for about ten years. I need to get this debt resolved first. I do not need another loan for anything ever as far as I can see. I have my house and transportation. I am considering going with a debt relief program. which I know will tank my credit but as I just said, I really don't see the need to ever need a better credit score again.
I would like someone to just tell me they think this is ok. I see no other solution.