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Terrible credit score - advice requested


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I went from having pretty good credit a few years ago (after using the credit boards to get it that way) but the recession and a significant other (and my bad choices) were not helpful. Basically, right now, I have around a 500 score. I have two credit cards I stopped paying a long time ago (around $7k), a short sale on one home, and another that is waiting to foreclose (paid it for 3 years and gave up when it is now worth the price of land $40k and I owe $160k).

 

Currently, other credit cards balances include:

 

$733 - current, no lates /24% interest)

$3696 - current, no lates / 18% interest)

$3153 - current, no lates - in a freeze by CC to help pay down (lowered interest to 15.9%

$2306 - one maybe two lates / 14.99%

 

So, almost $10k in credit card bills not including the two I stopped paying. I want to keep some but I don't think I can afford to keep paying these and not sure what to do. Since I still have one home that hasn't foreclosed yet, BK is not an option since I have to wait till that forecloses in case they go after the difference.

 

My question is:

 

should I try to negotiate with the ones above that are current, stop paying them and deal with the consequences until possible BK in a few years, or just attempt to pay minimums (unlikely I can do that right now)?

 

I know this has been asked a hundred times but I'm not sure why I pay on credit cards when the balance doesn't go down and I'll probably eventually have to stop paying them anyway. I feel like I'm throwing away money and could catch up on all my other bills if I didn't pay them rather them keep digging a deeper hole. I mean, my credit is already ruined. I really want to get a new (used) car but I know there is no way that is going to happen so credit isn't an issue for me right now.

 

I GREATLY welcome any thoughts as I'm thoroughly confused despite all my education on these boards over the last 10 years!

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  • 2 months later...

Wow! Your scores are already so low so it's not like you need to worried about them taking a hit. Post the divorce my score were in the 400's so your score could go even lower. Maybe consult with a bankrupcy attorney or just stop paying them and hope you are not sued. I was sued by three of my 8 institutions who had granted me credit. I fought hard and got a fair settlement on my TRUE debt on 2 cards, one card had case dissmissed where they can't sue me again, the legal forum here rocks!. It feel like crap not being able to pay one's obligations. Bit being homeless was not an option.

 

Can you bring in additional income via a part-time job? Can you rent out a room in your home for extra income to cover your monthly obligations? If after you explore all options you just can't pay these CC then you know what has to happen.

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