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From riches to rags in 2012. It's time for a comeback in 2013!

The last post in this topic was posted 1201 days ago. 

 

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From what I have seen of him he took credit as a game and in the end he lost. Now fast forward to today and you would think lesson learned but if anything it's the opposite. He is being overly aggressive and risky.

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Right. All of the store cards serve no purpose at all. There are a lot of people here with a BK that have very impressive portfolios of cards and credit lines, but the had patience and strategy. Maxing out cards with cash advances is not a responsible or wise use of credit. It's gambling.

 

A lot of people in the beginning of this thread were giving solid advice, but it was all ignored, and he even admitted that he was just going to do things his own way.

 

People here get frustrated when they are trying to help stop a disaster from happening and all attempts of help are ignored.

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Right. All of the store cards serve no purpose at all. There are a lot of people here with a BK that have very impressive portfolios of cards and credit lines, but the had patience and strategy. Maxing out cards with cash advances is not a responsible or wise use of credit. It's gambling.

 

A lot of people in the beginning of this thread were giving solid advice, but it was all ignored, and he even admitted that he was just going to do things his own way.

 

People here get frustrated when they are trying to help stop a disaster from happening and all attempts of help are ignored.

He doesn't take advice. He thinks he has it all figured out.

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The only reason I'm commenting at this point is because there are still people in awe of this approach and in the past, there were people considering doing the same thing. This is not the way to good personal credit, good credit lines or good business credit. If you're reading this thread, please don't follow this example.

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Keep in mind he dumped $3 mill in debt in BK. He built up all that credit over two years. That is a very short period of time and took a lot of time and strategic planning. This all while running a business. Just not possible to be so focused on both.

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Again don't get me wrong I wish every success in everything they do but this is the thread of what not to do.

 

I'm sure he will be back and say everything is great no matter what.

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I just wish him well whatever happens. N0 way I could take the same approach but to each his own. I don't have patience but with credit there's not much way around it if you want to do it right.

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Interesting that he hasn't updated this topic.. He has been on here and posted in the BK forum recently.

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The scary part of this is really the creditors. With so much activity in such a small time frame red flags should have been popping up every where.

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Ok Guys.

 

I've been busy, and not much has changed since my last posts.

 

You are correct. I did max my credit out, but I'm not late on anything, and I'm holding my own. But, I did sell one vehicle and made about $800 profit. I have 3 vehicles actively for sale on craigslist and displayed prominently in my area.

 

You are also correct that I cannot make it on a Lowes salary only. I have apps out with apartment complexes all around my region to be a property manager. Nothing yet.

 

I paid the taxes last year on my home but this year, the BK trustee didn't mail me the tax bills. Instead, he told me that he will sell me the house for $54,000 instead of letting me keep it as he originally stated.

 

And the IRS says I owe $17000 in Social Security Tax.

 

SCM

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Many people I know think I am going to have huge success in 2015. I dont see it yet. At least I'm divorced now. 1 issue resolved. My accountant diputed the irs claim and they sent a letter that they're investigating, which he's optimistic about. I'm praying they drop that issue.

 

None of the creditors have lowered my limits. But they wont give me cli's either.

 

scm

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If you focus on income and paying off debts and forget about adding credit right now, you can turn it around. :good:

 

Nobody here wanted or wants you to fail. Consider revising your strategy, and good luck in your job search.

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hello everyone!

 

I wish you all a successful 2015..

 

I did sell one vehicle. nothing great but it was the first vehicle I sold in 2 years. a 1996 Grand Cherokee that I had about eight hundred dollars invested in, and I got 1450 dollars.three vehicles are listed on Craigslist. I will be listing a fourth one as soon as I clean it up a little.

 

I am NOT trying to apply for anything right now because my utilize a shin is high but I'm not late on anything. and every month I don't have any lates I continue to build a positive credit history. once I get the utilization down my scores will soar again.

 

all the money I spent on cars is right here on the driveway and will be recovered and then some. unfortunately a good $12,000 or more of my ding-a-ling had nothing to do with investing it had to do with cleaning up my old life. I wish I had known that the trustee was not going to give me my house. I spent over $5500 on taxes and utility bills before he told me, paid with credit. not to mention paying the accountant the $6000 for 2 years of bookkeeping.

 

anyways, I predict I will continue to hold on and not sink any deeper in the hole this year. however I will soon have to look for a place to live and start paying rent or mortgage and taxes, neither of which can I afford right now.

 

SCM

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hello everyone!

 

I wish you all a successful 2015..

 

I did sell one vehicle. nothing great but it was the first vehicle I sold in 2 years. a 1996 Grand Cherokee that I had about eight hundred dollars invested in, and I got 1450 dollars.three vehicles are listed on Craigslist. I will be listing a fourth one as soon as I clean it up a little.

 

I am NOT trying to apply for anything right now because my utilize a shin is high but I'm not late on anything. and every month I don't have any lates I continue to build a positive credit history. once I get the utilization down my scores will soar again.

 

all the money I spent on cars is right here on the driveway and will be recovered and then some. unfortunately a good $12,000 or more of my ding-a-ling had nothing to do with investing it had to do with cleaning up my old life. I wish I had known that the trustee was not going to give me my house. I spent over $5500 on taxes and utility bills before he told me, paid with credit. not to mention paying the accountant the $6000 for 2 years of bookkeeping.

 

anyways, I predict I will continue to hold on and not sink any deeper in the hole this year. however I will soon have to look for a place to live and start paying rent or mortgage and taxes, neither of which can I afford right now.

 

SCM

:dntknw:

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hello everyone!

 

I wish you all a successful 2015..

 

I did sell one vehicle. nothing great but it was the first vehicle I sold in 2 years. a 1996 Grand Cherokee that I had about eight hundred dollars invested in, and I got 1450 dollars.three vehicles are listed on Craigslist. I will be listing a fourth one as soon as I clean it up a little.

 

I am NOT trying to apply for anything right now because my utilize a shin is high but I'm not late on anything. and every month I don't have any lates I continue to build a positive credit history. once I get the utilization down my scores will soar again.

 

all the money I spent on cars is right here on the driveway and will be recovered and then some. unfortunately a good $12,000 or more of my ding-a-ling had nothing to do with investing it had to do with cleaning up my old life. I wish I had known that the trustee was not going to give me my house. I spent over $5500 on taxes and utility bills before he told me, paid with credit. not to mention paying the accountant the $6000 for 2 years of bookkeeping.

 

anyways, I predict I will continue to hold on and not sink any deeper in the hole this year. however I will soon have to look for a place to live and start paying rent or mortgage and taxes, neither of which can I afford right now.

 

SCM

:dntknw:

That's a pretty steep price.

 

Ouch!

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Sorry. I was using my phone with voice recognition and it got the words wrong. That should read "my debt".

 

Maybe the moderator would correct this for me.

 

On another note, I opened the mailbox today to find a letter from the IRS stating that the inquiry into my account is now closed and my balance is $0. They had been claiming I owe $17000 in social security tax.

 

Phew!!! He is good!!!!!

 

SCM

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I didn't figure out how much interest I'm paying on the cards.

 

My debt is holding it's own.

 

Now I have another issue. My residence was finally listed with a realtor for a ridiculously low $40,000 for quick sale, now that most of the other properties have been sold and the BK case is going on 3 years old. I am at wit's end trying to find financing to buy it, but, of course, I have maxxed my credit and dropped my scores, and, additionally, I don't' have down money. I'm in a world of hurt.

 

I called around on late Friday afternoon to some mortgage brokers, but many aren't in business any more, and others won't be back in their office 'til Monday. I don't want to waste HP's inquiring haphazardly when a broker may have knowledge of a lender that will do this. Most conventional lenders won't touch me. This place has 2 attached apartments and places like Navy, who I called, don't do multi-family with no money down, if they do it at all, the down money is way higher for multi-family, than single family.

 

SCM

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The last post in this topic was posted 1201 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

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