Please consider disabling your adblocker for CreditBoards if you have not already done so. This site depends on advertising revenue to stay online.
The last post in this topic was posted 2299 days ago.
We strongly encourage you to start a new post instead of replying to this one.
I am in the process of divorce, and I have racked up a lot of debt.
I am not sure how much information I should give, so I will start with some basic information.
I have a mortgage, car loan, lending club consolidation loan and 11 credit cards.
I want to try to keep from filing bankruptcy, but not sure if it is even possible.
My plan is to close several if not all of the credit card accounts.
I want to call each company and explain my situation and see if they will allow me to close the account, adjust the balance and/or APR
My wife owes me her share of the marital debt and is giving me half of the money owed.
I was going to look at the accounts with the highest APR and highest balance and apply that money on them to help lower monthly payment amounts.
Anyway I was curious if I am headed down the right or wrong path.
I appreciate any input.suggestions
After many years of paying rent we have decided we want a home of our own. Would 18 months be too early to start the mortgage process? Here is our story...bear with me it's long,
Back in December of 2012 we closed our accounts at a traditional bank and moved our accounts to a credit union (bank was giving us no love even when we never overdraft in the 5 years with them). September of 2013 requested a CC from credit union and received it. Been keeping uti under 10% paying off each paycheck. November we received a car loan with credit union for a 7.99% interest for $33,000, paying on time, never late. Husband is an authorized user on brother's AMEX to help build credit.
In other words we didn't have good credit. Husband's "baddies" will fall off in 2015. My baddies were all medical from hospitalization in 2012. Used WhyChat's method and they are all gone! In September I went on a CC spree and obtain a Capital One CC, Wal-Mart and Care Credit (joint with husband) for me and for husband a Valero, Care Credit and Target. Will keep balances down to at the most 1% and pay off each month.
My credit scores are as follows: EQ 637, EX 615, TU 611 (Very excited about my scores, this time last year they were all in the low 500s!)
Husbands scores are as follows: EQ 600, EX 559, TU 614 (He has 5 baddies, scheduled to fall off by 2015)
We are planning on using our Credit Union since we are building a relationship with them, with the car loan and cc. I was also planning on April of 2015 obtaining one more CC, not a store card, to help our portfolio. Should I or should I not???
I need advice on what we need to do to bring our scores up by May of 2016 to obtain a mortgage at a good rate. I hear that 620 is the rate some loan companies will approve. I want at least a low 700 or very high 600 before we start looking. Would love a 720 to 750 on all! My husband's score will go up once the "baddies" are gone. I am worried about how recent our credit will be and if that would be an issue on obtaining a mortgage.
Need to also mention, both of us have two jobs and nickel and diming everything to save at least 20% to put down on a place. I've been at my current full time employment for over 9 years, husband just switched jobs in October, 2013 so he has been there a year.
Would we be able to obtain a mortgage loan in 18 months???
First, I would like to thank everyone here for sharing your wealth of information. I just signed up a few days ago and have been lurking for about 2 weeks.
A little about me. I walked away from everything approximately 6 years ago in order to leave an abusive relationship. I had a house, a car, a few credit cards and a few other outstanding bills. I knew my credit was going to be trashed, but I didn't much care. I have essentially been living without any credit since then. A few weeks ago, I decided to try and rebuild my credit and that is how I ended up here.
I have been reading the newbie section and I will admit that I am overwhelmed. I have started by trying to delete my old addresses and by opting out.
I am content to let most of my old debt fall off of my report. No one is trying to actively collect from me at the moment and I can easily wait as things will start dropping by this coming March (2015) and most should be off by July (2015). I do have a Midland collection that I am confused about how to proceed. It is scheduled to fall off in November of 2016. The original debtor was TMobile and the amount is $357. The statue of limitations for open ended accounts in my state is 3 years. But for written contracts is 10 years. I can't find clear information about how my TMobile account is classified.
Any ideas about how to handle this? Should I ignore it and wait for it to fall off? Should I make an attempt to get it off of my report? I can't tell if this is still within the SOL or if I am safe from that now. I was hoping to have my credit cleaned up enough by mid 2015 to purchase a small starter home for me and my kids.
The only report I have pulled so far is Experian. Credit Karma says I have a score of 580 and that is with the record of a foreclosed home, repossessed vehicle and several charged off credit cards and utilities.
I hope that I am posting this in the right place and that you will offer some advise as what the best course of action might be.
John Oliver discusses student debt, which is awful, as well as for-profit colleges, who are awfully good at inflicting debt upon us. https://www.youtube.com/watch?v=P8pjd1QEA0c