Jump to content

Epic Failure


The last post in this topic was posted 1504 days ago. 

 

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

Recommended Posts

My credit score was in the gutter several years ago and I worked to rebuild about 4 years ago. I went from 400's up to close to 700. Life seemed to be going pretty well and I was excited for my new beginnings.

 

I got engaged and put the ring on the credit card to reap benefit of points and such and I had stable self employment income and I was working as well. In the blink of an eye, I lost $60k an income due to companies I did work for consolidating and everything suffered. I ended up living off cards for a little and then I had several cards charged off. Thankfully my wife still wanted to marry me and we got married (her parents paid for wedding), and brought a house (my name is nowhere near it, except for maybe residing there). I am almost done with school for my MBA and when I finish I should go back to making decent money. Some jobs I know will require credit checks so I have started the process of trying to clean up this mess.

 

I have two NFCU cards ($10k each) and they are willing to settle for $3300 each.

A CapOne for $6000, I'm sure I received a settlement offer but it wasn't worth even paying attention too.

2 AmEx one for $1400 and the other for $4000

SycBank for $3500

 

I have two collection, 1 from an old cell phone bill family burned me on and another from another Syc card.

 

My goal is to hold them off until Jan//Feb next year because I can do without a 1099C this year. Wish me luck!

Link to post
Share on other sites

Good luck. Just consider one thing about the NFCU cards. They are known to have a very long memory and will not approve you for another card if you charge off/BK a balance with them. If having a future with NFCU (and their generous credit lines while rebuilding) is something you may want, you might want to consider an alternate strategy with them.

Link to post
Share on other sites

Good luck. Just consider one thing about the NFCU cards. They are known to have a very long memory and will not approve you for another card if you charge off/BK a balance with them. If having a future with NFCU (and their generous credit lines while rebuilding) is something you may want, you might want to consider an alternate strategy with them.

It's hard to think of paying $20k when they will let me go for $7k and trying to get ahead

 

 

Sent from my iPhone using Tapatalk

Link to post
Share on other sites

 

Good luck. Just consider one thing about the NFCU cards. They are known to have a very long memory and will not approve you for another card if you charge off/BK a balance with them. If having a future with NFCU (and their generous credit lines while rebuilding) is something you may want, you might want to consider an alternate strategy with them.

It's hard to think of paying $20k when they will let me go for $7k and trying to get ahead

 

 

Sent from my iPhone using Tapatalk

 

 

Understand, just was giving you something to think about as you plot your strategy.

Link to post
Share on other sites
  • 1 month later...

I just looked at my credit report and have some offers on the table.

 

I have 2 AmExs that can be settled for about 40% which is about $2230.

 

Two Navy Fed cards that can be settled for about $8000.

 

I haven't reached out to CapOne to see what I could potentially settle for either.

 

I had a motorcycle that was charged off and the balance is $10255. I never returned the bike, but I was going to see if that could be settled because either way I was looking at a pretty large writeoff because of this.

 

Sigh

Link to post
Share on other sites

The last post in this topic was posted 1504 days ago. 

 

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

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      182,742
    • Most Online
      2,046

    Newest Member
    WILLIAM702
    Joined
×
×
  • Create New...

Important Information

Guidelines