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Helloitsme

Score from 780 to 640 Lost my job, heavy debt, $104 in collections

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In 2013 I used this site to learn about and build my credit. I went from one card with a $2200 limit to seven with nearly $80k. My score was always high as I never messed around but last February I lost my job, was in the hospital a bit and more or less was forced to live on my cards.

 

Just so happens I was able to find a job this week, albeit one that doesn't pay well but income nonetheless.

 

Penfed wants my head and I just suffered my first 30 day late ever, I owe 480 to get current with 11800 due out of a 15000 limit

 

My Barclay MC is at 14200 out of 15000 but in good standing otherwise

 

Chase freedom has $20 on it out of 2000

Chass slate has 3000 on it out if 8000

 

Amex lowered my limit from 24000 all the way down to 1000 a couple weeks ago. I have 800 on there.

 

Discover lowered me from 8000 down to 3000 a couple weeks ago as well and I have 2900 on there. My utilization thanks them.

 

BOA has 1500 out of 8000. My oldest card dating back to 07 the rest are from 2013

 

Please tell me how I should go about getting a cc consolidation loan. It's my only way out right now until I'm making the money I should be making again. It'll be a PITA but I can do it.

 

I need a new car, mines on its last leg. I had planned on buying one under $20k before all this happened as j had perfect credit. I've set my limit to about $12k if I'm even able to get approved.

 

I have a medical collection bill for $104 it's absolutely laughable. I plan on fighting it with all the strength I have left.

 

Please more than ever I need the advice of this wonderful place where you all donate your time for others sake. I couldn't remember my login but I've helped where I could in the past. Please help me.

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Could you list the APRs for each account?

 

Sent from my Moto G (4) using Tapatalk

Standard prime on all. I dont believe any penalty APRs have been applied so were talking 9-15% I'll have to confirm and get back to you. I used to know all information off the top of my head but now that that same head is spinning off I just cant accurately recall without logging in which makes me nauseous.

 

I've highly considered bankruptcy but I didnt want to do that over $30,000 but I cannot pay $250 here, $150 there, $65 here, $100 there.

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Sorry for your bad luck but most of us have been there. I would say first of all relax, take a deep breath be pro active and don't panic we will be here to help you and you will get great advice from others. Talk to your creditors and see if they have any hardship programs that will lower your APR and monthly payment. I know for sure that Penfed will be of great help if you talk to them.

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you can ask for a Rule 5000 re-age on the CC's which gives you 5 years to pay off the accounts, ( that's most banks hardship programs )

 

but they usually close the accounts when you do that

 

however, it's better than defaults and late payments, and once you pay these off, it leaves closed accounts in good standing on your reports.

 

 

if you have lates on some of those accounts, they drop off after 7 years leaving you with another 8 years ( from the date the account is PIF) of PIF accounts in good standing that show never late

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you can ask for a Rule 5000 re-age on the CC's which gives you 5 years to pay off the accounts, ( that's most banks hardship programs )

 

but they usually close the accounts when you do that

 

I think the balance chasing is a pretty good indicator that OP's accounts will likely be closed without significant improvement in the near future. I don't have great hope for OP getting any kind of consolidation loan, unless OP has huge equity in the home then it might get tied to a HELOC or cash out refi. Vehicle loan unless its from a scumprime loan shark is out of the question right now.

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Looking for consolidation loan more than auto loan...trying to wait on that as long as possible.

 

Here is as much info as I have right now. Working again, on the books - take home will be under $2000 a month but save for these credit cards I dont have expenses outside of food, cell phone and car insurance...please help point me in the right direction, I have none right now.

 

If I left anything out please ask I'll be refreshing this page constantly for updates.

 

BOA - $2587.70 / $8000 13.99% Minimum payment is $46.00 Says I have 644 Fico

 

Chase Freedom $32.75/ $2000 14.99% due 24th

 

Chase Slate $2600.96 / $9500 13.99% min $73 due 13th Says I have 645

Barclay MC $14308.39 / $14,500 15.99% $507.78 is due after contacting them to skip a month...due 13th says Fico is 578

 

Amex blue cash preferred $709.83 / $1000 14.99% Fico of 649 need to drop from preferred with monthly fee and they cut me from $24k limit down to $1k this month and man that hurt.

 

Discover $2789.44 / $3k 11.99% due 5th Fico is 692

 

Penfed $11955.85/ $15k 10.99% and Fico of 671

 

 

 

With Penfed I need $465 by tomorrow the 7th for them to not cut my card...then id need to apply for a skip month if they accept id be good until dec 23rd otherwise id need another 239 by oct 23rd. They are mean animals in the delinquency department. I joined because theyre tough and handle their lending well but damn theyre rude.

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I was doing balance transfers out the wazoo this year and taking advantage of not paying any interest.

 

Despite all this I constantly get offers from cap one, citibank and even BOA for 21 month no interest cards. I dare not open them unless they were to give me a nice large (15k?) number to BT it to.

 

Any idea how much my fico/lending would get affected by getting that damn $104 medical off my reports??

 

All comes to $35,000 - I have no collateral. I used to only have my high 700s score with very low (0-3) inquiries at any given time. Is this worth bankruptcy?

Edited by Helloitsme

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I was doing balance transfers out the wazoo this year and taking advantage of not paying any interest.

 

Despite all this I constantly get offers from cap one, citibank and even BOA for 21 month no interest cards. I dare not open them unless they were to give me a nice large (15k?) number to BT it to.

 

Any idea how much my fico/lending would get affected by getting that damn $104 medical off my reports??

 

All comes to $35,000 - I have no collateral. I used to only have my high 700s score with very low (0-3) inquiries at any given time. Is this worth bankruptcy?

 

I've done this since 2004.. my total credit card debt is over $160k, credit reports don't show all of it since some cards are "business credit cards".

I keep the utilized over 90%.

 

My score dropped from over 760 to around 680.. no big deal unless you tend to forget paying bills.

I've lots of accounts, I mean, LOTS.. not just 2 inches of credit cards.. more than a dozen real estate loans, most of them not on credit reports (but they would report if I would miss payments), and I've never missed any payment.

 

So, a few times over the years I had to raise the score, I would just pay off everything and the score goes right back up over 750.

 

The only thing is that for each application you get a hard inquiry. At times, I've had 25 inquiries in the past 24 months.

Cannot pay to get those removed. I would have to completely stop applying for 2 years to bring that number down to 0.. not very feasible for me personally, but maybe for you.

 

I think all those inquiries cost me probably 20 points.

Edited by hjang1975

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I'm at work right now so can't fully respond, but it looks like you need to look at a budget, and figure what you can assign to pay down the credit cards, and work on getting yourself to a point you're able to PIF at the end of month again.

 

You told us that your take home will be under $2000/mo, but no expenses OTHER THAN: food, cell phone and car insurance -- Depending, that can be a pretty wide range, so what is your net after expenses? I do around $300/mo for food, but then, I'm a single male living in my own house who enjoys cooking my own meals, and using a cheap-ish cell plan ($40) that I'm likely cutting back to $20, and my car insurance is around $1600/year, PIF yearly for the discounts so it doesn't hit my monthly bills per se. So if I assumed you were the same, that would put you at $1680-ish to pay on CC bills monthly....However, just adding up your numbers above shows me that you have about 1700+ in CC bills, so you need to ascertain a path, and that may include consolidating if they're able.

 

PenFed's been very helpful in times, so hopefully you can work something out with them. Here's what I'm looking at with this: I'd snowball that Chase Freedom to clear extra payoff elsewhere, potentially combining it into the Chase, to see if they'd offer a 0% on it, or PC to the Freedom Unlimited with a 0% offer. Most importantly is being able to make enough payments to beat down some of the debt rapidly, however. What are your plans on paying it down faster? Here's a look at what I'm seeing currently based off the numbers that you've provided.

 

xCtNAxc.png

Edited by Zanshiro

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$30,000 at 18% interest can be repaid in 24 months at about $1,500 a month, which it sounds like you should have left after your minimal expenses.

 

Make minumim payments on all of the accounts except for the one with the highest APR, and then put what's left of the $1,500 toward that one.

 

Live frugally and execute. Refine the plan with BTs as you go, if you can, but get started with the basic plan now.

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I'm making 11/hr 32 hours a week. My girlfriend and I are about to split up and I'm going to have to find a room to rent on CL for 500-700 (NJ)

 

I don't have the ability to make balance transfers anymore.

 

Idk what else to add to this. Im not going to have but 500 a month to pay all the cards. Then there's interest. Idk how to avoid bankruptcy

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take home will be under $2000 a month but save for these credit cards I dont have expenses outside of food, cell phone and car insurance...

 

I'm making 11/hr 32 hours a week. My girlfriend and I are about to split up and I'm going to have to find a room to rent on CL for 500-700 (NJ)

 

....

 

Im not going to have but 500 a month to pay all the cards. Then there's interest. Idk how to avoid bankruptcy

 

It would be easier to help if you wouldn't change the fundamental facts of your situation mid-thread, and in less than 48 hours.

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My life situation is a mess however the facts are as such. That's what im currently making and how many hours ill expect at this job I've been at a week.

 

My cell is 108 a month but I'll be lowering that asap.

 

Car insurance is 48 a month but I have court soon for an accident and I expect that to rise somewhat substantially. Im already paying 100 a month in restitution and I expect heavy fines in a few weeks. I owe my lawyer 3000 as well, almost forgot about that.

 

I'm on Medicaid but that'll change since I'll be working and who knows what insurance I'll have and since im on 6-8 meds a month I expect hell from copays.

 

If my long-term girlfriend and I don't split i wont have rent or food to pay for as I used to cover it all when things were fine so as much as I hate it I have no choice.

 

I just need to know the best way to handle my financial situation. I have 48 cents in the bank. Im not trying to muddle anything.

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My life situation is a mess however the facts are as such. That's what im currently making and how many hours ill expect at this job I've been at a week.

 

My cell is 108 a month but I'll be lowering that asap.

 

Car insurance is 48 a month but I have court soon for an accident and I expect that to rise somewhat substantially. Im already paying 100 a month in restitution and I expect heavy fines in a few weeks. I owe my lawyer 3000 as well, almost forgot about that.

 

I'm on Medicaid but that'll change since I'll be working and who knows what insurance I'll have and since im on 6-8 meds a month I expect hell from copays.

 

If my long-term girlfriend and I don't split i wont have rent or food to pay for as I used to cover it all when things were fine so as much as I hate it I have no choice.

 

I just need to know the best way to handle my financial situation. I have 48 cents in the bank. Im not trying to muddle anything.

Since your job is only 32 hours, that leaves you with plenty of time to find and start a second job.

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I've been looking for over a year. Great resume with managing small to medium businesses for nearly t we n years. I am 30 years old. Hundreds and hundreds of resumes sent. Craiglist and indeed mostly. The only thing I've had is my credit and I'm about to lose that.

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BKs aren't in my wheelhouse, so I'll have to pass on that one, but if all the CLDs are happening, it seems it might even be worth giving Greenpath a call to see their input as well.

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