I AM A NOOB TO THIS!!!! First off, I screwed up BAD! I know it was my fault, I over extended myself and then the charge offs happened. So far I have Amex charged off, Providian, and the rest late. Most of this happened back in 99 so I have been trying to fix this since. I still have yet to pay the balances of on these two charge off credit cards, and I was reading a post that says that I need to get a letter saying they will delete off my credit report once I pay them off. This was a very enlightening post and I think it is good advice. Here is my situation: 1 credit card with first national credit card 2500 dollar limit. Many times 30, 60, 90 days late and the balance is almost maxed out, but it has been current the last couple months 1 credit card through plains that I have a 300 CL and I owe about 250 right now 1 revolving loan with MBNA with a limit of 3700, balance is around 2k but I am using a debt consolidation company with them, so they closed my account and I am paying the balance. I am currently at 6% but if I get rid of debt consolidation, my rate will go up to about 27% which ain't going to happen. In order to reopen my account, I have to get my credit pulled, so I don't know what to do here. I have student loans of 38k through Citi bank and I just consolidated so that my bill is about 216 a month for 20 years at 3% interest. I think this helps since it shows a high loan balance, but I am not sure. What should I do here? was consolidating a good idea? I signed up for direct debit which is lowering my interest rate .25 a percent. If I donâ??t miss any payments, they will lower my interest rate another .5 or 1 % as well (first 5 yrs or something) I have 4 incs on experian this year ->22 since 2/21/01 I have 6 incs on transunion this year -> 25 since 9/25/01 I have 28 incs on Equifax this year -> 28 going back to 04/02 (there were a bunch that werenâ??t â??hardâ? incs so maybe it is just 6 hard incs going back to 03/02 this one was confusing What do I need to do to fix this mess? I think I have explained the major issuesâ?¦ the other issues would be the 2 car loans I have one I owe 6k on and the other is 14k (this one is 21.95% interest-> tried refinancing and the did not approve, with household and I have never been late in 1yr! the life of the loan!) So this is my crappy credit (wifes is worse! Fico of 538) what do I do??? NEED SERIOUS HELP!! if you need any more info, feel free to email me your advice to spneufel at hotmail dot com. My life sux until I get this squared away! Be sure to put creditnet in capitals in subject line so I don't delete. HELP!
Stongly consider chapter 7 bankruptcy. You can get all the credit cards included in the BK. Reaffirm your car loans with the lender (or don't include them in the BK). The lender will have these forms. You'll likely have to keep paying the student loan, depending on your state and the age of the loan.
Why would Bankruptcy be a good option? I thought this was one thing to avoid like the plague... My score has increased about 40 points in the past 6 or 8 months, am I not on the right track?
BK is worth considering because your debts that would normally remain on your report for many years, are discharged in your BK. Moreover, the predominance of potential grantors of credit would prefer to see that all bad debts have been discharged and are no longer an issue. I do, however, understand that you might not want to mess with your score. BK would affect your current score. And if you deal only with grantors of credit that rely only your score, then maybe you should just remain status quo.
my friend! have student loans of 38k through Citi bank and I just consolidated so that my bill is about 216 a month for 20 years at 3% interest ++++++++++++++++++++++++++++ im so glad i came across your post tonight. i currently am in my 2 year of college in manhattan and iam interested about taking a loan out to help me out with my tuition. however if you can give me any pointers that the bank will favor in allowing me the loan i'd really appreciate it while it would really help me out. thanks
my friend! you can specify what bank you want to hold your loan. Since they are guarenteed by the govt., you can basically do what you want. Citibank is willing to loan me a total of 180k for graduate degree and on. They were extremely easy to deal with and my consolidation only took about 2-3 weeks to complete once I had signed the papers. I would recommend them. The customer service is excellent too.
my friend! you can specify what bank you want to hold your loan. Since they are guarenteed by the govt., you can basically do what you want. Citibank is willing to loan me a total of 180k for graduate degree and on. They were extremely easy to deal with and my consolidation only took about 2-3 weeks to complete once I had signed the papers. I would recommend them. The customer service is excellent too.
my friend! im sorry if this is a stupid question but once youre approved, does the bank pay the college and then send you the agreed montly payment, or does the bank actully give you all the money you appplied for? thanx.
my friend! the bank pays the school direct, however if you get a perkins loan and apply it to the school as well, the overpayment is paid back to you and its your money. What you do then is consolidate your studentloands including the perkins loan and you just got yourself a low interest loan with no credit check. That is what I did anyway, and it worked. Too bad I could only get around 1500 bucks a trimester.
