I am in need of some advice on my situation. I had lost my job and somehow managed to keep everything current except one account, MBNA. I owe them a ton of money, in both total balance and the monthly payment since I have missed 4 now. I had transferred most of balances to it when I got it about two years ago so it has probably 70% of my total debt (minus car/house) on it. My scores of course have nose dived to the low 600's, well according to FACO scores on mycreditkeeper.com. (620/628/615) I am wondering a few things. 1) My wife was an authorized user on the MBNA account but not on the account. Right now it is showing on her report and is bringing down her score which was well over 700 and I am wondering if that is right. Can I have it removed from her report since she was not on the account? 2) I have a job now and can meet all of my obligations besides MBNA because of the sheer size of it. I think it either is about to be or already has been charged off. What are my options now, what's going to happen (collection agency I assume) and does BK make sense when you only have one account in bad standing? (Again it is 70% of my debt) 3) I live in Louisiana, does anyone know if my wife would have to file BK if I do, even though the vast majority (95% plus) is in my name? I think LA is a state where you're both liable, but I am not sure. Any other general advice or help would be greatly appreciated.
Thanks jenz. That's great news about the AU thing, now I can get my wife's score back over 700, and if there is another emergency she will be able to obtain some kind of credit. I am almost certain it's been charged off now, but I have not received any notification from MBNA, but then again I am not sure I will. I also have not been contacted by any collection agency which I am sure is coming, right? I am kind of hoping that once it gets to the collection agency that I might be able to work out some kind of settlement to get it taken care of. I have some equity in my house but not enough to cover the entire balance. I could also sell my SUV (that would kill me, but I could) to cover the settlement. If they were willing to take a portion of the total balance then I could do something. I really do not want to file BK but it seems like the people on here who did have scores in the 660-680 range after a year. I am not sure what's better a 660 with a BK or a 620 without, but I know I can't get squat with a 620.
If it comes down to settling - could you refinance your SUV instead of sell it? I know i couldn't part with my little sports car... and NEVER NEVER NEVER pay off debt with your house! worst case if you default on a CC they get a judgment and you make payment arrangements. you default on a mortgage you lose your house. (i have to laugh about that last comment because i do mortgages/home equity loans for a living and here i am telling you not to get one!)
Re: Re: Need some advice Well I own it outright, I have no loan on it. I mean I could sell it to get the money but then I would have to go buy another car and finance it. What exactly should I be doing or do as far as this is concerned. Should I just be waiting for a collection agency to call, thereby affirming for me that the debt has been charged off? Then what?
Re: Re: Need some advice Jenz, you were the only one helping me and now I see what has happened to you. It's terrible. Thanks so much for being there for people like me and if there is anything I can do for you, name it. Good luck on finding something else, and I hope it's better than what you had.
Re: Re: Need some advice Can someone point me to the correct area which would show me which steps to take when dealing with an OC/CA regarding an account nearing charge-off. Thanks!
