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120k in credit, in 6 months now what?

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HiLine
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Re: 120k in credit, in 6 months now what?

Message 31 of 36
danielodonoll
New Contributor

Re: 120k in credit, in 6 months now what?

I dont own them anything at this point due to the fact that i didnt get paid so they didnt get paid

 

It was simply a business situation and in business there is always risk

They got bailed ou so did i.We learn from our mistakes and be more careful next time.I certenly had to learn the hard way

Thats why 99% of people that declare bk do not declare second time because they learn.

 

I get what you saying though.

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
Current Fico/EQ-765
Garden Time Day- 10
Remaining Days-170
Message 32 of 36
gen-specific
Frequent Contributor

Re: 120k in credit, in 6 months now what?


@danielodonoll wrote:

I dont own them anything at this point due to the fact that i didnt get paid so they didnt get paid

 

It was simply a business situation and in business there is always risk

They got bailed ou so did i.We learn from our mistakes and be more careful next time.I certenly had to learn the hard way

Thats why 99% of people that declare bk do not declare second time because they learn.

 

I get what you saying though.


lol, nice.

 

why were you a personal guarantor on those cards? your business should have been able to declare bankruptcy without it affecting your credit

Message 33 of 36
danielodonoll
New Contributor

Re: 120k in credit, in 6 months now what?


@gen-specific wrote:

@danielodonoll wrote:

I dont own them anything at this point due to the fact that i didnt get paid so they didnt get paid

 

It was simply a business situation and in business there is always risk

They got bailed ou so did i.We learn from our mistakes and be more careful next time.I certenly had to learn the hard way

Thats why 99% of people that declare bk do not declare second time because they learn.

 

I get what you saying though.


lol, nice.

 

why were you a personal guarantor on those cards? your business should have been able to declare bankruptcy without it affecting your credit


I wasnt thinking back then i was sure i could pull it but boy was i wrong with the economy going downhill

Whenever you apply for a business credit u need to personaly guarantee the credit obtained.

 

Its in the past now and iam trying to move forward with the rest of the life.Alots of work to be done

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
Current Fico/EQ-765
Garden Time Day- 10
Remaining Days-170
Message 34 of 36
gen-specific
Frequent Contributor

Re: 120k in credit, in 6 months now what?


@danielodonoll wrote:

Whenever you apply for a business credit u need to personaly guarantee the credit obtained.

 

Its in the past now and iam trying to move forward with the rest of the life.Alots of work to be done

not true, institutions just need to see your business pulling in income already and they'd be glad to take a risk on your business. you could start your business with something secured or a small personally guanrateed line to build credit (just like you would do personally if you had bad/no credit)
but you are right its in the past now.

 

Message 35 of 36
scenery_guy
Established Contributor

Re: 120k in credit, in 6 months now what?


@danielodonoll wrote:

I dont own them anything at this point due to the fact that i didnt get paid so they didnt get paid

 

It was simply a business situation and in business there is always risk

They got bailed ou so did i.We learn from our mistakes and be more careful next time.I certenly had to learn the hard way

Thats why 99% of people that declare bk do not declare second time because they learn.

 

I get what you saying though.


What exactly do you mean by the statement above in red?

Message 36 of 36
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