Blessings, FightClub!
I understand you have a decision crisis, but you came here for help and that's what every one is trying to do for you -- that is, help you. It sounds to me like you've crossed all avenues, yet you keep coming up to the same cross road. What exactly do you want to do? Do you want to keep the cards and pay the high interest rates? Or, do you want to close the cards, pay the balances and move forward? It sounds to me like you want to rebuild, but you are discouraged at the time frame you THINK it will take to do so. Am I correct?
Not every one who has filed BK took the "cop-out" route, as you proclaim. Not all situations are the same. Unfortunately, I had to file Ch 13 BK when all of my resources were exhausted. A serious medical emergency (my child) forced me to take a long leave from work with no pay at all. That was my only means of income, but I had to stay home with my child who suffered a serious illness and had an extended stay in the hospital. He was cut off of his father's medical insurance without my knowledge so the hospitals where coming after me for payment of these bills. With medical expenses topping $200k, using CCs to buy medications, get food and gas, rent, utilities, etc., I simply could not do it any longer. So, filing BK was my last resort, not my "cop-out" decision. I have paid back my debt and don't feel embarrassed at all.
If none of these answers are what you like, perhaps you can get the advice you seek from an experienced attorney?
You may not see it now, but there is a light at the end of the tunnel.
I understand you have a decision crisis, but you came here for help and that's what every one is trying to do for you -- that is, help you. It sounds to me like you've crossed all avenues, yet you keep coming up to the same cross road. What exactly do you want to do? Do you want to keep the cards and pay the high interest rates? Or, do you want to close the cards, pay the balances and move forward? It sounds to me like you want to rebuild, but you are discouraged at the time frame you THINK it will take to do so. Am I correct?
Not every one who has filed BK took the "cop-out" route, as you proclaim. Not all situations are the same. Unfortunately, I had to file Ch 13 BK when all of my resources were exhausted. A serious medical emergency (my child) forced me to take a long leave from work with no pay at all. That was my only means of income, but I had to stay home with my child who suffered a serious illness and had an extended stay in the hospital. He was cut off of his father's medical insurance without my knowledge so the hospitals where coming after me for payment of these bills. With medical expenses topping $200k, using CCs to buy medications, get food and gas, rent, utilities, etc., I simply could not do it any longer. So, filing BK was my last resort, not my "cop-out" decision. I have paid back my debt and don't feel embarrassed at all.
If none of these answers are what you like, perhaps you can get the advice you seek from an experienced attorney?
You may not see it now, but there is a light at the end of the tunnel.
Dear miahmarie,
Did your Aunt file under the new BK rules or before? I think my wife did the new BK qualifying test or survey and found out that we made too much to file under the new BK rules. The old BK had no real pre-requisites.
Starting Score: EX:643 - EQ: 607 - TU: 614Dear Uniqua,
I do hope that your situation turned out for the best. Please do not take my "cop-out" statement personally. I just previously sworn to myself that I PERSONALLY would not choose this option and had placed the "cop-out" tag onto it to dissuade me into ever thinking of filing for BK. Which, as of today, it appears that I just may have to consider it as a real option. My situation with the divorce and my fathers medical and funeral expenses is not far from your past financial situation, however I cannot remotely compare my situation to that of your child's illness, nor would I even attempt it.
As for what I am looking for while participating in this forum, I am looking for a reasonable resolve to my situation, unlike the unreasonable options that the CCC's have afforded me. Keeping the CC open, is a concern. Keeping them open without having them flip flop from higher rates to lower limits without regard is an even greater concern. Maybe even just getting the word out that CCC's are messing with peoples lives, while the people are being responsible, just because the CCC's are taking a financial hit according to their projected profits. Lowering my credit limits to barely above my credit balance is cruel and unjust since it was economically driven. This lowering labeled me as a high risk factor in the eyes of the bureaus. So the CCC's irresponsibly forced me into my current position, because of their knee-jerk reaction to their own losses reflective of the whole banking mortgage crisis.
Please accept my apologies, for my entries if they have offended any of you, in any way.
Message Edited by FightClub on 04-29-2008 05:31 PM
Message Edited by FightClub on 04-29-2008 05:32 PM
Thank you scapegrace13,
Your encouragement means a lot to me.
Dear Timothy,
That's why I am so confused and aggravated. Nothing on my personal credit reports have changed over the last 3 years. Everything on my credit report is current, no new collections, no defaults, no BK, no new mortgage lates or any autos late. Inquries seem to be hitting my score, some are from me but others seem to coincide with the CCC's actions towards my accounts. FICO nnounced new credit reporting formulas. Could I just be one of those people whose credit history would be negatively affected by it? If so, what part of the new formulary would warrant a -300 plus drop?
It would be just my luck if this were the case.
Dear alaskan_assassin_07,
I hope, in light of my personal situation, that all of the discussions that pertain to the demise of my credit worthiness, helps others more than just myself.
Thanks.
Dear FretlessMayhem,
After all is said, profit seems to be the underlying evil in this game we call Establishing Good Credit. Though I have known a great many people with impeccable credit, most are over the age of 42 and quite frankly, a far cry more paranoid of having bad credit than myself. I feel that, if you started out rocky, understanding the importance of good credit, recovering from it, is an uphill climb with more of a horizontal result.
Have a great evening.
Dear Uniqua,
I still do have your prior posts. I will peruse over the sites that you have recommended and utilize the "complaint" features. Have you ever heard of any success from corresponding with the FTC, TREAS and or the Dept. of Banking? It sure would help to know that there is someone on the other side receiving my concerns.
Thank you and God Bless!