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Valued Member
Posts: 26
Registered: ‎04-26-2008
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Re: Would anyone mind sharing with me?



niecey89 wrote:
Woman Sad I am so jealous of you. I currently only have 8 oops now 9 credit cards (all in good standings). 3 of them i am thinking of paying down if not off by the new year. I am hoping to only have car loan, 2 credit cards, and *bleeping* Sallie Mae with balances by TAX time in Feb 2009.

 

My daughter wants to get a house. she only 5 years old. She wants a purple room and a puppy. Poor baby puts her money (family gives her)in the several money banks around our apartment. I want to be able to go house or condo hunting in 3 yrs. I will be 40 by then.

 

So now i know i can do it based on what i see you have done.


I’m not sure having this much credit is a good thing.  I'm very thankful I have these credit cards under control.  Mostly, I guess my obsession with credit is direct result of a need to prove to myself I can handle all of this credit.

Like Woodstock, I was in debt over 150K last October.  I had three car payments, a 43K student loan debt to Dept of Ed, and maxed out credit cards.  Fortunately, I was able to increase my income substantially and pay off the majority of my debt.  At the end of November this year, my two remaining debts will be paid off.  Then I will be totally debt free.  It’s a lot of debt to pay off in a very short time period.  But it didn’t come without sacrifice.

Sounds like you are well on your way to realizing your dream of financing your own home for you and your daughter.  And you are in a good place… or getting there.  So yes you can do!

01/07/2009 - | TU=674 | EQ= 700 | EX=705 |
12/26/2008 - | TU=659 | EQ= 700 | EX=692 |
12/09/2008 - | TU=671 | EQ= 732 | EX=704 |
11/15/2008 - | TU=657 | EQ= 699 | EX=695 |
Valued Member
Posts: 26
Registered: ‎04-26-2008
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Re: Would anyone mind sharing with me?



woodstock wrote:
Several things got me into this position.  The #1 reason is my ex-wife.  She has major spending problems and also had trouble holding down a job.  She went to professional school and then started her own business.  About half of that debt went toward helping her get through school and then start her business.  The other half she spent at the mall.  When we separated it took multiple moving trucks to move all of her junk out of the house.
 
You're right, I make a six figure salary.  That is both a blessing and a curse.  I make several times the limit to be able to file Chapter 7 and dump the credit card debt.  Under Chapter 13 my 60 month repayment plan would have me pay back all of this debt so there is no point.  So instead I work as much overtime as I can, take my entire paycheck and pay my child support ($2150/month, which is a ton cheaper than trying to keep up with her spending in my community property state) and put the rest toward the credit cards.  I don't really have the cash every month for an apartment so I live like a nomad for the time being.  Like I said, I should have the cards paid off in about 3 years.  I can hardly wait!
 
Oh, I forgot your last question -- it took just over 15 years to rack up all of this debt.


Keep your head up.  It will take some time to pay off, but it sounds like you have a good plan in place.  Worse case, you could get a job working in a war zone... like me.  Hehe... naw trust me, it's not worth it.  Stay the course man.  You're on the right path back.
01/07/2009 - | TU=674 | EQ= 700 | EX=705 |
12/26/2008 - | TU=659 | EQ= 700 | EX=692 |
12/09/2008 - | TU=671 | EQ= 732 | EX=704 |
11/15/2008 - | TU=657 | EQ= 699 | EX=695 |
Frequent Contributor
Posts: 401
Registered: ‎05-01-2007
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Re: Would anyone mind sharing with me?



JRInWA wrote:


niecey89 wrote:
Woman Sad I am so jealous of you. I currently only have 8 oops now 9 credit cards (all in good standings). 3 of them i am thinking of paying down if not off by the new year. I am hoping to only have car loan, 2 credit cards, and *bleeping* Sallie Mae with balances by TAX time in Feb 2009.

 

My daughter wants to get a house. she only 5 years old. She wants a purple room and a puppy. Poor baby puts her money (family gives her)in the several money banks around our apartment. I want to be able to go house or condo hunting in 3 yrs. I will be 40 by then.

 

So now i know i can do it based on what i see you have done.


I’m not sure having this much credit is a good thing.  I'm very thankful I have these credit cards under control.  Mostly, I guess my obsession with credit is direct result of a need to prove to myself I can handle all of this credit.

Like Woodstock, I was in debt over 150K last October.  I had three car payments, a 43K student loan debt to Dept of Ed, and maxed out credit cards.  Fortunately, I was able to increase my income substantially and pay off the majority of my debt.  At the end of November this year, my two remaining debts will be paid off.  Then I will be totally debt free.  It’s a lot of debt to pay off in a very short time period.  But it didn’t come without sacrifice.

Sounds like you are well on your way to realizing your dream of financing your own home for you and your daughter.  And you are in a good place… or getting there.  So yes you can do!







Thanks for the words of encouragment JRInWA . It will be a struggle for me as well but i am making it happen. But if you know a rich person for me to marry or know the tricks to hitting the Mega Millions. Give me a holla (LOL)  Smiley Very Happy
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Established Member
Posts: 12
Registered: ‎07-17-2008
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Re: Would anyone mind sharing with me?

Wow Woodstock- thanks for the insight. boy I have heard a few stories like that involving exes that can get you into a whole heap of financial mess. Keep your head up and there is light at the end of the tunnel.
Current credit score goal: Join 700 club by January 1st, 2009
Frequent Contributor
Posts: 352
Registered: ‎10-10-2007
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Re: Would anyone mind sharing with me?

Hi
i would like to share with you what i have accomplished so far since i had BK in my credit report from OCT-05 .
 
JCPENNY $1800cl - 0
HSBC MC$1000-0
WELLS FARGO PLATINUM VISA $1500-0
DILLARDS AMX $1400-740
HOOTERS MC $1400-60
CHEVRON CC $700-26
MERVENY'S $300cl-0 (i am planing to close it if i do not get cli )
WAL-MART $500-0
BANANA REPUBLIC $450-0
GAP $450
MY FICO SCORE AS OF 08-15-08 665 EQ
WISH ME LUCK
 
Regular Contributor
Posts: 236
Registered: ‎08-31-2008
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Re: Would anyone mind sharing with me?

I'm 24 yrs old, recent grad...with lots of credit card debt to prove it.....
 
Cap One 1.99%- 500/200
 
BofA - 7200/6864
 
Sears 0%- 3200/2464 (expecting a bonus of 1500 within the next week, all will be applied to this bal)
 
orchard-300/0
 
care Credit (GE Money Bank) 0%- 2500/2300
 
CarCare One( GE MOney Bank)0% 1000/502  (plan to PO in Oct)
 
HSN (GE Money Bank) 300/0
 
Established Contributor
Posts: 837
Registered: ‎02-27-2008
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Re: Would anyone mind sharing with me?



scottie_mommy wrote:
I'm 24 yrs old, recent grad...with lots of credit card debt to prove it.....
 
Cap One 1.99%- 500/200
 
BofA - 7200/6864
 
Sears 0%- 3200/2464 (expecting a bonus of 1500 within the next week, all will be applied to this bal)
 
orchard-300/0
 
care Credit (GE Money Bank) 0%- 2500/2300
 
CarCare One( GE MOney Bank)0% 1000/502  (plan to PO in Oct)
 
HSN (GE Money Bank) 300/0
 


Can I recommend that you pay off your two smaller credit cards first with your bonus? Then use the rest towards your next lowest balance. That way whatever monthly payment you were paying towards those two - you can now put towards the next credit card.
 
Example:
Pay off Cap One
Pay off CarCare One
 
Then use the remaining $800 for either CareCredit or Sears. Then let's say you were paying $50/month on Cap One, $50 on CarCare, now you can put that $100 a month towards either CareCredit or Sears on a monthly basis...
 
Just a thought!
FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Regular Contributor
Posts: 121
Registered: ‎01-08-2008
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Re: Would anyone mind sharing with me?

[ Edited ]

scottie_mommy wrote:
Cap One 1.99%- 500/200
BofA - 7200/6864
Sears 0%- 3200/2464 (expecting a bonus of 1500 within the next week, all will be applied to this bal)
orchard-300/0
care Credit (GE Money Bank) 0%- 2500/2300
CarCare One( GE MOney Bank)0% 1000/502  (plan to PO in Oct)
HSN (GE Money Bank) 300/0

 
You listed some %s, I'm assuming those are your interest rates?  What is your rate on the BofA?  If it's higher than the others, I think you should pay that one down instead of the 0% cards. 


Message Edited by JmeSunday on 09-25-2008 03:41 PM
4/20/09
Me 696 EX, 709 EQ, 739 TU
DH 734 EX, 699 EQ, 758 TU
Established Contributor
Posts: 523
Registered: ‎09-09-2007
0

Re: Would anyone mind sharing with me?

I'll join.
All my personals.

Citi - 5000/15000
BOA 99/500 - 0/500 (Graduation month in October)
Chase - 1000/5000
Hooters - 0/6250
Justice League - 0/5000
Wells Fargo Financial - 0/4000
Wells Fargo Financial LOC - 0/1000 (Will probably meet the burn pile)
Orchard - 850/1930 (Next burn pile victim)
WAMU - 0/2500 (Now that Chase is buying them maybe I can combine my accounts otherwise it's another burn pile victim)
Penfed - 0/20000
Juniper - 0/750 (Burn pile)
Zales - 0/750
Kay - 0/6000
JB Robinson - 0/6000
Citiflex LOC - 7000/11000 (Pending increase to 25000)

Phasing out the small cards.
----------------------------------------------------------------
Credit repair - the Ski Mask Way.
Frequent Contributor
Posts: 277
Registered: ‎10-21-2008
0

Re: Would anyone mind sharing with me?

[ Edited ]

Here's my mix at the moment:

 

AMEX Plat         0/-

AMEX Gold Delta   0/11,700

Chase           228/15,000

Cap 1             0/17,500

Macy's            0/ 1,500

Exxon/Mobil       0/ 1,000

Citi Plat Select  0/ 7,500

BoA Plat Visa     0/12,000

 

plus I have a car loan (but no mortgage)

 

If I decide to pare it down, I'd probably get rid of the newest Visa and newest MC (they seem redundant).
Message Edited by writemikep on 11-01-2008 09:27 PM
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