debt

[laryn41]

I have about $3800 in cc debt...not to bad and they aren't maxed out. They are up there but not maxed out. I have one collection that I need to take care of.  It is for about 1600 and is with Afni. I make all my payments on time and a little over the minimum payment. I haven't seen a huge increase in my scores. But i  used to have terrible credit, with a few collections that were paid and some lates.                        My scores are 599 ex

                                                                                             662 eq

                                                                                             620 tu

I have had a lot of inqs in the past 12 mths.

What i am looking for is either a CC that I could get to consolidate for one mothley payment or a debt consolidation loan...I was denied for BOA personal and Capone personal.

Any advice?

[Anonymous]

$3800 is not a big number to get paid down-
If you can't seem to pay it down with budgeting and lowering expenses- how about a part time gig?

Get that UTL down- save enough to PFD AFNI

You may want to try a credit Union (Online or Local)
Your EQ should be good enough unless there is a DTI issue.

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@laryn41 wrote:

I have about $3800 in cc debt...not to bad and they aren't maxed out. They are up there but not maxed out. I have one collection that I need to take care of. It is for about 1600 and is with Afni. I make all my payments on time and a little over the minimum payment. I haven't seen a huge increase in my scores. But i used to have terrible credit, with a few collections that were paid and some lates. My scores are 599 ex

662 eq

620 tu

I have had a lot of inqs in the past 12 mths.

What i am looking for is either a CC that I could get to consolidate for one mothley payment or a debt consolidation loan...I was denied for BOA personal and Capone personal.

Any advice?

---

[Anonymous]

Debt consolidation loans...yikes.  I agree with Timothy, $3800 is manageable, I know WAY too many people with debt in the $20K+ arena.  I don't know how many cards you have, but assuming it's more than one, I'd recommend the 'rollover' method.  Pay just over minimum on all cards but your highest interest card, then pay as much as possible on that card.  Once it's paid down, roll over what you were paying on the previous card and put it on your next highest interest card, then keep this up until they're all gone.  For example:

Visa- 18.9%, 100 bal, $10 min pay

MC-19.9%, $150 bal, $15 min pay

AMEX-14.9%, $100 bal, $12 min pay

I'll make a $15 pay on AMEX, $15 on Visa, and $50 on MC.  In three months, MC paid off.  Then, I make $15 on AMEX, and $65 (my $15 regular payment PLUS the $50 I was paying toward MC).  In two months, Visa is paid off, so now I'll pay $80/month (my regular $15 PLUS the $65 I'd been putting toward the Visa).  In a month, it's paid off, and my balances are zero.

Granted, it's simplified, but hopefully you get the idea.  A debt consolidation doesn't sound like the right fix for you in this situation, but perhaps there are other factors involved that I'm not aware of...

[laryn41]

i reason I was thinking debt cons...is because I only want one payment and maybe keep two cc'si have one derog that is keeping my score down... I guess.

[Anonymous]

You say your cards are not maxed out.  Are any of the limits sufficient enough to BT the majority of the debt to wihout maxing.  I ask because you can always call the issuer and ask if they have any good BT offers avail.  That way reducing the number of payments without opening any new credit.  The trick to that is to not use the cards you BT to whatever your choice.

Now that I have biz credit to manage as well I am trying to put all my personal debt on one or two cards to cut down the number of payments I have to keep track of.  using my lowest limit card for everyday expenses and PIF.

Message Edited by Brammy on 11-17-2007 11:41 AM

[laryn41]

they are not maxed out bu the balances are higher than I would like. And I don't have enough on the balance to BT.

[theREBIRTHofCREDIT]

Hello,

I am very new to this Forum and myfico. I have learned a lot of things since being a part of this community I have had credit since 2000 and I am now 25 years old (mother of 3). My credit has been up and down in the past years. I was never educated on the importance of GOOD CREDIT before getting started, so I did stupid things like apply for a lot of cards maxed them out and took forever to pay them down/off. I also took out student loans (just to get the money) while in college, I didn't need the funds for school because my grant money took care of my entire tuition. Now that I am older and wiser and want better for my family and myself, I am feeling the consequences of my mistakes... I am now trying to get my credit scores up so that I can purchase a house in the near future. EXP 598, TU 595, EQ 565 (scores as of 11/07). In Aug. 05 when I leased my car my TU score was 670. Since then I had been late a few times and a few accounts went into collections. I paid every card off and closed them. I paid off every collection. (didn't know anything about Pay For Deleate). I opened a HSBC card in 05/07 limit $300 (never late/never missed) balance $189.87 (I know that I need to pay this down more!), Been current on my Car Note since 06/07 (opened in 08/05 still owe $14,000), Student Loans consolidated to one bill in 02/07 (was in deferment, out of deferment 10/07) never late/never missed (I owe $17,000), opened a Dell Financial account 10/07 limit $1500 balance $0, opened NY&C card 07/05 limit $300 balance $0 (only used this card 2x in 05).

There is one collection that is PIF ($260) but is still showing on my report open and that I owe $260, when I contacted the agency they said that they reported it paid to the experian in 07/07 to dispute it with them. I did and experian came back and said this is a valid collection account and will remain unchanged!! What do I do about that? I was told by my sister in law (who is a mortgage loan officer) that I need to open a couple more credit cards, should I?

What advise does ANYONE have to give me on ways to legally fix my credit?? I was thinking about writing Good Will letters to the companies that I PIF/closed to see if they would delete the account or remove the late payments.

Any advise given would be greatly appreciated

Thankx in Advance

theREBIRTHofCREDIT

[theREBIRTHofCREDIT]

P.S.

Please keep in mind that the ONLY OPEN ACCOUNTS in my credit file is HSBC, NY&C, Dell Financial, Toyota Financial, and Student Loan.