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FICO SCHMICO

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Jesedmotherof5
Established Contributor

Re: FICO SCHMICO

speechless... I but not so uncommon eight years ago I was in the same position diapers or bills.. diapers won but I have paid the price severly and wish I could go back and work something out as the few "settlements" that I had were long gone off my report before the collections. Now I am 31 with five kids a wonderful paying job and I pay the same money to a landlord that i could be paying to own my own home. Feels just peachy to be helping his credit out! I never BK'd because I intended on paying all my dues back... never happened as the fees became so outragous that I would never be out of debit. Tried CCC most people did not except the tems.
I am self employeed and do run background check and do frown apon wage garnishments or people who are tyring to get out of having to pay child support... So Id wacth yourself as where you are now will not be where  you are in a few years and yes that phone will still be ringing.... and you will still have to sit down and own up to it weather it is now or in seven years when things are still sitting on that report in dulpicates or judements (thank god I didnt get any) but I will most likely be going to court for 500 that a bank says that I owe them for fees of closing my account in 2003.
Much luck to you in life... this will haunt you! guess I wasnt speechless after all!


Message Edited by Jesedmotherof5 on 05-08-2008 07:56 AM
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Message 21 of 49
Anonymous
Not applicable

Re: FICO SCHMICO

Hopefully, your friend that you are renting from don't find this out or you may get the boot sooner than you want to.


My friends that I know don't pay their bills worth squat we do not discuss finances at all (this I had to learn the hard way). I figure if you don't pay your own bills you will definitely not worry about paying me back.

Good luck.
Message 22 of 49
Anonymous
Not applicable

Re: FICO SCHMICO



@Anonymous wrote:
Lets say I don't care about my FICO score. I want to live on a cash basis. I don't want credit because I tend to overspend anyway. Lets also say I owe a lot of money on credit cards ($100,000) which I cant pay. The calls are coming in, but I am not answering. My plan is to just ignore it, let my fico score plummet, and live on cash the rest of my life. Whats the problem with that?





As others have already pointed out, the CC companies are not charities. They're not just going to eat a $10,000 loss while you're making money. If you had (God forbid) gotten into a terrible accident and were going to be on SSI or something for many years to come, they might walk away, but you're not. If you have income or assets, they'll be calling.

I think right now you're in a state of denial. You probably got tempted by the promise of endless upward mobility, charged something here and something there, and before you knew it, you were in way over your head.

I would recommend getting all your documentation together and seeing a BK attorney. The kind of train wreck you're describing just gets worse the longer you try and deny it. The situation is survivable. You probably will end up on a court-supervised partial repayment plan, and face a dramatically curtailed lifestyle for a few years, but this is preferable to hiding and waiting for the situation to become truly unmanageable.
Message 23 of 49
Anonymous
Not applicable

Re: FICO SCHMICO

Do you mind if I ask how old you are? Not that Age should be an indication of maturity, but I'm curious.
Message 24 of 49
Anonymous
Not applicable

Re: FICO SCHMICO

I am 49
Message 25 of 49
Anonymous
Not applicable

Re: FICO SCHMICO



heirophant wrote:


MinnesotaJ wrote:
So you plan on buying a house, auto, and CC's all in her name...using only her income.... I hope you find a loaded spouse who doesn't mind freeloaders.... because you would be freeloading on her credit...
 
Prenup to seperate debt?    great for you...she'll be the one with all the debt from the marriage...her car loans...her home loan..her CC's....you could walk out and put her in the same situation you put yourself.
 
Take ownership.
 
If it's just rate jacked APR's killing you....get a dmp they'll get you lower APR's and payments if not stop running away. (running isn't a quality people look for in a relationship)


You hit the nail on the head...they have a right to be mad at you for not paying and a right to expect their money back.  Remember, companies have the same rights as a person...and a few more, mainly because they affect the lives of their employ.  You should feel terrible for not owning up to your obligations and want to make things right.  It is the right thing to do.


Message Edited by heirophant on 05-07-2008 10:09 PM

Not sure how to respond to this one.  I guess I should feel terrible since I cant pay my bills.  I should feel better if I file bankruptcy?  Any way I am beyond that, I am simply trying to learn the repercussion of various options I have.
Message 26 of 49
Anonymous
Not applicable

Re: FICO SCHMICO



LIGHTNIN wrote:
you said you have a GREAT job then 100k should be NO problem.

have checked your hr dept because most places of employment only allow 3 garnishments,
then you are out of a job.

employers also look at your credit report to see what kind of person you are.
do you what to ruin your chance at a really great job or dream job?

the choice is yours.I cant understand how you can sleep at night?

Message Edited by LIGHTNIN on 05-08-2008 06:06 AM


I have a great job, but I also owe a lot of money and just got divorced too.  I am paying a lot of alimony and child support.  It is a problem, believe me.  It is hard to sleep with this hanging over my head, I admit that.
Message 27 of 49
Anonymous
Not applicable

Re: FICO SCHMICO

I appreciate the insights.  Saying I am a bad person is your right I suppose, but doesnt help me.  TO me I have 3 options:
 
1. Call the CCC and try to work out a payment plan.
2. Bankruptcy
3. Don't answer the phone
 
From what I can find out, option 3 carries the risk of being sued.  Thats the only real disadvantage I have heard as compared to option 2.  Option 2 had the advantage of being a legal remedy and would prevent lawsuits and garnishments.  It may be the best answer (if I qualify).  I have seen an ad for a lawyer that charges $500 or so for it.  I wish I could do Option 1, but I dont see how.
Message 28 of 49
Anonymous
Not applicable

Re: FICO SCHMICO

You say " I wish I could do option 1, but I dont see how."
 
I know how you can......Talk to them.  It never hurts to ask.Smiley Wink
 
Do yourself a favor, ditch option 3 and try option 1 with the last resort being option 2.
 
You only have two options here.


Message Edited by realworldknowledge on 05-09-2008 06:11 AM
Message 29 of 49
BungalowMo
Senior Contributor

Re: FICO SCHMICO

Here's a reprocussion....when people charge, borrow, or otherwise get lines of credit to do what they want/need to do....max it all out...then go underground....
 
I pay...Joe Blow pays...your MOTHER pays...your neighbors pay. 
 
Contact them all & see what you can do.  You'll find you'll rest better this way.  You may not be rich, but you can sleep with a clear conscience.
 
Mo
 


Message Edited by BungalowMo on 05-09-2008 09:18 AM
BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 30 of 49
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