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Child Support ruining my financial life

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Anonymous
Not applicable

Re: Child Support ruining my financial life

So you're probably racking up lawyer fees on top of the rest of this mess.

Message 11 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life

From FICO's list of things that do NOT effect scoring:

Any items reported as child/family support obligations.

 

You just need to make sure this is being reported as a child/family support obligation.

Message 12 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life


@tomwc5b wrote:

I went to another site that links to all three reports for free due to the annual thing. Not sure if your suppose to link and what is ok to and what is not. That being said I got EQ and Exp. Trans kept giving me an error but said I could call a number to request one. I will do that for sure. I know the above data due to the other two reports and that I did apply for an auto loan today and was informed my FICO was a 501. I am not sure what they pulled, but I am thinking it was an Exp. Regardless, that is a major factor why I am on a crusade now. That and after talking with someone about a VA Home Loan, they won't even talk to me until 660. I just need some guidence with how to deal with the Child Support data big time. That is my biggest obstical. Everything else on the report is fixable or at least, can be over time.


 

IMO, it is not your biggest obstacle. You biggest obstacle is a LACK of any current revolving accounts. That is what needs to be addressed. Start by opening a savings account with SDFCU and get a secured personal loan for $500, for the longest term they will go, then move the loan proceeds back into saving and do a secured VISA card on top of it. Make a few payments on the loan to free up some of the savings, then keep paying it down (with funds in the savings) until you get it to just under 10% and then let it sit, you won't have payments due on it until very near the end of the terms.

 

Once those hit you reports as positive current accounts, go app for capital one. If approved, app for a second one. Then just sit, keep up on all payments and let those accounts do their work.

Message 13 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life

Child support DOES affect score if its in Collections. 

Message 14 of 27
lindsaydruart
Established Contributor

Re: Child Support ruining my financial life


@Anonymous wrote:

@tomwc5b wrote:

I went to another site that links to all three reports for free due to the annual thing. Not sure if your suppose to link and what is ok to and what is not. That being said I got EQ and Exp. Trans kept giving me an error but said I could call a number to request one. I will do that for sure. I know the above data due to the other two reports and that I did apply for an auto loan today and was informed my FICO was a 501. I am not sure what they pulled, but I am thinking it was an Exp. Regardless, that is a major factor why I am on a crusade now. That and after talking with someone about a VA Home Loan, they won't even talk to me until 660. I just need some guidence with how to deal with the Child Support data big time. That is my biggest obstical. Everything else on the report is fixable or at least, can be over time.


 

IMO, it is not your biggest obstacle. You biggest obstacle is a LACK of any current revolving accounts. That is what needs to be addressed. Start by opening a savings account with SDFCU and get a secured personal loan for $500, for the longest term they will go, then move the loan proceeds back into saving and do a secured VISA card on top of it. Make a few payments on the loan to free up some of the savings, then keep paying it down (with funds in the savings) until you get it to just under 10% and then let it sit, you won't have payments due on it until very near the end of the terms.

 

Once those hit you reports as positive current accounts, go app for capital one. If approved, app for a second one. Then just sit, keep up on all payments and let those accounts do their work.


+1000 You have nothing good on your report so it makes it look way worse than it really is. Your child support as a judgement will hurt but good payment history on SOMETHING makes everything look a little better. You need about 2 cards, secured or unsecured, if you qualify, an installment loan of some sort (I used Conn's furniture store) and a whole lot of gardening. Meanwhile, pay down that arrears and see if you can get the amount changed. Yes, they do look at the mother's pay for calculation but it usually becomes a non factor in the grand scheme of things so if you are making less money, you need it recalculated.

 

I always wish Child Support would not be part of a divorce proceeding. When the courts get involved with civil family matters, it's almost like they froth at the mouth to be vultures about it. If you can work toward an amicable resolve that includes NON court ordered child support, look at those options.

Gardening since 12/15/2019. Goal 12/15/2021
FICO 8 as of 12/16/2019 - EQ 602 EX 656 TU 628
Message 15 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life

OK, my plan of attack then is:

 

1. In the near future apply for a USAA Secured Platinum Visa $250 since I use them already for my banking keeping balance very low.

2. Apply for a Walmart Store card (not the visa) keeping balance very low. (May opt for Captial One Secured 99/200 if denied)

3. Contact Alabama and request they remove my C.S. all together since they are not and have not ever been enforcement state and inaccurate data with a GW attempt.

4. Contact Michigan and use some of my better contacts that understand my case to see if they will change the 3 agencies data to show the account in good standings and not in collection status. Which SHOULD help my score a great deal.

5. Get payment arrangments in order to get school loans back up to date. Nothing I can do about delequent status for so long, but I can get it starting to show its in good standing now.

6. Dispute Sprint because at the very least, the origin date is completely wrong with the collection agency.

7. Setup myFICO sub to monitor.

 

8. Then that brings me to the older debt of small amounts. 1 is a cellular that is over 3 years old. Do I just not touch that at all? Then I have two VA related government debts for under 300 each. I have heard that government debts hurt worse then other debt. Do I still not touch these since they are over 3 years also, or do I go ahead and get them paid out for long range strategy? 

 

9. Do I close that secured card if I get approved for an unsecured? Is it worth it to just keep that open and chawk up the $250 as debt repair costs? LOL

 

 

Goals:

I don't yet have a goal range or time period. My current goal (knowing I am right at 500 Fico right now) is to put myself in the best place possible for when my bankruptcy falls off in 2018, that I have already put myself in a better place at that point. I would like to continue to have 2 or 3 cards through that point (Hopefully unsecured by then) that I keep at low balance because I already have gone 39 years without needing cards so I can keep them that way and use them just as a tool for FICO repair. If I could be at a 660 or above after my Bankruptcy falls off, I would be astatic so I can actually TALK to someone about a VA Home Loan at that point, and possibly secure a decent used car loan so I can return this car eventually.

 

 

Any body have an advice on changes to my plan? Because of the child support, I still can't rack up TOO much in secured deposits. If I do a second, I would most likely look into a Personal Secured Loan about the same amount.

Message 16 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life

 

I prefer getting a secured personal loan 1st

then the secured CC 2nd

that way you can use the same funds twice

E.q. Get $500 loan use proceeds to fund secured CC  (or 2 even better)

 

I love USAA but their secured CC is backed with a 2 yr CD vs a savings acct

(take that into consideration it's a 2 yr LOCK)

I'd like a secured Discover or a graduation secured card from a major or

a good CU or a secured Cap-1 before I'd lock up funds for 2 years in a CD.

 

Navy FCU has a great secured card but it's a minimum of a $500 deposit and

if money is tight I'd rather a rebuilder have

one $300 + a 2nd $200 (along with the $500 secured loan) vs only one $500 line .

 

That's 3 lines ( 1 install, 2 revolvers) all from the same $500

 

 

Challenge, dispute, fix that C/S stuff...especially if actually illegalities happened other

than your 'feelings' of being charged more than LEGALLY allowed..if the law was broken you'll be fine

if not man up, fix it and keep leaving, you're not dead yet, bro

Message 17 of 27
Anonymous
Not applicable

Re: Child Support ruining my financial life

The fact that you are here looking for help is a great start. You have got great advice from pros.. Research research read read and read whenever you can and you will be just fine. Some of us have been in the same boat maybe not the same seat as you but we know the struggle and its a journey. I started with same scores as yours foreclosure, tax liens, Many charge offs,collection, wage garnishments, no CC no debit cards, couldnt even sign up for uber or go on a meaningful date back in October 2014 and now all that is changing ( FICO 08 650 5 CC, 2 debit card, installement loan and fun) due to this site... DONT GIVE UP FRIEND!!
Message 18 of 27
Creditplz
Valued Contributor

Re: Child Support ruining my financial life

Slowly but surely just keep paying debt, make arrangements to pay, out of college my scores were 370-380 Fico, now I'm in the low 600's just a year later! Eventually things age and your file starts to look better! Don't give up! And in no time your scores will be good!
Message 19 of 27
Creditplz
Valued Contributor

Re: Child Support ruining my financial life

What I did was had my GF since I pay all her bills too add me on to everyone of her cards, totaled 52,000 or so in 4 cards! Helped my UTL
Message 20 of 27
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