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How to Refinance child support Arrears!???? help!

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Anonymous
Not applicable

How to Refinance child support Arrears!???? help!

Hello All,

 

I am 24 years old and have been lurking these boards for some time now.

I am seeking some advice on getting a new credit card.

 

Firstly, my Fico score is a 630.

I have ONE credit card (chase freedom) Have had this card for 6 years, with a $3300 Credit limit.

Never EVER been late on any payments over the past 6 years of ownership.

 

 

I do have one skeleton in my closet.

I have child support arrears. It appears on my credit report as a "Personal loan" which is odd to me..

It shows im 180 days late.. BUT My wages have been garnished for the past 2 years. So I have been making my payments 

every pay check like clockwork. However it still shows Im paying late.

I owe about $2700 in arrears plus the interest of $400. making my total arrears at about $3100.

Im assuming that this is the reason my score is so low.

 

How Do I get a loan to refinance the arrears?? 

The interest rate is killing me here in TEXAS. 

Would I even qualify for a loan since the arrears themself are causing me to have bad credit?

its like a vicious cycle! 

Should I apply for the loan through my bank? what type of loan should i apply for...

please help

Message 1 of 10
9 REPLIES 9
XxRaVeNxX
Regular Contributor

Re: How to Refinance child support Arrears!???? help!

It will always show late, until you no longer have arrears. The fact they had to garinish your wages...

 

I mean can you afford another loan, as you've had issues paying this one? Couldn't you get another credit card or pay the child support off with your current card. If your card is maxed out, you are digging yourself in a bigger hole

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Message 2 of 10
Anonymous
Not applicable

Re: How to Refinance child support Arrears!???? help!

Would it be smart to use my credit card to pay off the arrears and just pay my cc bill each month? If I do this it will max out my credit card.. Wouldn't that look bad on my cr??
Message 3 of 10
Project17
New Contributor

Re: How to Refinance child support Arrears!???? help!

It would be better to have a maxed out credit line then something reporting late every month..

 

Not to sound like a jerk but this is support for your child so if you have the money some place even on a credit card you should just pay it and not worry about your credit score! Just my two cents..

Message 4 of 10
Anonymous
Not applicable

Re: How to Refinance child support Arrears!???? help!

I've been paying faithfully for the past two years. These arrears are from years ago. So please don't judge me. I'm barely making enough to survive. I'm aware of my moral obligations
Message 5 of 10
Shogun
Moderator Emeritus

Re: How to Refinance child support Arrears!???? help!

I assure you I will not judge you.  I'm here due to mistakes I made in my past and have been making amends.  As far as your child support goes, I really wouldn't put it on your CCs.  I know that times can be hard at times, but hopefully you can pull through.  Just pay whatever extra you can to bring it up to date.  I'm hoping the best for you.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Message 6 of 10
Anonymous
Not applicable

Re: How to Refinance child support Arrears!???? help!

Any ideas guys???
Message 7 of 10
XxRaVeNxX
Regular Contributor

Re: How to Refinance child support Arrears!???? help!

If they are garnishing your check...you are barely making ends meet. How can you afford another loan?

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Message 8 of 10
Project17
New Contributor

Re: How to Refinance child support Arrears!???? help!

Why wouldn't you put it on your credit card? Yes you would have to pay the interest but it will get that taken care of plus it would stop showing as late every month which is a lot worse then a maxed out credit line.. Am I missing something?

Message 9 of 10
rootpooty
Valued Contributor

Re: How to Refinance child support Arrears!???? help!

What I dont understand is how your income is only 12k a year and your going to school and paying support.  You could easily take a semester off and get caught up

 

How is the income deduction?  weekly bi weekly or monthly?  Does it report every month?  Who is reporting it the state of texas or a 3rd party?  On your payments for the past 2 years or however long youve been paying it does it show paid for that month or is an actual late being reported basically making it look like you didnt pay it the previous month?

 

Answer these questions OP.  I was in the same boat as you last year except for the income part and I got it taken care of.

 

One more thing:

Were you behind when you filed 2011 tax return?  If so did they intercept your return?

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Message 10 of 10
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