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