What should I do?
In 2004 I got into serious debt. I began the process to file BK; paid all the fees, filled out the paperwork, just needed to send in the last few signed forms for my lawyer to get a court date set. I decided this wasn't what I wanted to do, so I started to do what I could to clean up the mess. At the time, my lawyer told me to stop paying for anything I wanted to file BK on. Unaware, I also stopped paying my student loan payments too. Basically all I was paying was my (owner financed) house payment. Eventually found out that I HAD to pay my student loans even if I did file BK. So I called and had the 4 loans consolidated; which I’ve not been late since, on the new loan. Original loans all have 90‘s and a 120.
I had two store CC’s that were closed by the credit grantor that I started making payments on to pay the balance off; which I did in ‘07. Another store CC was CO and purchased by another lender who I settled with, but doesn’t show on my CR; only the OC (which falls off CR 7/11). All have 30, 60, 90’s because of the intended BK.
I had co-signed for a car in ’02 for a relative who ended up losing their job and became delinquent. The relative got back on their feet and paid the car off in ‘08. CR shows several (25)120’s, but relative says they were only late 90 when they started making on time payments. I’m not sure how you can be 120 days late for 25 consecutive months and still have the car, but that’s just me.
I have one paid collection that will be off 5/12. Sent a GW email yesterday. I have another CC that was CO and will be off CR 7/11.
10 current Derog total. Only debt showing is $5500 Student loan. All other major stuff has fallen off.
I want to try to refi my owner financed home at the beginning of 2012 ($55k left) for a lower payment and interest. I currently have 1 CC (since 7/08) that I basically use for gas and pay off every month (only a $500 limit). I have also saved up about $7k so far for down payment.
I’m wanting to know if there is anything I can or should do NOW that will help me 9 mo down the road? Open more CC, get small PL? Or should I just wait when the 2 items to fall off in 7/11.
FICO EQ 696, TU 672
