@Anonymous wrote:
Hello Everyone,
Man what a story do I have for all of you. My name is John and I am 25 years old living in Orlando, FL. Basically, back in January everything was going well, got a car that I can afford at $170 a month and bills were getting caught up. Then I met a girl who made a lot of money as an exotic dancer and life was good. In February, I went to a Lincoln dealership and bought a 2012 Lincoln MKS for $597 a month after rolling over $5,000 from my Nissan. Girlfriend and I broke up 2 months ago.
I fell behind on payments and the car was repoed last month Balance on capital one right now is $26,387. This is now reporting as a repossession on my credit. I emailed the CEO this week and explained my situation in length. I received a call two days later and was told there is nothing they can do due to the car already being repossessed.
The SOL in Florida is 5 years for credit card and written contracts.
Here are my other current issues on my credit.
Diversified (Collection by Sprint) $1,800 - Signed up for Collection Shield 360 today to see if they can help with this.
OneMain Finacial $1,059
First Premier 30 days late Aug 2016 & 60 days late Sep 2016. Now current
Milestone Credit Card 30 days late Sep 2016. Now current
Open Sky CC 30 days late Sep 2016. Now current
US Bank Secured CC 60 Days late. They automatically closed the account and just last week the account is showing as "charged-off" with a balance of $124.
Fingerhut Reporting OK
Penfed Credit Union Reporting OK
First Premier CC Reporting OK (I have two differen't CC's by them)
Credit One Bank OK
I am currently using 80% of my limit on 4 of my accounts.
Currently have 17 inquiries on Equifax and 31 on Transunion.
I was sued by a past a debt collector that American Eagle sold my $2,226 balance to. I never paid the balance but it was removed from transunion earlier this year and is reporting as "satisfied" under Equifax.
Right now I am just looking for advice on what to do next. I understand I have made mistakes and just want to be a better person. Should I look into bankruptcy? I am so lost right now.
Hi LegacyFL.
I can't advice on the BK as I have never had to apply for it (knock on wood). You never mention what kind of income you are working with to rebuild. First of all, you need to stop using the accounts. Is the US Bank account still in-house or has it been assigned to a CA?? If it is stil in-house, that is the 1st acocunt that you can pay off if you have the resources, then work on a GW campaign with them. Continue making miminum payments on the other cards for now. At this point, Sprint, One Main, and the Vehicle need to be considered. Go over the the Auto Loans forum and do some reading up on handling repos; also do some reading on the BK forum. See what Collection Shield 360 has to say about the Sprint account; is One Main willing to make payment arrangements? One of the biggest things to look at are some life style changes such as not eating out (cooking meals at home and taking lunch to work) and if possible, maybe looking a getting a second part time job to help reduce you debt. We've all at some point gotten in over our heads (we wouldn't be on myFico otherwise). Finally, if you have been applying for things, stop it, it only hurts your score. If you haven't yet, consider paying $1 on sign up for CCT Experian and get current your current FICO 8 scores. Cancel the membership before the 7th day, so you won't be charged the $29.95. Don't lose hope. Time and taking care of your baddies will go a long way towards having a better credit future.
