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over my head

New Visitor

over my head

lately i have been in a slump our income has dropped and i was looking to open a loan account to pay off my debts. but  i have been denied. my credit score was in the mid700's and now it is the high 600's. i never missd a payment and always paid on time. I just dont know what to do. i feel i cant keep my head above.
 
Message 1 of 3
2 REPLIES
Regular Contributor

Re: over my head

If income has dropped:
 
Reduce spending and/or
Increase income.
 
Simple economics, not trying to be mean.
 
Try looking at your full household budget. Almost everyone spends on 'wants' that can be cut back on. Those morning coffees/lattes, cable/satellite TV, name brand food items, salon trips, vacation trips, too much house/car for income, etc.
 
Consider a 2nd/3rd job.
 
It can be done, might need some belt tightening though.
6/16/08 EQ-632
8/1/08 TU-717 EQ-690 EX-696
9/6/08 EQ-711
Message 2 of 3
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Moderator Emeritus

Re: over my head

Ditto to gordon...also check what caused your scores to drop. If you didn't miss a payment, then you must be at a high utilization.
 
And I know the situation isn't fun. I'm in the same boat not with some slow receivable where I haven't been paid since Independence Day weekend. My savings is going away.
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