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sandys53170
Posts: 3
Registered: ‎05-30-2007
0

found out the total damage...

hey all, 
 
I wrote in the past that I had gotten involved with a debt settlement company, after my credit cards all jacked the rates so high that I could not make the minimum balance due.  SO, on my WAMU account (which is closed, and they still refuse to lower the interest, after becoming current...GRRR) I  checked my past years ratings.  I dropped a total of 172 points in 9 months.  I started the program in August, and my initial score was 694 in Jun 06 (not great, but not nearly as bad as now). So this is how it shapes out:
Jun 06 ---   694
July 06 ---  not reported
Aug 06 ---  680
Sept 06 --- 659
Oct 06 ---   634
Nov 06 ---  653
Dec 06 ---  533
Jan 07 --- 527
Feb 07 ---527
Mar 07 ---522
Apr 07---542
May 07 ---559
 
My only hope is this - I have been current on this account & all my accounts except for one since March.  I am assuming this is why my score is on the rise.  I have a suprisingly good deal on the table currently for a refinance on my home, even though my score stink, they are using my husbands as well, which are higher than mine.  After telling the loan officer no, at the very end, and telling him that I wanted to hold off for a few months & repair my credit, I got a call a few days later from the man who supposedly oversees all of the loans for the company.  He told me that he has the final say on rates and points and all that jazz.  He gave us a 30 yr fixed rate of 7.99.  Our current loan is 7.90, but adjusts 3% the first of Jan, 2008.  So, that is a big difference.  We were initially told that we were not going to be able to get cahs out to pay any other bills, because we could only qualify for 85% of the FMV of the mortgage (appraisal was 260,000 in Jan 07).  When we got the call back from the "Boss" of the loan officer, he said that they could get us 95%, which allows us to pay off 3 -4 accounts.  THey initially chose which accounts they thought would be the best ones to pay.  I advised them that I wanted to pay the accounts with the highest rates.  So, the accounts that have close balances, I swapped some out for the higher balanced ones. 
 
I am hoping with all hope that all these plans go through, it will save me over 400$ a month if everything goes as planned.  I will be able to use the extra funds to start increasing my payments on the remaining accounts.  I know that I will not be able to gain those 172 points in the same 8 months that it took me to lose them, but I am doing my best, with what I have.  It is my goal (realistically) to be free from all debt except my mortgage & auto loans within the next 5 years.  If I can do it before then, I will be even happoer, but I know that I have no savings, and I need to work on that as well.   All I keep thinking is that my scores can only go up at this point! 
 
 
 
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: found out the total damage...

best of luck to you.
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: found out the total damage...

Go for it Sandy.  Sounds like a good, solid well thought out plan.
 
Be fiscally responsible and play the game as well
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

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