Re: Huge CC Debt and still need $25K more
03-14-2010 08:16 AM
This got even more interesting with the CC Companies changing things, perhaps due to the new regulations.
1. The 2/12 CapOne Statement showed the interest rate changed from 5.99% to 15.9%. I called and they said they had sent me a letter. I actually believe them since they mailed it to my home address instead of my correct mailing address, which is secure mail delivery at work. With the help of an understanding landlord (business building), I diverted a large amount of business cash flow to that, paying it down to $7150 by the time the next statement closed 3/12. Paying 15.9% interest does ugly things to finances and that has to go ASAP.
2. BofA did a product change on the $56K limit business account that I was trying not to use and keep for emergencies. They state that the new account will not be active until I send them requested information and the account is approved. They quoted new key derogatory information on a credit report. There is NO derogatory info on mine, new or old. I pulled up the original application and my ex.'s SSN is on there. I am assuming it is something on hers, not mine. Since that business has been losing money for 4 years, I can't imagine I would pass any review. I just finally unloaded enough overhead for that business to break even. With the last big change of eliminating some rent as of 2/28/2010, that won't show on financial reports for a few months.
I managed to get the CapOne Bus paid to $0 by the statement for 2/13. Since that now shows on my personal reports, that would have boosted my score a bit with one less account showing a balance. Unfortunately, I was distracted with the effort of moving out of the extra commercial building and didn't PIF the BMW card before statement date, so it reported $328. My score stayed the same.
I gained some time with the last minute attempts by my ex to better her position. She lied to her own attorney in a meeting and I had the documents to prove it. At least this way I can get the accounts in their best position to report and pay with a CC that has just reported $0 to the CRAs. I should have her name off the deed to my house so can look for some private money as a third or increase the amount of the second.
The big advantage to this is that I now know I have reached the bottom of the hole. Unfortunately, it is a big hole.
It looks like Prosper, etc. wouldn't be enough money to matter and would result in inquiries and a new account on my CRs.