Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
Re: Huge CC Debt and still need $25K more
[ Edited ]

BungalowMo:

 

I've got a great lawyer who is recommending we settle as I would spend that much "winning". To win, I would have to sell my house and then she would owe me lots of money that I would never see from her as she has violated every court order I can think of. She dumped much of it into a stupid house purchase that is worth less than the loan. The system is nearly useless.

 

Too late for a Louisville Slugger now.........similar ideas suggested by all of our friends and most of her former friends, none of whom associate with her now. I'm partial to cattle prods and cliffs........J/K.

 

Hauling:

 

With my house in both our names a new HELOC can only be done after this settlement. My attorney says that immediately after property settlement I am able to get a new trust deed on the house. I can't see doing that through the existing lender as there isn't much additional equity over Mortgage and HELOC. I might be able to find a private lender, more likely with house as collateral. I was thinking that made sense eventually but it doesn't help this issue where I'm afraid of AA from CC companies. Advanta closing, Amex discontinuing LOC, CapOne reporting Business card on Personal, Private Loan needing paid back which resulted in $16,000 on personal CapOne have all added up to a big number showing on my reports. I'm actually amazed that my scores are still above 700. I find it amazing that CapOne personal going from $1K to $16K and Discover going from $6K to $11K together dropped my EQ FICO only 7 points. This would be less painfull if I still had the $82K limit on Amex-LOC that was there before the credit crunch.

 

I do think that the HELOC is showing on revolving on all three CRAs now. I think it was reported as Home Loan by one of them a year or two ago. I'm only using ScoreWatch and CreditExpert currently. EX gives me full reports whenever I want and ScoreWatch gives me an actual FICO score even though I would have to pay extra for a full report.

 

The best I'm coming up with is pay very little on the Business accounts that don't show even though the interest is higher, pay the CapOne Business to $0 before statement cuts in a few days, then charge the money on March 1 on cards that just cycled a few days before. This gives me max time to try to adjust amounts that report in late March or so. If Discover doesn't get paid off with business cash flow by end of Promo in April and goes to 18.24%, at least it won't be all of it, it won't be long, and it is deductable as business expense.

Message Edited by GregB on 02-09-2010 07:29 PM