Re: UGH! New FICO is 575. Should I declare BK or other options?
01-29-2012 05:22 PM
I'm actually in a similar situation as it comes to deciding whether or not to file bankruptcy. I can't give you great advice, but the best I can say is take care of your living expenses first. Getting evicted (as has happened to me) or getting someone else evicted, is a nightmare. If I had the chance to go back, I'd find a reputable debt management (not solution) plan to maybe consolidate my expenses. They will probably make you close your cards, but trust me...closing and taking care of them is better than allowing them to be charged off. Many CUs can reccomend these services and they won't take your money like "debt solution" companies.
Take care of the roof over your head before anything else...and closing your cards or perhaps negotiating with your CCC's for a reduced payment will do far less damage in the long run than allowing them to charge-off.
Again, this may not be the 100% end all be all solution, but I don't want anyone to be like me with 2 evictions, more CO's and CA's than I can count, and a crap score.
Starting Score: EQ Fico: 506 12/14/2011 Experian FAKO: 496 Trans FAKO 478
Current Score: EQ FICO: 509 03/11/2013 Experian FAKO: 496 Trans FICO 527 1/06/2011
Goal Score: 750
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