topic Scores all in 400s. Not looking to file bankruptcy just yet. Help! in Rebuilding Your Credit

Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Mon, 15 Apr 2019 19:24:19 GMT

Hey guys. So my scores are all in the 400s.
FICO: 422
experian: 422
equifax: 438
transunion: 475

I have quite a few accounts in collections, charge offs, or that should be marked as charge offs/collections an aren’t yet.
I have:
Barclays Bank credit card: $2,970 (closed, also filed a judgement against me. will talk more about this later)
Nordstrom store card: $1,144 (closed, in collections but isn’t marked as so on my report)
Discover it student card: $848 (closed, in collections but isn’t marked as so on my report)
Capital One platinum card: $687 (closed, in collections but isn’t marked as so on my report)
Bank of Missouri total visa: $0 (also filed a judgement against me so i paid in full as it was only $400)

Capital one Auto: $759 (30-59 days late but have 2 scheduled payments)

US dept. of ed: $12,786 (marked 60-90 days late but is really about a year late)
Baldwin wallace university: $1,200 (is extremely late, 3ish years, but marked in good standing)

Credit one bank: $716 (recently charged-off)
Charter communication: $252 (charged-off, not even sure what this is)
3 charged off medical bills: $158, $83, $58

also many more medical bills that are probably about to be charged off.

Barclays Bank sent me papers (actually from Lloyd & McDaniel law office) saying they were going to sue me. I called Lloyd & McDaniel and asked if I could start a payment plan of $250/month. She asked if $250 was the absolute most I could do and I said yes. It comes out next Friday. I’m wondering if I could’ve tried to settle or if I did the right thing.

After bills and groceries, and adding $150 extra to my car payment until it’s up to date,should take 2 months, (with no entertainment or unnecessary things added, no savings, and no paying and debt down) I should have $519 left over every month. After the car is up to date, I will have $669 leftover. If i pay the $250 toward Barclays it’ll take me about a year which leave $269 leftover ($419 after car is up to date). I guess my question is, did I do the right thing with Barclays and what would be everyone’s next step? Thank you so much !

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Tue, 16 Apr 2019 04:45:37 GMT

It sounds like things are pretty bad. I cannot give advise on what to do next as I'm not a lawyer nor did I stay at a Holiday Inn Express last night. What I do have to say is 7 years ago I lost my job was in bad shape and lost my house. I had several credit cards with high balances that I just stopped paying and the one that broke me to file banqrupcy was Discover. They came after me and came hard. They file a judgement against me and started garnishing my wages. So I'm guessing they may be the next one to come after you. Good luck and I think you need a little more advise then just some internet forum. I hope you get out of this mess. My BK was tough but it is coming off my reports in September after 7 years. It is a long road but there is light at the end of the tunnel.

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Tue, 16 Apr 2019 18:50:26 GMT

I’m too scared to file because I have a car loan and my dad co-signed. I’m not sure how this works. If it wasn’t for that, I’d do it.

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Tue, 16 Apr 2019 20:06:18 GMT

Typically, when you file Chapter 7 you can keep your vehicle. I'd take advantage of a free consult with a bankruptcy lawyer and they will tell you what the best plan of action is. When I filed almost 15 years ago, I was able to keep my car. All of the credit cards and personal lines of credits were closed, even if they were in good standing.

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

FireMedic1 — Tue, 16 Apr 2019 23:38:43 GMT

@Anonymous wrote:
I’m too scared to file because I have a car loan and my dad co-signed. I’m not sure how this works. If it wasn’t for that, I’d do it.

Who's the lender?

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Wed, 17 Apr 2019 02:16:12 GMT

capital one auto finance

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Wed, 17 Apr 2019 02:17:20 GMT

I’ve been behind quite a bit if that helps.

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Wed, 17 Apr 2019 04:37:05 GMT

Your post reminds me where I was
I been rebuilding my credit over a year half
Before I found this forum
I signed up last July with a credit repair 500 down the drain what they did is the same I did and better
My credit was like yours charge offs collections student loans
Started my scores around 450 480
Know over 670
My advice start working with the creditors
Write Good Will letters pay for delete
I hd charter hd credit one they delete
It takes alot of time oh yes I remember my frustration
Know I have no collections
My charge offs r paid unfortunately I hv first premier and synchrony there tough to delete
Read study and learn from here
Thanks to this forum and such great knowledge from all it's been a blessing
I also got secured cards which built me up
U can do it
Remember it's easy to mess up harder to clean up
Call work on settlements
Good luck any advice glad to help

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

FireMedic1 — Wed, 17 Apr 2019 08:13:32 GMT

@Anonymous wrote:
capital one auto finance

Only way to say it really is. Your in a world of hurt. Good news is. Cap1 will let you reaffirm your car loan. I did and made my payments on time until it was paid off. This way your family wont be hurt in any way. Your kinda stuck between a rock and a hard place with not many options at this point. You get my point. Time to talk to some board certified lawyers and you know where this is going. Good Luck!

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Wed, 17 Apr 2019 10:39:40 GMT

What exactly does it mean to reaffirm? Also, I can do this despite having been late so often?

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Wed, 17 Apr 2019 13:49:52 GMT

My credit scores are at 615, I didn’t realize they got into 400’s.. but im new to all of this also sorta. W Barcklays what you did was good. You dont want any judgements against you. That means they can garnish your wages or take your assets or money out of your checking account. Also imo id make payment arrangements w everyone who has a judgement against you. Even if its 50.00 a month. So nothing of yours gets levyed. Secondly id always suggest having something in your savings as emergency savings so you dont fall back into the cycle. Honestly what hubby & i did was started YNAB. Its a budgeting tool and so far we’ve paid off hubbys collections, paid off our two big cc’s and have a good savings. So YNAB just lets you give every penny a job and you can put money away for anything. hubbys credit is 700 now btw. We haven’t started working on mine yet.. GL!

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

FireMedic1 — Wed, 17 Apr 2019 23:48:55 GMT

@Anonymous wrote:
What exactly does it mean to reaffirm? Also, I can do this despite having been late so often?

You agree to keep the car and make payments until its paid off. It will still report to the CRA's. Its like an exclusion from a BK filing. If you dont reaffirm. Then they can go after the family to make the payments because they cant touch you due to a BK. I asked who the lender was cause some make you reaffirm. Cap1 will take it late or not. They want to get paid for the car. While some credit unions wont let anyone reaffirm.

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

Anonymous — Sat, 20 Apr 2019 01:52:20 GMT

Filing bankruptcy isn't going to get rid of the student loan debt. That is government and can not be included. You are probably taking a hit on your credit because of them. They are usually pretty easy to work with and right now they have alot of debt repayment programs, low income programs and forgiveness programs out there. I would start there. You might even be able to get them to "defer" your loans and back up the deferment dates so the loans show current

Re: Scores all in 400s. Not looking to file bankruptcy just yet. Help!

gdale6 — Sat, 20 Apr 2019 14:50:12 GMT

@Anonymous wrote:
Filing bankruptcy isn't going to get rid of the student loan debt. That is government and can not be included. You are probably taking a hit on your credit because of them. They are usually pretty easy to work with and right now they have alot of debt repayment programs, low income programs and forgiveness programs out there. I would start there. You might even be able to get them to "defer" your loans and back up the deferment dates so the loans show current

This is true if the loan is backed by the government, there are still private SLs out there that can be IIB.