topic Re: Rebuilding Question - Please Help!! in Rebuilding Your Credit

Rebuilding Question - Please Help!!

Lily0812 — Tue, 21 Jun 2022 07:57:02 GMT

Hello Everyone,

I need some sort of advice, I need help. I feel I am drowning. I filed for BK back in 2015, I got discharged. Life happened , I am at 30k debt; the pandemic didn't help. I used my cards for aid and digged myself deeper into debt. I want to pay my cc but it's very difficult with the wages I bring. What is my best option; debt consolidation or continue trying to pay off debt. I do not qualify for personal loans. I would appreciate any advice. Also I have noticed several inquiries on my credit karma report, someone has been using my social. I am a victim of identity theft.

Re: Rebuilding Question - Please Help!!

FireMedic1 — Tue, 21 Jun 2022 09:43:00 GMT

If you can list your accounts. Then we can come up with a plan to help.

Creditor Name/Credit Line/ Balance

The other issue of ID Theft:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Victim-of-Identity-Theft-What-To-Do-to-Protect-Yourself/td-p/2059499

Re: Rebuilding Question - Please Help!!

HowDoesThisAllWork — Tue, 21 Jun 2022 12:04:50 GMT

@Lily0812 wrote:
Hello Everyone,
I need some sort of advice, I need help. I feel I am drowning. I filed for BK back in 2015, I got discharged. Life happened , I am at 30k debt; the pandemic didn't help. I used my cards for aid and digged myself deeper into debt. I want to pay my cc but it's very difficult with the wages I bring. What is my best option; debt consolidation or continue trying to pay off debt. I do not qualify for personal loans. I would appreciate any advice. Also I have noticed several inquiries on my credit karma report, someone has been using my social. I am a victim of identity theft.

@Lily0812

Good morning and welcome to the forum. You are going to find that there are a lot of VERY SMART and KIND people in this specific forum. One of them replied to you (I would suggest that @FireMedic1 is one of the aforementioned people).

I would like to suggest two, parallel courses of action. By "parallel" I mean that there are two paths that we need to take.

One path is going to be the potential ID Theft (unrelated to any credit situations.....my credit situation was 100% my own doing). I have experienced that and it is NO BUENO! It is a royal pain in the arse. You are going to be overwhelmed by all of the work YOU are going to have to do. But, I promise you that it is so worth it. Stay the course, stay strong, and you will be rewarded.

The other path is going to be your credit situation. Hey, there is no judgement in here. We have all been there. Some of us are still in it. It can be embarassing. It can be humiliating even. But, we have all been there. You are NOT special in that regard. You have a lot of friends here.

So, for the credit issues, might I suggest that you do what @FireMedic1 suggested. That would be a great start. And, likely the best way to do that (list out all of your accounts - good, bad, whatever) is to go over to https://www.annualcreditreport.com and get your Credit Report from each of the three CRAs (Credit Reporting Agency). And, just to be clear, those three CRAs are Equifax, Experian, and Transunion.

As an aside, because of COVID-19, the powers that be have changed a few things. We are allowed to get our Credit Report every seven days now. Yes, ma'am! Once a week. This is valid through the end of December, 2022 (and I would not be tooooo surprised if that changed....that date has changed two or three times so far). So, please please please go and get your credit reports. That is the best way to start. Well, in my opinion.

Then, once you have them, look at each. Start with one of them (let's just say "Transunion"....really does not matter) and write down all of your open accounts, write down all of your closed accounts, write down all of your "negative" accounts (with "negative accounts" meaning any collection agengies, any Charge Offs, any accounts with late payments...be it 30-day or 60-day or more). Then, go to "the next" report (let's just say "Equifax") and make sure that you see the same accounts. Finally, go to the third report (okay, so in my example that would be the "Experian" report) and again make sure that you have the same accounts listed.

I think that the big picture here is that we are trying to identify what "baddies" you might have (with the term "baddie" referring to an account that has negative information....such as the collection agency, the Charge Off, the late payments, et al). Once we have them listed, we can attack each one.

Once we have the list of "baddies", then we have a starting point.

For Collection Agengies, some will do what is called a "Pay for Delete". What that means is, if you pay the debt (and it can be either the full amount or a percentage thereof, that is for you to decide) then they will delete that negative account from your credit reports. Getting rid of all of the Collection Agencies from your credit reports will help a ton. Now, some will not do this "Pay for Delete". There is a post in here that lists out what CA will do that, which might do that, and which will not. Even in the case where they will not, I feel that it is important (even empowering) to know....because the unknown is so unnerving and scary.

With the late payments, we can do what is called a Goodwill Letter. That is simply where you write a letter to the creditor, explaining your situation, owning your mistakes, and asking for forgiveness. You would be surprised at how effective this can be.

For the Charge Offs, well, that is a bigger task. One that likely needs to be tackled first (as this hits you on several fronts).

But, first things first....

Get your three credit reports and - if you are comfortable - list out in this post all of the negative accounts. That would be a great starting point.

For the other path (the Identity Theft) you have a starting point (the initial reply included a link).

We are all here to help. All you have to do is ask! :-)

Re: Rebuilding Question - Please Help!!

Lily0812 — Tue, 21 Jun 2022 21:26:51 GMT

Thank you so much for your feedback, I am reading the information on Identity Theft - I am very thankful.

Here is a list of my accounts; let me know if you need more detaisl on the creditors:

CARD NAME	BALANCE	CREDIT LIMIT
SURGE	$ 140.00	$ 500.00
FAMOUS FOOTWEAR	$ 165.00	$ 350.00
BURLINGTON	$ 191.00	$ 530.00
MILESTONE CREDIT CARD	$ 205.00	$ 300.00
NORDSTROM CREIDT	$ 295.00	$ 1,000.00
INDIGO	$ 300.00	$ 300.00
AMAZON CREDIT CARD	$ 385.00	$ 410.00
BLAZE	$ 425.00	$ 1,250.00
WALMART	$ 470.00	$ 700.00
NEIMAN MARCUS	$ 480.00	$ 1,500.00
FORTIVA CREDIT CARD	$ 495.00	$ 500.00
CAPITAL QUICKSILVER	$ 530.00	$ 500.00
CITIZENONE	$ 610.00	$ 2,500.00
CREDITONE BANK RED	$ 765.00	$ 800.00
VERVE	$ 800.00	$ 800.00
CREDITONE BANK PINK	$ 890.00	$ 950.00
TOYS R US	$ 990.00	CLOSED
HOMEDEPOT	$ 1,030.00	$ 1,200.00
PAYPAL SMART CONNECT	$ 1,178.00	$ 1,300.00
FORTIVA CREDIT CARD	$ 1,215.00	$ 1,510.00
MACYS CREDIT CARD	$ 1,225.00	$ 1,500.00
SAMS CREDIT CARD	$ 1,290.00	$ 1,460.00
BARCLAYS CREDIT	$ 1,380.00	$ 1,500.00
AVANT CREDIT	$ 1,440.00	$ 1,500.00
CAPITAL ONE PLATINUM	$ 1,475.00	$ 1,500.00
SHOW CREDIT CARD	$ 1,580.00	$ 1,750.00
TARGET CREDIT	$ 1,680.00	$ 1,700.00
BESTBUY CREDIT CARD	$ 2,770.00	$ 2,900.00
COSTCO	$ 3,095.00	$ 5,000.00
PAYPAY CREDIT	$ 3,785.00	$ 3,900.00

Re: Rebuilding Question - Please Help!!

Lily0812 — Tue, 21 Jun 2022 21:28:12 GMT

I dont have any late payments or collections.

I do have a bankrupcy I filed back in 2015.

Re: Rebuilding Question - Please Help!!

FireMedic1 — Tue, 21 Jun 2022 22:17:55 GMT

Oh my. Hope your not using them anymore. Cant imagine how much your paying on the mins. Basically they're all maxed out. Is there anyway to bring in extra income to get these down? Some type of property or equity? As you posted your income just gets you by. I'm lost at advice. Outside of paying down the highest balance and snowball it. Cant do a BK till 2023.

Re: Rebuilding Question - Please Help!!

Lily0812 — Tue, 21 Jun 2022 22:24:22 GMT

I was considering debt relief program but I really don't want to go that route. I am looking for a second job so that I can at least pay down from the smallest to the largest. I have already destroyed my cards so I don't go back to them. I don't have property/equity- I know I don't many options but to pay down. I do want to pay down but I don't know where to start. I truly appreciate your feedback.

Re: Rebuilding Question - Please Help!!

jrwa81 — Tue, 21 Jun 2022 23:42:45 GMT

Ouch. Yes, that is a lot. I'll echo what has already been suggested, which is to find some way to bring in additional income solely for the purpose of knocking this debt out. This isn't something that you're going to be able to clean up quickly. It could definitely take a few years. I wish I had better advice, but since you are so limited on income, I just can't think of any other viable suggestions, aside from possibly taking on a side/part-time job to help with this.

Re: Rebuilding Question - Please Help!!

righthererightnow — Wed, 22 Jun 2022 01:21:45 GMT

"CAPITAL ONE PLATINUM".... wonder if you can contact capital one and... walk this one back (make it right / get it open again). Since you have good standing on your other Capital One card. Like specifically make them a deal and target that card. Maybe that would help on that card. That's where I would start. One company, good standing. And payment plan.

Then of the list.. start going through who you want to keep and who can go. Try to pay off some of small ones and close them, get the good feeling of knowing they are off the list, (also get payment plans going with the larger ones / the best companies of the list).

*as a survival strategy... would also hunt through the list (after you make your priority list) for those who sue. Just to ensure you are covering your bases on lawsuits. Especially of the closed cards. Keep paying your mins on the open. Sending you hope, I believe in you! x

Re: Rebuilding Question - Please Help!!

Lily0812 — Wed, 22 Jun 2022 02:00:10 GMT

Yes and thank you so much for the feedback and your time. I will definitely work on getting this fixed knowing it will take a few years.

@jrwa81 wrote:
Ouch. Yes, that is a lot. I'll echo what has already been suggested, which is to find some way to bring in additional income solely for the purpose of knocking this debt out. This isn't something that you're going to be able to clean up quickly. It could definitely take a few years. I wish I had better advice, but since you are so limited on income, I just can't think of any other viable suggestions, aside from possibly taking on a side/part-time job to help with this.

Re: Rebuilding Question - Please Help!!

Lily0812 — Wed, 22 Jun 2022 02:01:40 GMT

Thank you so much. I am printing this thread and will get working on all the suggestions. Thank you for your time and advice.

Re: Rebuilding Question - Please Help!!

Xarquinn — Wed, 22 Jun 2022 02:09:33 GMT

This will probally go against the majority here however if I were in your situation I would default on all of the creditors you have listed with the exception of Target (TD Bank) as im guesing that you shopm at Target often and it will be a positive trade line. Your individual balances are low enough that the creditors will just sell the account(s) to a collection agency which you can then later selttle with for ~10-20% of the orig balance or just ignore them. They are not going to attempt any type of court action as it will not simply be worth any of their time. Just use your debit carde and live with a crappy score for a few years. Check the SOL for your state and whatever you do, do not make a single payment as it will reset the SOL. Do NOT fall for any third party debt settlement plans as thay are ALL scams and do nothing that you can not do yourself.

Re: Rebuilding Question - Please Help!!

jrwa81 — Wed, 22 Jun 2022 09:33:38 GMT

@Xarquinn wrote:
They are not going to attempt any type of court action as it will not simply be worth any of their time.

Not always true. I have a very close friend who was sued by a credit card issuer over a card that had a $300 limit. They tacked on all kinds of legal fees and got a judgment against her as well as put a lien on her property. Some of these companies do still take legal action, regardles of how low the balance is. It's best to exercise caution in this area.

Re: Rebuilding Question - Please Help!!

HowDoesThisAllWork — Wed, 22 Jun 2022 09:48:55 GMT

@Lily0812 wrote:
Hello Everyone,
I need some sort of advice, I need help. I feel I am drowning. I filed for BK back in 2015, I got discharged. Life happened , I am at 30k debt; the pandemic didn't help. I used my cards for aid and digged myself deeper into debt. I want to pay my cc but it's very difficult with the wages I bring. What is my best option; debt consolidation or continue trying to pay off debt. I do not qualify for personal loans. I would appreciate any advice. Also I have noticed several inquiries on my credit karma report, someone has been using my social. I am a victim of identity theft.

@Lily0812 So, you posted the cards and the balance / limits. Thank you for that. That really paints a very clear picture.

So, no one here will judge you. Like I have said in countless other posts, we have all been there. The important (and the brave/courageous) thing is that you have put a stop to this, understand that this is crazy and unsustainable, and you are trying to get in front of this.

Okay....we are here to help you do that. But....I just said something VERY important. We are here to help......we got your back, we will be your cheerleader, we will celebrate victories with you....but we are simply here. YOU do that. Only you can do this. We can not. YOU have to do this.

And, only you can really know your situation.

One the "side hustle" thing......I do not know in what area you are (and for security's sake please do not post it) but have you considered donating plasma? You can make $60 to $80 a donation and you can donate twice a week (assuming that you meet certain criteria....weighing something like 125 lbs is often one of the criteria). And if there are donation centers in your area they sometimes run specials, where you can get $800, $900, even $1,000 for a month's worth of donations (typically eight or 10 donations within a specific time frame). That *could* help you.

If you want to message me.....cool. We will keep that conversation between us. If you don't feel comfortable doing that, also cool.

I do not want to volunteer anyone, but I know that @FireMedic1 will have some ideas on the "side hustle" front as well (well, I guess I just did volunteer him....sorry, dude!).

Whatever you do, I would suggest that you sit down and have a really honest conversation with yourself. See where you can reduce expenditures. See if you can "consolidate" travels (especially with gas prices being nearly double what they were just a few short months ago). If there are no "requirements" can you change your eating habits a bit?

Float your ideas - if you are comfortable doing that - in this forum (and keep it in this thread, if I might suggest) and we will check out what you are thinking. We will be your sound board.

You have a major mountain to tackle here. Let's not sugar coat it. You gotta get in that mindset. Things are going to suck for awhile. And, that is okay. Embrace the suck. You will be SOOO much stronger once you bring this behind you (and, you will.....no doubt).

Anyway, we are all here to help. You just need to ask. LFG!

Re: Rebuilding Question - Please Help!!

Murph5065 — Wed, 22 Jun 2022 10:08:01 GMT

@Lily0812 wrote:
Thank you so much. I am printing this thread and will get working on all the suggestions. Thank you for your time and advice.

If you can do it for side hustle on weekends and in a good area try doing uber or doordash deliveries, depend where u live doing the uber riders pays good also. Would be extra cash to start on getting debt down.