How Things Have Changed

[Anonymous]

A few years ago, I was that guy with all the credit. I got a 20K approval for Marriott, which was my fourth Chase card in a year. I was in the whole Disco CLI craze and got up to $26K. I had Lowe’s at $25K. I had a wallet full of Amex, Barclay, BoA, Chase, Disco, CU, and every big hitter Synch had. I had more points from Hilton and Marriott than I knew what to do with. But I overdid it. That’s an understatement; I blew it.
It got to the point of paying minimums, moving balances around to whoever had a BT offer, and then getting balance chased by nearly everyone. I was in trouble. I had good income but there just wasn’t enough to go around, with all the regular bills, rent, and child support.
So I made the plunge, met with an attorney, and filed BK7. My MOC was in October and I should be DC in a couple of weeks.
Now I’m here. I’m relieved in so many ways for the debts to be gone. I’ve learned a valuable lesson but I burned everyone in the process (and not for small amounts).
I’m getting a plan together for rebuild and I know where to come if I need any guidance.

Thanks for reading!

[Traveler101]

Sorry to hear that. Many dont realize it can happen in a split second, illness, job loss, maybe self inflicted. Thats when all them high intrest rewards mean NOTHING! Lessons learned, but generally you wind up bruised and beaten. But, now you are able to breathe, you dust off the knees, and get yourself on solid footing. Best of luck to you. Im sure many will be here to assist ya.

[FireMedic1]

Well you know you that wont happen again. The inner voice took over and you couldnt resist. It was a high at the time. But when it comes time to rebuild. Dont just sing it. Bring it! Nothing the gang cant handle to help you get back into the game. Good Luck and Happy Holidays!

[Anonymous]

Thanks for the encouragement guys! It will be weird seeing the $300 approvals for starter/rebuilder cards after what I was used to, but my plan is coming together for when the DC comes. I’ll have two student loans showing back up on my CRs, an AU card that’s still on my reports and in good standing with a $17k limit, and I have a credit union I’m pretty sure I can get a secured card with. And I’ll just go from there. Merry Christmas to everyone and I’ll keep y’all updated.

[twono]

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@Anonymous wrote:
Thanks for the encouragement guys! It will be weird seeing the $300 approvals for starter/rebuilder cards after what I was used to, but my plan is coming together for when the DC comes. I’ll have two student loans showing back up on my CRs, an AU card that’s still on my reports and in good standing with a $17k limit, and I have a credit union I’m pretty sure I can get a secured card with. And I’ll just go from there. Merry Christmas to everyone and I’ll keep y’all updated.

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Hey Twono, is that you?  Sounds like my story....Over $500k in available credit....BOA over $50k CL, Disco $31k, Lowes $35, AMEX PRG $35k, PP Xtras $25,  USAA $28k, etc....etc....and ....etc...

I wish i was as 'smart' or 'brave' as you and faced the inevitable sooner.  I smacked my 401k for well over $100k to try to rope this mess in...guess what...?  I'm out over $100k and still remained in this sinking ship.  

But the ship is upright again, and no looking back.  You don't realize how bad a financial situation has taken over your life until you're given that 2nd chance.

[Anonymous]

Twono! I hate to hear that but we’re definitely similar. I took $10K from my 401k at one point to help me through. I didn’t have $100K to take out or I probably would have, knowing me haha!

[twono]

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@Anonymous wrote:
Twono! I hate to hear that but we’re definitely similar. I took $10K from my 401k at one point to help me through. I didn’t have $100K to take out or I probably would have, knowing me haha!

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I blew $148,000 to be exact.  Had to quit my job to have my 401k rolled into my own IRA before i could get the money and with no guarantee that they would hire me back.  Luckily they did.  I was actually looking for other employment when they called me. 

US Trustee sure as hell wanted to kknow where that money went, so i had to provide all that info.  Everything was on the up and up so i had no worries about it.  Sorry for the threadjack.  Good luck.