Another CL Decrease

[gdale6]

Best thing I can tell you OP is to really diversify your portfolio and only maintain a minimum of cards with so called prime or major banks they will be the first to dump you when you are down. You need to deal more with regional banks, local CUs and even some of the National level CUs. A CU is more apt to stick with you as you are an owner member.

[CreditMagic7]

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@gdale6 wrote:

Best thing I can tell you OP is to really diversify your portfolio and only maintain a minimum of cards with so called prime or major banks they will be the first to dump you when you are down. You need to deal more with regional banks, local CUs and even some of the National level CUs. A CU is more apt to stick with you as you are an owner member.

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^Excellent advice going forward.

[Anonymous]

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@Reighn9 wrote:

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I've already been putting everything I can on the cards,but I keep getting extra unavoidable expenses caused by others. As soon as I get one situatuation under control another pops ups. I can't seem to get ahead. Iwould like to devise a plan that would  work.

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Sorry the CLD happened. Since you have experienced 3 CLD's and then the denials you mention, I agree that the plan is not working. There is a loud and clear message there that your creditors are sending. The only thing you can do is pay down the debt and NOT charge anything else until it gets under control. Sounds as if right now you are charging, paying somewhat but then charging more. That will get you into a big hole that it will be difficult to get out of unless you aggressively get the debt under control.

[UncleB]

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@Reighn9 wrote:

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@baller4life wrote:

Ok so apparently your creditors are getting nervous about the amount of debt you are carrying and taking action. All you can do at this point is sit down and devise a plan to pay off your debt. Don't app for any new cards or charge any thing else. Just throw all you can at your cards.

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I've already been putting everything I can on the cards,but I keep getting extra unavoidable expenses caused by others. As soon as I get one situatuation under control another pops ups. I can't seem to get ahead. Iwould like to devise a plan that would  work.

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At the risk of derailing this thread, I just want to add that my bankruptcy back in 2000 was for this exact reason. 

Lenders don't have a 'crystal ball' to know we're having problems, but they have computer algorithms that generally work pretty well, and right now those formulas are telling them you (possibly) have 'stuff' going on... which happens to be correct.  I leveraged my own credit and resources to help others, and in the end I ended up worse off than they were.  It was a hard lesson... one that I'm still feeling the repercussions of to this very day. 

I know that's not what you came here to hear, but I'm posting in the hope that it will be helpful. 

On a positive note, once your personal issues are under control, it's likely you'll see things turn around with your lenders rather quickly. 

[Imperfectfuture]

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@CreditMagic7 wrote:

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@Reighn9 wrote:

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@baller4life wrote:

Ok so apparently your creditors are getting nervous about the amount of debt you are carrying and taking action. All you can do at this point is sit down and devise a plan to pay off your debt. Don't app for any new cards or charge any thing else. Just throw all you can at your cards.

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I've already been putting everything I can on the cards,but I keep getting extra unavoidable expenses caused by others. As soon as I get one situatuation under control another pops ups. I can't seem to get ahead. Iwould like to devise a plan that would  work.

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You answered your own question.

I can't count the times i run into "how can i get this or that account under a certain figure that i am confident with" laying in bed at night. I then get right up and start writing on a white board on my wall (several times over) and i keep devising many different scenarios before deciding on one plan, and that might change tomorrow but eventually you see one that helps your confidence to tackle what you feel that you need to do in order to get the solid handle on at least one or two of them that works for you then later sometime go right back at it again over your entire plan and draw up some more approaches that you can see with your own eyes that will better turn out to your favor next week, next month, so on and so forth.

Sometimes matters work against us to try and trip things up but you just have to attack right back with your own PLAN to address it in your way.

Hope some of that helps in some small way for you.

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I like it.

[too-much-time]

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@gdale6 wrote:

Best thing I can tell you OP is to really diversify your portfolio and only maintain a minimum of cards with so called prime or major banks they will be the first to dump you when you are down. You need to deal more with regional banks, local CUs and even some of the National level CUs. A CU is more apt to stick with you as you are an owner member.

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Your advice is good, but not the whole picture. Yes, I favor my CU over my bank, but don't have a credit card with either, and that's how I diversify! You can tell my cards from my signature line, and Chase and Amex have been very kind to me over the years. It is correct that the major lenders are about profit and risk, and I have probably been more about less risk than more profit to them.

Apart from not wanting to have a credit card with someone that I have a checking account with, my favorite type of rewards are points that can be transferred 1:1 to an airline. Not there is anything wrong about having a credit card and a car loan and even a mortgage too with your CU, absolutely not; my living is just both here and there.