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Need help with a plan to pay down high utilization

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Anonymous
Not applicable

Re: Need help with a plan to pay down high utilization

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy

Message 71 of 198
sarge12
Senior Contributor

Re: Need help with a plan to pay down high utilization

@Tygerhawk...While I agree a meeting with a reputable BK attorney could benefit, I doubt that with only 30,000 in credit card debt and 60,000 in income that OP would qualify for ch.7. That would leave ch.13 which would probably have all debts paid in full in about 3-5 years. In my opinion that is aceivable in the OP's case without having a BK on record. The total debt is after all about the same as one would incur financing a new car, it is just spread across too many creditors. Bankruptcy is definately not the worst thing that can happen to someone, but the OP has already declared BK before and is therefore, I'm sure, aware of what that entails.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
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Unknown score from EX=784 used by Cap1 07/10/20
Message 72 of 198
MyLoFICO
Valued Contributor

Re: Need help with a plan to pay down high utilization


@Anonymous wrote:

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy


First, let me say I take no offense to your post. You are just presenting another side. And , if you don't mind, I would like to present another. 

 

None of these charges are fraud. I authorized them all. Now, I could cut my losses and file, that is true. But where is the lesson in that? Out of your bankruptcy and the 3 years of payments, which one do you not want to repeat the most? Most likely its the three years. Will the bankruptcy be what keeps you from getting in that bind again or will the 3 miserable years? 

I have filed Ch7 before. I live in Texas and I know I qualify because I just helped my sister file about 11 months ago. Unfortunately she did not learn. She is right back in a bind. I have also waited the 10 years for that public record to fall off before. You may have cards now but that BK will bite you from time to time and I don't want that unless I know I have no other choice. The difference is, because I have been there before, I know when I can't win and what my options are. If Synchrony blue envelopes me, I will probably file. I don't want a fight on more than one front like that. The first time I can't make my payments, I will file. I won't lose everything trying to stay afloat or get inundated with lates and constant phone calls. Plus, I have a close friend who is an attorney and she will take care of me if that needs to happen. 

 

I appreciate your post and know that I have not ruled that out. I just don't want to jump and file without a fight. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 73 of 198
Anonymous
Not applicable

Re: Need help with a plan to pay down high utilization


@MyLoFICO wrote:

@Anonymous wrote:

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy


First, let me say I take no offense to your post. You are just presenting another side. And , if you don't mind, I would like to present another. 

 

None of these charges are fraud. I authorized them all. Now, I could cut my losses and file, that is true. But where is the lesson in that? Out of your bankruptcy and the 3 years of payments, which one do you not want to repeat the most? Most likely its the three years. Will the bankruptcy be what keeps you from getting in that bind again or will the 3 miserable years? 

I have filed Ch7 before. I live in Texas and I know I qualify because I just helped my sister file about 11 months ago. Unfortunately she did not learn. She is right back in a bind. I have also waited the 10 years for that public record to fall off before. You may have cards now but that BK will bite you from time to time and I don't want that unless I know I have no other choice. The difference is, because I have been there before, I know when I can't win and what my options are. If Synchrony blue envelopes me, I will probably file. I don't want a fight on more than one front like that. The first time I can't make my payments, I will file. I won't lose everything trying to stay afloat or get inundated with lates and constant phone calls. Plus, I have a close friend who is an attorney and she will take care of me if that needs to happen. 

 

I appreciate your post and know that I have not ruled that out. I just don't want to jump and file without a fight. 


I could not possibly agree more - the ONLY reason I brought it up at all was because 4 years ago I was just as deparate as I was a year ago when I filed, and one of the things I did 3 years before I filed was take out a 401k loan to try to keep everything going...but 3 years of high interest and minimum payments later, I filed anyway...and I still have the 401k loan.

 

I know you're not doing THAT, but still...I saw enough parallells from my limited perspective that I felt a warning about fighting TOO hard was justified, because I fought too hard, and I lost anyway.

 

Anyway, I'm not here to debate the point.  I've said my piece, and you're as informed as you need to be.  

 

Safe Travels, my friend.

Message 74 of 198
MyLoFICO
Valued Contributor

Re: Need help with a plan to pay down high utilization


@Anonymous wrote:

@MyLoFICO wrote:

@Anonymous wrote:

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy


First, let me say I take no offense to your post. You are just presenting another side. And , if you don't mind, I would like to present another. 

 

None of these charges are fraud. I authorized them all. Now, I could cut my losses and file, that is true. But where is the lesson in that? Out of your bankruptcy and the 3 years of payments, which one do you not want to repeat the most? Most likely its the three years. Will the bankruptcy be what keeps you from getting in that bind again or will the 3 miserable years? 

I have filed Ch7 before. I live in Texas and I know I qualify because I just helped my sister file about 11 months ago. Unfortunately she did not learn. She is right back in a bind. I have also waited the 10 years for that public record to fall off before. You may have cards now but that BK will bite you from time to time and I don't want that unless I know I have no other choice. The difference is, because I have been there before, I know when I can't win and what my options are. If Synchrony blue envelopes me, I will probably file. I don't want a fight on more than one front like that. The first time I can't make my payments, I will file. I won't lose everything trying to stay afloat or get inundated with lates and constant phone calls. Plus, I have a close friend who is an attorney and she will take care of me if that needs to happen. 

 

I appreciate your post and know that I have not ruled that out. I just don't want to jump and file without a fight. 


I could not possibly agree more - the ONLY reason I brought it up at all was because 4 years ago I was just as deparate as I was a year ago when I filed, and one of the things I did 3 years before I filed was take out a 401k loan to try to keep everything going...but 3 years of high interest and minimum payments later, I filed anyway...and I still have the 401k loan.

 

I know you're not doing THAT, but still...I saw enough parallells from my limited perspective that I felt a warning about fighting TOO hard was justified, because I fought too hard, and I lost anyway.

 

Anyway, I'm not here to debate the point.  I've said my piece, and you're as informed as you need to be.  

 

Safe Travels, my friend.


Yeah I won't let it go that far. I have not yet begun to feel the stress of not being able to make it. That might happen though. If it does, I will heed your advice because I don't want to go through that either. I hope I can manage it. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 75 of 198
Anonymous
Not applicable

Re: Need help with a plan to pay down high utilization


@MyLoFICO wrote:

@Anonymous wrote:

@MyLoFICO wrote:

@Anonymous wrote:

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy


First, let me say I take no offense to your post. You are just presenting another side. And , if you don't mind, I would like to present another. 

 

None of these charges are fraud. I authorized them all. Now, I could cut my losses and file, that is true. But where is the lesson in that? Out of your bankruptcy and the 3 years of payments, which one do you not want to repeat the most? Most likely its the three years. Will the bankruptcy be what keeps you from getting in that bind again or will the 3 miserable years? 

I have filed Ch7 before. I live in Texas and I know I qualify because I just helped my sister file about 11 months ago. Unfortunately she did not learn. She is right back in a bind. I have also waited the 10 years for that public record to fall off before. You may have cards now but that BK will bite you from time to time and I don't want that unless I know I have no other choice. The difference is, because I have been there before, I know when I can't win and what my options are. If Synchrony blue envelopes me, I will probably file. I don't want a fight on more than one front like that. The first time I can't make my payments, I will file. I won't lose everything trying to stay afloat or get inundated with lates and constant phone calls. Plus, I have a close friend who is an attorney and she will take care of me if that needs to happen. 

 

I appreciate your post and know that I have not ruled that out. I just don't want to jump and file without a fight. 


I could not possibly agree more - the ONLY reason I brought it up at all was because 4 years ago I was just as deparate as I was a year ago when I filed, and one of the things I did 3 years before I filed was take out a 401k loan to try to keep everything going...but 3 years of high interest and minimum payments later, I filed anyway...and I still have the 401k loan.

 

I know you're not doing THAT, but still...I saw enough parallells from my limited perspective that I felt a warning about fighting TOO hard was justified, because I fought too hard, and I lost anyway.

 

Anyway, I'm not here to debate the point.  I've said my piece, and you're as informed as you need to be.  

 

Safe Travels, my friend.


Yeah I won't let it go that far. I have not yet begun to feel the stress of not being able to make it. That might happen though. If it does, I will heed your advice because I don't want to go through that either. I hope I can manage it. 


I hope so too - like everyone else here, I'm pulling for you!

Message 76 of 198
MyLoFICO
Valued Contributor

Re: Need help with a plan to pay down high utilization


@Anonymous wrote:

@MyLoFICO wrote:

@Anonymous wrote:

@MyLoFICO wrote:

@Anonymous wrote:

Hi MyLo!

 

Devil's Advocate here - would you mind if we stopped and chatted for a moment?

 

I would humbly suggest that you know EVERYTHING before doing ANYTHING.  Specifically in this instance I am referring to your state's laws and rules regarding bankruptcy.  I know that's precisely what you're trying to avoid, but that's my job - talk about the 800lb elephant in the corner and all that...

 

I bring this up because your situation sounds eerily similar to my situation before I filed - and if I knew that what I know now I would have filed at least 3 years sooner.  Do yourself a favor and have a no-obligation free consultation witha reputable BK attorney in yoru area BEFORE you drop that 10k bomb on your debts.  Odds are that unless you live in a state with completely screwy BK laws, you could in fact protect most if not all of that 10k from your creditors.  Imagine being debt-free AND still having your emergency fund.  Food for thought, eh?

 

Before the flames start, please let me state for the record that I am NOT telling you that you should file.  Far from it.  I am simply encouraging you to go into the next few months/years with your eyes open and your options fleshed out.  I WILL state for the record that as I currently sit 11 months post BK7 discharge, my credit and finances are in the best shape they've been in at least 15 years.

 

Good luck in whatever you decide, even if it is to ignore this post out of hand.  I wish you the best of luck in whatever path you choose  Smiley Happy


First, let me say I take no offense to your post. You are just presenting another side. And , if you don't mind, I would like to present another. 

 

None of these charges are fraud. I authorized them all. Now, I could cut my losses and file, that is true. But where is the lesson in that? Out of your bankruptcy and the 3 years of payments, which one do you not want to repeat the most? Most likely its the three years. Will the bankruptcy be what keeps you from getting in that bind again or will the 3 miserable years? 

I have filed Ch7 before. I live in Texas and I know I qualify because I just helped my sister file about 11 months ago. Unfortunately she did not learn. She is right back in a bind. I have also waited the 10 years for that public record to fall off before. You may have cards now but that BK will bite you from time to time and I don't want that unless I know I have no other choice. The difference is, because I have been there before, I know when I can't win and what my options are. If Synchrony blue envelopes me, I will probably file. I don't want a fight on more than one front like that. The first time I can't make my payments, I will file. I won't lose everything trying to stay afloat or get inundated with lates and constant phone calls. Plus, I have a close friend who is an attorney and she will take care of me if that needs to happen. 

 

I appreciate your post and know that I have not ruled that out. I just don't want to jump and file without a fight. 


I could not possibly agree more - the ONLY reason I brought it up at all was because 4 years ago I was just as deparate as I was a year ago when I filed, and one of the things I did 3 years before I filed was take out a 401k loan to try to keep everything going...but 3 years of high interest and minimum payments later, I filed anyway...and I still have the 401k loan.

 

I know you're not doing THAT, but still...I saw enough parallells from my limited perspective that I felt a warning about fighting TOO hard was justified, because I fought too hard, and I lost anyway.

 

Anyway, I'm not here to debate the point.  I've said my piece, and you're as informed as you need to be.  

 

Safe Travels, my friend.


Yeah I won't let it go that far. I have not yet begun to feel the stress of not being able to make it. That might happen though. If it does, I will heed your advice because I don't want to go through that either. I hope I can manage it. 


I hope so too - like everyone else here, I'm pulling for you!


Thanks. The support here is overwhelming and I am thankful for that. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 77 of 198
HeavenOhio
Senior Contributor

Re: Need help with a plan to pay down high utilization

I see a few silver linings here. It's been mentioned that overall utilization is reasonable. Scores aren't bad, and they should go up after the planned payments. Lowe's can wait without costing more due to interest. Only six of 24 cards have balances, and the worst of it is concentrated on four cards. And losing BP's $3,500 limit isn't going to hurt.

 

I wouldn't be surprised if MLF's Equifax score makes a bigger jump than the others. Of course, all profiles are different. But my Equifax score takes a ding as soon as I let a second card report. If that's a general Equifax characteristic, it might be really happy to see those seven balances off the books.

 

MLF, will you have enough money over the next few months to pay a bit over the minimums… just enough to cause balances to decrease rather than increase due to interest? That might help keep the lenders out of your hair.

 

Also, you mentioned auctioning and selling things. Could that help you put a dent in these balances, or is that to help with day to day finances?

Message 78 of 198
MyLoFICO
Valued Contributor

Re: Need help with a plan to pay down high utilization


@HeavenOhio wrote:

I see a few silver linings here. It's been mentioned that overall utilization is reasonable. Scores aren't bad, and they should go up after the planned payments. Lowe's can wait without costing more due to interest. Only six of 24 cards have balances, and the worst of it is concentrated on four cards. And losing BP's $3,500 limit isn't going to hurt.

 

I wouldn't be surprised if MLF's Equifax score makes a bigger jump than the others. Of course, all profiles are different. But my Equifax score takes a ding as soon as I let a second card report. If that's a general Equifax characteristic, it might be really happy to see those seven balances off the books.

 

MLF, will you have enough money over the next few months to pay a bit over the minimums… just enough to cause balances to decrease rather than increase due to interest? That might help keep the lenders out of your hair.

 

Also, you mentioned auctioning and selling things. Could that help you put a dent in these balances, or is that to help with day to day finances?


The auctioning and selling things is what is generating the 10k. In my business I like what I sell and I bought alot for me. Now those are being sold. I lost one of my favorites last night to a winning bid. But, I will rebuild. I have about 2 grand to go and I might actually end with more than 10k. Going forward, if I can't pay more than the minimums and I can't get a BT card, I will file. I say that because there is nothing else left for me to try that would not end up in a negative on my reports. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 79 of 198
Anonymous
Not applicable

Re: Need help with a plan to pay down high utilization

I agree with Tyger.....  in many ways.  For example we were overhead on a house we really could not afford once the APR adjusted and the real estate market melted down but we fought and used up all of our resources in a futlle effort to keep a house that in the end we lost.  We focused on keeping the house and ended up with a big IRS debt because we had prioritized the house.  My point is it wasn't until we burned through all of our resources and lost the house that we realized how much damage we did to our future.  Took about 7-8 years to recover.  The foreclosure was the hardest thing ever but in hindsight we should have punched out early, cut our loses and moved on.  Having said that I fully respect your desire to avoid BK and put in every effort to avoid it. 

 

We are all pulling for you.

Message 80 of 198
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