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Alright where to begin?

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Alright where to begin?

Alright I have lurked enough and I want to get the ball rolling on a better life. I went through my phases and ruined my credit along the way. I have SOMEWHAT started taking action and really just need a solid game plan on what to do first. But first and foremost I want to thank each and everyone of you in advance. 

 

Background

CreditKarma ( vantage 3.0? ) 

Equifax - 617

Transunion - 662

Experian ( from experian.com ) - 652

 

OPEN;

Wells Fargo - 2,210/3,700 - 24.99% APR - 100% payments - Opened Feb 2012

Captial One Platinum - 1,376/2,000 - 20.74% APR - 100% payments - Opened October 2018

Capital One Quicksilver - 849/1,500 -27.48% APR -  100% payments - Opened June 2018

Kohls - 0/300 100% payments - Opened July 2012

Amazon Store Card/Syncbank - 0/1,800 - Opened Aug 2019

Chase Auto Loan - 21,300 - 6.9% APR - 100% payments - Opened May 2019

 

Closed;

LoanMe - Reporting as 0 Balance, 0 Past Due, Original Balance 3,100 - Status says closed - Payment status says Charge-Off -Opened Aug 2015

 

Chrysler Capital - Balance 12,018 Orig. Balance 31,266, Status Closed, Payment status Charged-Off- Opened Aug 2015

 

Nissan financial - Balance 14,127, Original balance 0, Status Closed, Payment status Charge-Off, Opened Apr 2014

 

Syncb/Walmart - 0/120, Opened 2013, 100% payments ( they just randomly closed it, Probably because I never use it ? )

 

And then 7 Closed Auto Loans that all had 100% Payment history that were fully paid off early ( I can go into detail if this matters )

 

COLLECTIONS;

SECURITY CREDIT SERVICE - Open Date = May 2016 - Balance 836 - Original Creditor = Tempoe LLC ( To be totally honest, I am not even sure what this is. Everytime I try to call they can never find anything linked to me. And I have tried to dispute it always come back as verified )

 

Now onto some action; LoanMe sold the debt to PMGI financial and in turn sued me. So I settled with them ( if you can call it that.. ) They only agreed to let me do payments after a 1k deposit. I Should have taken action sooner but I live and I learn I suppose. So I am in process of paying that down, and the lawfirm said they would give me a letter stating to delete the debt off my credit when its all paid for. 

 

So now my question is, What's next? I really crippled myself going through the motions of life and I don't make a lot of money. I work for the State of California so funds are limited. I can make just above minimum payments for my CC's. I was considering getting a Loan that was offered to me on CreditKarma ( AVANT ) they offered me 11k at 24.9% 36 months. Would be enough to pay my CC's and Settlement. But is debt for debt a good play? 

What about the 2 Repo's I have. Should I even bother with the total of those 2 being way more than I can pay off before they "Fall off" I am just lost.. I considered doing the Snowball method for my CC's, but I felt with my APR's unsure about that. 

 

Please Advise

Message 1 of 16
15 REPLIES 15
Super Contributor

Re: Alright where to begin?


@FreakinAlex wrote:

Alright I have lurked enough and I want to get the ball rolling on a better life. I went through my phases and ruined my credit along the way. I have SOMEWHAT started taking action and really just need a solid game plan on what to do first. But first and foremost I want to thank each and everyone of you in advance. 

 

Background

CreditKarma ( vantage 3.0? ) 

Equifax - 617

Transunion - 662

Experian ( from experian.com ) - 652

 

OPEN;

Wells Fargo - 2,210/3,700 - 24.99% APR - 100% payments - Opened Feb 2012

Captial One Platinum - 1,376/2,000 - 20.74% APR - 100% payments - Opened October 2018

Capital One Quicksilver - 849/1,500 -27.48% APR -  100% payments - Opened June 2018

Chase Auto Loan - 21,300 - 6.9% APR - 100% payments - Opened May 2019

 

Closed;

LoanMe - Reporting as 0 Balance, 0 Past Due, Original Balance 3,100 - Status says closed - Payment status says Charge-Off - LoanMe sold the debt to PMGI financial and in turn sued me. So I settled with them ( if you can call it that.. ) They only agreed to let me do payments after a 1k deposit. I Should have taken action sooner but I live and I learn I suppose. So I am in process of paying that down, and the lawfirm said they would give me a letter stating to delete the debt off my credit when its all paid for. 

If it will be deleted after payoff. Keep paying.

 

Chrysler Capital - Balance 12,018 Orig. Balance 31,266, Status Closed, Payment status Charged-Off- Opened Aug 2015

Nissan financial - Balance 14,127, Original balance 0, Status Closed, Payment status Charge-Off, Opened Apr 2014

I take it this is 2 cars? If so. Need to find out if they got their $ back after auction. Since Chrysler is 4 yrs old they may have and you need to persue if it was paid off. Same with Nissan thats even older. Both need to list the balance after auction sale. Need charge off dates not open dates.

COLLECTIONS;

SECURITY CREDIT SERVICE - Open Date = May 2016 - Balance 836 - Original Creditor = Tempoe LLC ( To be totally honest, I am not even sure what this is. Everytime I try to call they can never find anything linked to me. And I have tried to dispute it always come back as verified ) This is a leasing company. You find a product and they approve you and lease it like Rent to Own.

 

 

 

So now my question is, What's next? I really crippled myself going through the motions of life and I don't make a lot of money. I work for the State of California so funds are limited. I can make just above minimum payments for my CC's. I was considering getting a Loan that was offered to me on CreditKarma ( AVANT ) they offered me 11k at 24.9% 36 months. Would be enough to pay my CC's and Settlement. But is debt for debt a good play? Getting more debt to pay off debt isnt a good idea. As a last resort. Take all your cards and cut them up, give them to a family member, whatever, so you wont keep using them when paying off this loan. It will really get out of hand if you took the loan and kept racking up charges you cant pay right now.

What about the 2 Repo's I have. Should I even bother with the total of those 2 being way more than I can pay off before they "Fall off" I am just lost.. I considered doing the Snowball method for my CC's, but I felt with my APR's unsure about that. See above. Were they sold at auction and whats left over.

 

Please Advise


I chopped down your post to make it easier to figure out. For now I hope you stop charging and start paying. The 2 cars you need to find out what happened to them. Yes the balance is there. Some finance companies will sell the cars at auction and dont update the real balance after selling it. There's still a few holes. You got a car 3 months ago with 2 repos on record? There's a few things need to be revealed above before more action can be suggested. Welcome.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 2 of 16
Regular Contributor

Re: Alright where to begin?

First, with the repos.  Did they sell the cars after they repo'ed them?  If so, whatever the cars were sold for should have been deducted from your overall amount that you owed.  Do you even have this information?  If not, I would find out.  These repo's amount to alot of money and I would not be surprised if they try to collect before they 'fall off' your report.  What is the SOL in California?

 

Personally, I would not have just taken out a huge auto loan when you are barely keeping up with payments as is.  That is a recipe for disaster especially since you have defaulted on car loans in the last few years.  You are way over-extended as it is.  Quit using you credit cards AND quit taking out any types of loans.  You don't have the money.  You need to cut out any excess in your life...no cable TV, no smart phone (just flip phone), no eating out, no vacations, etc.  Cancel all that junk and use that money to pay down all credit cards.  You need to make some sacrifices in order to get yourself out of the hole you have dug.

Message 3 of 16
Super Contributor

Re: Alright where to begin?


@Cloudburst2000 wrote:

First, with the repos.  Did they sell the cars after they repo'ed them?  If so, whatever the cars were sold for should have been deducted from your overall amount that you owed.  Do you even have this information?  If not, I would find out.  These repo's amount to alot of money and I would not be surprised if they try to collect before they 'fall off' your report.  What is the SOL in California?

 

Personally, I would not have just taken out a huge auto loan when you are barely keeping up with payments as is.  That is a recipe for disaster especially since you have defaulted on car loans in the last few years.  You are way over-extended as it is.  Quit using you credit cards AND quit taking out any types of loans.  You don't have the money.  You need to cut out any excess in your life...no cable TV, no smart phone (just flip phone), no eating out, no vacations, etc.  Cancel all that junk (?) and use that money to pay down all credit cards.  You need to make some sacrifices in order to get yourself out of the hole you have dug.


People come here knowing what has happened to them was a mistake and/or lack of credit knowledge. They come to get help to rebuild from their mistakes and want to make a postitive effort to repair what is/was broken. Respectfully I say lets not jump on their case of what they already know went wrong. People are stressed enough from debt and are very brave to come here and admit their faults in the open even though we will never meet face to face. They dont need a "rub it in" therapy session. I myself, like many others try to show some compassion and offer help to get the poster get out of a sticky situation. Lets be positive and encouraging to help them hit the reset button and offer advise to fix what's broken. I do not claim to be a CL nor Mod. Just a fellow poster helping others get back on their feet.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 4 of 16
Regular Contributor

Re: Alright where to begin?

I wasn't trying to use it as a put-down.  I was trying to point out what the OP main mistakes are.  Taking out a $20,000+ car loan when they are already massively in debt is a huge mistake.  I have been there.  I have made those mistakes too.  The OP needs to stop using credit and no more loans until they get expenses under control or they will get further in the hole.  A great way cut costs is to cut unnecessary expenditures.  That is one of the main ways that I got out of debt.  I canceled cable TV, I canceled Netflix, I used a flip phone (calling/text only), I quit eating out, I started buying off-brands of food, etc.  Doing this helped me to save quite a bit of money each month and I then funneled all that into paying down credit cards and into paying off charge offs.  Any unnecessary expenditure IMO is 'junk' as it is not needed.  Paying for 'junk' is fine WHEN you can afford it, but when you are financial straits, those things should be the first to be cut.

Message 5 of 16
New Member

Re: Alright where to begin?

@FireMedic1- Thank you for understanding that this was extremely hard for me to do. I get it, I messed up. But I’m learning everyday. As far as the CC’s something happened in my personal life recently and those balances are new. I was trying to get my credit and life together and it all turned upside down on me. The Repo’s are reporting correctly those balances are AFTER auction. Young and dumb and co-signed for family.. never again. I will try and call the collection account again this week and try and get clarity ( I am assuming a family member used my SSN again )
And as far as the holes for the 2 repos and my Auto Loan what information are you needing? Sorry I am totally oblivious to all of this and quite frankly, overwhelmed.

Also DofD : Chrysler October 2015, NISSAN Dec 2014
Message 6 of 16
Super Contributor

Re: Alright where to begin?

So thats the true balance owed after they sold the cars at auction? Wow! Man talk about taking the first bid. Yikes. Its a shame that family will screw over each other before their own friends. If your saying a family member got credit with your info. I'd throw my family in the clink if they ever did that to me without hesitation. You got the nads to do that to me. I got the nads to go after you. If things cant work out. There's always the fresh start way. Just saying. 46k is a lot of $ to pay back without even thinking about the CC balances qadded on. Kinda tough spot to be in. Heres hoping it can be worked out in your favor. The credit cards seem to be ok. Its the past that haunting ya.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 7 of 16
New Member

Re: Alright where to begin?

Yeah I just might. So good news came this morning! I qualify for a bonus at work and will be able to pay all my CC's off !!! I will pay them off except one and keep that fed and paid for. Now as far as the Repo's whats the correct play? Wait it out 2/3 years ? 

I also got a hold of that collection account and it turns out to be a SEARS leasing program that I helped my sister with.. I will just PFD if they allow.. Which will leave me with the Settlement I will pay monthly for and the repos.. 

 

Also as far as credit lines go, Am i safe with the cards I have now once paid down? Should I get more? or?

Message 8 of 16
Super Contributor

Re: Alright where to begin?

You have a decent set of cards. You really dont need more credit. There's a hole in the ship and it needs to be fixed so it wont sink. Congrats on the bonus and taking care of the cards will be in order first. Pay down that agreement so it will be deleted as they agreed to. It wont help your score that much due to the 2 auto CO's.

 

Now. Since the cards will be paid off and no more interest will hurt you. Do you make enough to pay down the collections till its paid and deleted? Can you buget your expenses for a while until this is in the past? No card usage at all except to fill the tank to keep them active? No more co-siging anything? Will you make enough to be comfortable? I'm leaning into something. Wont say yet.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 9 of 16
New Member

Re: Alright where to begin?

No usage except to feed them, and for the cards I have a question, do I need to use each card and pay it off completely before statement cut? Do I leave them open and untouched except one ? How does that work exactly?

Yes the settlement payment is very low, so it’ll take like 1.5 years to fully be done. And they aren’t reporting except the closed LoanMe account. So I will take my time on it, unless you suggest I pay more and close it faster.

Yes no more co-signing for me ever lol. Definitely budgeting myself from here on out and climb out of this hole. As far as tackling 2 more payments for the 2 repo’s I don’t think so to be totally honest, NISSAN is past SOL and Chrysler will be in October. And they will hit the 7 year mark in 2 and 3 years. Because I assume I would need to get these paid down BEFORE the 7 year mark for it to matter? Or am I totally off base.

Message 10 of 16
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