Back to square one

haleyjen · ‎05-13-2018

Need some help and advice. After all my hardwork, my fiance had a major medical issue right before his insurance kicked in and it wiped us out for couple of months. I now have a brand spanking new 60 day late, and two 30 days lates on my report. What do i do? Where do I start, and any ideas on controlling the damage? I got way too many store cards during my rebuild and now the minimum feel insurmountable. The problem is that if I pay these insane minimums, making my rent, phone and utilities will be a challenge. Any ideas? Triage?

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TaperRandy · ‎05-13-2018

Its not that you "got too many cards". It's that you used too many cards without concern for how you would prepare for a financial catastrophe i.e, the fiancé's medical issue. That isn't a helpful statement...but it is a factual one. All you can do now is pay them down, asap. Do not close those accounts, or you will do further credit damage.

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Pikaboo-icu · ‎05-13-2018

Is there any way you can obtain a personal loan, roll all the cards into one min payment each month?

That would be a good start.

haleyjen · ‎05-13-2018

No, can't get a loan right now. And yes, I realize that using the store cards was a mistake, and didn't need it pointed out - I was in a deep depression and shopping filled the hole. I'm seeing a therapist now, and don't carry the cards anymore.

BOA Cash Rewards - $500 Capital One Quicksilver: $750 Merrick Double Your Line Visa.- $1000 Mission Lane: $400 Grain: $875 J Crew: $1100

TaperRandy · ‎05-13-2018

If you don't need the truth pointed out, then perhaps it isn't advice that you seek. Maybe a miracle instead. These are numbers, and behavior with those numbers. The marriage of these two doesn't care about the delicate sensitivities of people. Positive attitude, patience, and paying down over time. Those are the only things short of a personal lender for consolidation, that are options for you. It will be frustrating, but when the cloud begins to lift as time passes...it is a beautiful thing. I know. I've been there.

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000

Pikaboo-icu · ‎05-13-2018

Well drat..

Don't focus on the negative- it is what it is now and just keep looking forward from there..

Ok so loan is out- can you contact the creditors and ask for any type of forgiveness for the lates?

Cut back everything non-essential.. No latte's, fast food, cut back cable and any extra bills/spending you can.

If you have anything you can part with- get that stuff up on eBay pronto! I sell there on the regular (as part of my regular routine).

You can make a few extra bucks to help pay the bills.. You would be shocked at what peope will buy- they buy everything.

Perhaps others will have some helpful advice..

Did you try the loan companies where you can apply online? Interest is higher but in this case it might be worth the extra bucks..

Anonymous · ‎05-13-2018

Thanks so much for sharing your story. Kudos to you for just having the guts to ask for help and reveal the past. You are amazing. Many of us here have been in terrible situations and fought our way back. You will too! Many people here will offer their help.

Best of luck to you!

Anonymous · ‎05-13-2018

Let's all remember we are not here to criticize anyone, but to offer our insight in helpful ways to improve things. It can be done. Really.

haleyjen · ‎05-13-2018

Thanks, guys. I worked so hard, and one bout of depression and one unforseen catastrophe undid it all. Well, as you all said, just got to get back up and start again...onward and upward.

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beutiful5678 · ‎05-13-2018

@haleyjen wrote:
No, can't get a loan right now. And yes, I realize that using the store cards was a mistake, and didn't need it pointed out - I was in a deep depression and shopping filled the hole. I'm seeing a therapist now, and don't carry the cards anymore.

I can certainly relate to this feeling (my vice was mostly eating out). Fortunately, you're at the beginning of this where you can mitigate the damage rather than taking the route that I did (living off the credit grid for 4-5 years and defaulting on pretty much everything).

Do you have a budget? If you do please list it and your income here so that people can help you make a gameplan. And also list all of your open accounts, the credit limit, the current balance, and the interest rate. If you don't have a budget you should make one.