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Drowning

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Established Member

Drowning

Hey everyone. Please don’t be rude, I’m already distraught enough. I made the mistake recently to try to go back to school. I stupidly paid out of pocket for my tuition and books (so I could buy them used- saving hundreds) with the promise that my financial aid would be coming in 2 weeks. The financial aid office made some mistakes and I won’t be paid out my financial aid until the Summer. I say this to say that now I’m behind on my credit card payments. I have two (chase cards) that will soon be going into 30-59 days late and a citi bank that I’m 2 weeks late on. I’ve made partial payments and I should be able to catch up next month. I’m so depressed. I’ve worked hard to build my credit after ruining it years ago in my late teens. My score is pretty much ruined. (Down 158 points) How can I lessen these effects? How long will they stay on my credit? I don’t have any collections yet and I’m working hard to avoid them until I’m caught up. Will these “30 days late” marks prevent me from selling and buying a new home in a couple years?

Any advice is appreciated.
6 REPLIES 6
Community Leader
Senior Contributor

Re: Drowning

I'm no expert on this, but I think that if you can manage it, avoiding 60-day lates would be huge. According to the gurus in the scoring forum, 30-day lates are easier to shake. Also keep in mind that once you're actually able to pay, your utilization will be better, and the revolving portion of your score will improve.

Message 2 of 7
Established Contributor

Re: Drowning

Avoid 60-day late first of all. Try to borrow from parents/friends/family, at least the minimum payment amount and then think of backup

Message 3 of 7
Established Member

Re: Drowning

I guess I should clarify that there is no way I can pay the minimum balances before they hit 60 days late. I will be able to pay them before they hit 90. Thanks for the advice everyone, I guess there is no bouncing back from this any time soon.

Message 4 of 7
Mega Contributor

Re: Drowning

Nearer the time you plan to go for a mortgage, make sure you get your mortgage scores.   The 60 day late will certainly hurt the score, but depending on other factors, that may not force you into a bad rate.

Message 5 of 7
Established Contributor

Re: Drowning

Are you certain you could catch up next month?

 

If you are absolutely certain of that, you COULD (assuming you have at least enough available credit on each card) make a balance transfer in the amount of the mimimum payment from one card to another, and back again.   The recieving card always (in my experience) processes such money as a payment.

 

You would pay a fee, of course, but if you can catch up next month, a 2 or 3% fee is a small price to pay to avoid a 60 day late.

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Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733

Message 6 of 7
Legendary Contributor

Re: Drowning

Contact the credit card companies and request some form of temporary hardhip deferral.

Dont simply let them go or remain delinquent.  Advise the creditors and request some form of temporary reduction in payments or deferral.

Message 7 of 7
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