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Help! Where do I start? I am ready to do better in life!

Donnieciac
New Member

Help! Where do I start? I am ready to do better in life!

Hello All!

 

I am so thankful for these forums and I have enjoyed reading challenges tips and success stories. I am in the process of rebuilding my credit. I have reviewed my credit reports on and compiled a list of my debts. Please help! I have several questions. 

***Chapter 7 Granted 06/2015***

***Currently working through uncontested divorce***

 

First, my goals:

1. 680 across the board in 2 years

2. Pay off all debt in 2 years/ Student loans in 7-10 years

3. Relocate to the midwest and buy a home in 3 years

4. Stay current on all my revolving lines for the next 12 months..... into perpetuity

5. Look at purchasing my first franchise in 5-10 years

 

My questions:

 

1. Should I decrease my savings and get agressive with paying off bills less than $700 over the next 6-8 months? Or do I establish payment arrangements?

2. With my current credit cards, should I continue to make slightly higher than the minimum payment required and pay down past dues first, or should i pay off my credit cards, then work towards paying off my past dues?

3. How should I approach my high dollar debts, settlements with payment arrangements? Is it harmful to make payment arrangments, or will that show stable payment history?

 

Here's where I am currently. Any suggestions will be greatly appreciated! Thank you for your time!

 

ORIGINAL CREDITORDAYS PAST DUEDoODAMOUNT PAST DUE
ACCEPTANCE NOW 3/30/2020 $                       3,935.00
EASYPAY FINANCE  9/1/2018 $                       2,358.16
WESTLAKE FINANCIAL 10/1/2017 $                       3,405.00
COMCAST                       559.00
PROGRESSIVE 10/27/2016 $                          328.00
CENTRAL OHIO ROOT CANAL 10/25/2018 $                          438.00
CHARTER COMMUNICATIONS 5/1/2020 $                          462.00
ATT DIRECTV 10/22/2018 $                          655.00
ATT U VERSE 11/5/2019 $                          208.00
ASPEN DENTAL 2/22/2019 $                             92.00
AMERICAN ELECTRIC 8/30/2018 $                       1,168.00
CNACCO9/1/2018 $                       5,740.00
TEMPOE LLC 10/9/2015 $                       1,202.00
TOTAL VISA 1/1/2020 $                          488.00
MERRICK BANK (CL $600)   $                          620.00
CREDIT ONE CURRENT (CL $400)   $                          300.00
CAPITAL ONE (CL $500)   $                          475.00
FINGERHUT (CL $400)   $                          407.00
MONEYLION 5/1/2020 $                          451.00
ACIMA 1/1/2018 $                       3,528.00

 

Thank you again!!!

5 REPLIES 5
RSX
Established Contributor

Re: Help! Where do I start? I am ready to do better in life!

welcome!

 

step 1 in my opinion is to use your savings to pay down these asap - today if possible

they are currently Maxed and Overlimit on some - this is bad

 

MERRICK BANK (CL $600)   $                          620.00
CREDIT ONE CURRENT (CL $400)   $                          300.00
CAPITAL ONE (CL $500)   $                          475.00
FINGERHUT (CL $400)   $                          407.00

 

Pay down Merrick to $525

Pay Down Capital One to $440

Pay Down Fingerhut to $350

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Feb 3/2021 EX. 739 EQ. 727 TU 750
Inq. EX 5 EQ 4 TU 5 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $22k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k - Wells Sig Visa $12k
Message 2 of 6
Donnieciac
New Member

Re: Help! Where do I start? I am ready to do better in life!

Thank you so much for your response @RSX That's what I was thinking too. 

Message 3 of 6
RSX
Established Contributor

Re: Help! Where do I start? I am ready to do better in life!

no problem  - after that first step i would tackle these ones next

 

PROGRESSIVE 10/27/2016 $                          328.00
CENTRAL OHIO ROOT CANAL 10/25/2018 $                          438.00
    
ATT DIRECTV 10/22/2018 $                          655.00
ATT U VERSE 11/5/2019 $                          208.00
ASPEN DENTAL 2/22/2019 $                             92.00

 

Call each of them and see if they will settle for a lower amount - if they say no - pay in full

also ask if they will delete if you pay it off

 

this is the only way they will stop reporting monthly on your reports

i think you can expect a 50% payoff for the ones over 2 years

 

make sure you keep the post above as a Snapshot

in the next couple of months you might get discouraged - but if you keep looking back at the Snapshot, it will show you the progress you have made

 

good luck to you

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Feb 3/2021 EX. 739 EQ. 727 TU 750
Inq. EX 5 EQ 4 TU 5 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $22k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k - Wells Sig Visa $12k
Message 4 of 6
Donnieciac
New Member

Re: Help! Where do I start? I am ready to do better in life!

@RSX Snapshot taken! I'm going to print it and post it in my planner. Thank you again! 

When asking for the pfd, should I send out certified letters or ask during my call?

Message 5 of 6
RSX
Established Contributor

Re: Help! Where do I start? I am ready to do better in life!

happy to help

 

with the PFD, i haven't actually done one - i have only read about them on here

i believe most of it is verbal, since you are calling them on the phone for the payoff negotiation

 

you should be able to ask for it in writing though

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Feb 3/2021 EX. 739 EQ. 727 TU 750
Inq. EX 5 EQ 4 TU 5 - - CC 6x24, 2x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $22k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$20k - Wells Sig Visa $12k
Message 6 of 6
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