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Help with rebuilding!

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New Member

Help with rebuilding!

Hello,

So I am 25 years old and my credit is a 506. From being young and dumb and never taught about credit to my recent divorce my credit has never been above a 550.

My ex quit paying for the vehicle that was in my name a few months ago so that’s is showing as late payments and will be repoed once they find him. That repo will make number 3 for me (terrible I know) other than that I have about 5 open collections that all equal around 5k. And that’s it, I’ve never had any credit cards nor can I get approved for anything. I have been debating filing bankruptcy but I want to see if there’s anything at all I can do to fix it on my own.
Message 1 of 12
11 REPLIES 11
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New Contributor

Re: Help with rebuilding!

List the specifics regarding your collections and other negatives and the fabulous members of this forum will chime in with lots of advice.
Message 2 of 12
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New Member

Re: Help with rebuilding!

3 of the collections are medical bills with the highest one being 1400. Then I owe sprint 700, progressive around 300, a payday loan company 600ish
Message 3 of 12
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Community Leader
Senior Contributor

Re: Help with rebuilding!

How much total debt do you owe out besides the collections?

 

We need more info in order to give you some advice.

EXP 758 TU 783 EQ 729
Message 4 of 12
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New Member

Re: Help with rebuilding!

All together everything equals 32600, and 26k of that is the vehicle of my ex husbands that is about to be repossessed.

So I have
5k in collections
26ish k in the auto loan
I have 2 other auto loans that have been “charged off as bad debt”
And I have 1500 in student loans but I am not behind on those.
Message 5 of 12
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Community Leader
Senior Contributor

Re: Help with rebuilding!

Is it your car or your ex husband's, who is responsible for it?

 

Not sure what your income is and how much you have availiable for your debts?

EXP 758 TU 783 EQ 729
Message 6 of 12
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New Member

Re: Help with rebuilding!

He drives it but it is in my name and the payment is almost $800 so I could not afford to take it from him and make the payments on top of the vehicle I drive. I make decent money and I could def start saving to pay some of the collections off, but I have heard that even paying it off doesn’t boost the score very high so that is why I am trying to figure out my next step
Message 7 of 12
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Regular Contributor

Re: Help with rebuilding!

How old are the collections, who are they with OC, CA names would be good so we can better determine how to attack them.  Is your ex's name on the title of the vehicle??  If not report it stolen (  i know harsh, but he's screwing you over right now).  Depending on the age of the medical collections you will have different options. The mod (gdale) has a great way to attack medicals. 

Message 8 of 12
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Community Leader
Senior Contributor

Re: Help with rebuilding!


@Sueamber9 wrote:
He drives it but it is in my name and the payment is almost $800 so I could not afford to take it from him and make the payments on top of the vehicle I drive. I make decent money and I could def start saving to pay some of the collections off, but I have heard that even paying it off doesn’t boost the score very high so that is why I am trying to figure out my next step

Well not sure why he is driving it, but unless he is going to refinance in his name and take over payments, his behind wouldn't be in the car. So you are letting him drive it, but nobody is paying for it??

 

You can always try the pay for delete route first with the collections and see if you get any nibbles.

EXP 758 TU 783 EQ 729
Message 9 of 12
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New Member

Re: Help with rebuilding!

I would personally file bankruptcy. I had one vehicle get repoed. Months later I was about to go to court because they wanted the rest of the money. Let them repo the car first(if you cant give them his address or work info) and then file.
Message 10 of 12
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