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Exactly one year ago I was doing very well with my credit. I had three good credit cards that were all up to date and recieved my very first auto loan and had my fico scores just hovering below 700. At some point i decided to add my then fiance as an authorized user on two of my cards as a way to help her start her credit report so that we could start looking for a house together. Earlier this year i caught her cheating on me and broke up with her, however before i actually ended it between us, she maxxed out my cards and left me with a hefty bill and interest. Throughout this year i was unemployed for three months and that caused some late payments as well as one of my cards charging off. Now i am in a better place and looking to fix the issues my ex left me with because my scores have plumeted due to my util being so high
My question is: is there any way that i could get a loan of some sort in order to pay my balances down now as opposed to just paying the interest like i have been for the past few months. I am desperately trying to fix my credit and get my scores back up.
Any advise would be greatly appreciated.
I believe the OC still have your account. All you need to do it call your OC and ask them can they re-open account for you to make payment and send a GW to remove all late payment on your account.
@Rlupo810 wrote:Exactly one year ago I was doing very well with my credit. I had three good credit cards that were all up to date and recieved my very first auto loan and had my fico scores just hovering below 700. At some point i decided to add my then fiance as an authorized user on two of my cards as a way to help her start her credit report so that we could start looking for a house together. Earlier this year i caught her cheating on me and broke up with her, however before i actually ended it between us, she maxxed out my cards and left me with a hefty bill and interest. Throughout this year i was unemployed for three months and that caused some late payments as well as one of my cards charging off. Now i am in a better place and looking to fix the issues my ex left me with because my scores have plumeted due to my util being so high
My question is: is there any way that i could get a loan of some sort in order to pay my balances down now as opposed to just paying the interest like i have been for the past few months. I am desperately trying to fix my credit and get my scores back up.
Any advise would be greatly appreciated.
Although I am not a fan of paying debt with debt, sometimes there is a need. And if your scores aren't too bad right now, maybe a BT CC is a better option than a loan.
Personal loans can have high rates whereas BT cards usually have low, if not 0%, APR on BT. minus BT fees and what not.
Well only one of the cards closed but they said that they will not reopen it, that i would have to reapply.. The main problem is that currently between the three cards i am only able to pay a certain amount down each month and they just keep maxing out due to the interest rate, I would like to find a way to pay all three down to zero and start over but with my balances so high my scores went down and i cannot seem to qualify for any kind of loan.
With my scores down due to the util, i have been denied for anything.
@Rlupo810 wrote:With my scores down due to the util, i have been denied for anything.
I don't know the ins and outs of AU and CC policies, but if it were me and my ex did this to me, I would call the CC and a dispute the charges as not mine but the AUs. Not sure if that would do anything, since ultimately it is your CC account, but I would tell them.
I would also ask for a intrest rate decrease and/or payment plan.
They are most likely not going to budge on APR decrease and doubtful on repayment plan options, but at least you open the door to communication letting them know that even though you didn't make the charges you plan on paying them back.
That sounds like a good idea but i highly doubt they will budge as too much time has gone by and i would just really love to just pay off the cards and start new.
@Rlupo810 wrote:Well only one of the cards closed but they said that they will not reopen it, that i would have to reapply.. The main problem is that currently between the three cards i am only able to pay a certain amount down each month and they just keep maxing out due to the interest rate, I would like to find a way to pay all three down to zero and start over but with my balances so high my scores went down and i cannot seem to qualify for any kind of loan.
Well per the card act your lender must only charge you interest after you make payment. they are not allowed to charge interest then take payment. If you are only making your min payment and the balance isnt budging or increasing something is wrong
OP can you post which lenders these are?
@rootpooty wrote:
@Rlupo810 wrote:Well only one of the cards closed but they said that they will not reopen it, that i would have to reapply.. The main problem is that currently between the three cards i am only able to pay a certain amount down each month and they just keep maxing out due to the interest rate, I would like to find a way to pay all three down to zero and start over but with my balances so high my scores went down and i cannot seem to qualify for any kind of loan.
Well per the card act your lender must only charge you interest after you make payment. they are not allowed to charge interest then take payment. If you are only making your min payment and the balance isnt budging or increasing something is wrong
OP can you post which lenders these are?
The two that are still open are First premier-300, Capital One-1500, and the one the that is closed is a Wells Fargo-1000.
Id pay that first premier account down to zero first then close it. Did they report lates? whats up with capital one did they report lates also?
On the wells fargo account is it charged off?
Reason I suggest closing the first premier account is because they are down right cruel and if you get lates or anything negative reported from them they will not delete it no matter how you approach it. Cap one is hit or miss with GW and so is wells fargo