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I need some advice please

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Rlupo810
New Contributor

I need some advice please

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.


Starting Score: Equifax 456 Transunion 442 Experian 472
Current Score: Equifax 548 Transunion 567 Experian 557
Goal Score: 650


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Message 1 of 16
15 REPLIES 15
TrishN
Established Contributor

Re: I need some advice please

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.

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Message 2 of 16
ccnewcc
Established Contributor

Re: I need some advice please


@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.

Message 3 of 16
Rlupo810
New Contributor

Re: I need some advice please

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.


Starting Score: Equifax 456 Transunion 442 Experian 472
Current Score: Equifax 548 Transunion 567 Experian 557
Goal Score: 650


Take the myFICO Fitness Challenge
Message 4 of 16
Rlupo810
New Contributor

Re: I need some advice please

With my scores down due to the util, i have been denied for anything.


Starting Score: Equifax 456 Transunion 442 Experian 472
Current Score: Equifax 548 Transunion 567 Experian 557
Goal Score: 650


Take the myFICO Fitness Challenge
Message 5 of 16
ccnewcc
Established Contributor

Re: I need some advice please


@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.   

Message 6 of 16
Rlupo810
New Contributor

Re: I need some advice please

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.


Starting Score: Equifax 456 Transunion 442 Experian 472
Current Score: Equifax 548 Transunion 567 Experian 557
Goal Score: 650


Take the myFICO Fitness Challenge
Message 7 of 16
rootpooty
Valued Contributor

Re: I need some advice please


@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?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 8 of 16
Rlupo810
New Contributor

Re: I need some advice please


@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.


Starting Score: Equifax 456 Transunion 442 Experian 472
Current Score: Equifax 548 Transunion 567 Experian 557
Goal Score: 650


Take the myFICO Fitness Challenge
Message 9 of 16
rootpooty
Valued Contributor

Re: I need some advice please

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

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 10 of 16
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