New to this forum and so happy to find it! As way of introduction, I am a 52 yo woman who is on a mission: Do everything within my power to repair my credit!
In 2008, my credit score was 760. After a divorce which left me putting two children through college by myself, not really having a good grasp on financial matters anyway and a few months of wreckless spending on my Amex, I find myself in the credit slums.
In in the fall of 2013, Amex decided my balance was too high (it was) and took away the option to pay over time. I couldn't pay it in full so I agreed to pay the balance off during a 12 month period. I was supposed to make payments of $600/mo, which I told them I would only be able to sustain for 4-6 months. They wouldn't budge so I did what I could. Long story short is I got behind on 3 cards, Amex, Chase Visa and Capital One MC. My finances were a mess from July 2014- May 2015. I robbed Peter to pay Paul and was in a constant state of stress. I owed around $20,000 as I took out an unsecured high interest loan just so I could have some cash flow. Horrible. I know.
May 2015, I changed jobs and moved, which necessitated selling my home, which had a good bit of equity. I was able to pay every bill in full, with $40k remaining which I hoped to use as a down payment on a new home in a year or two. My now husband had put the apartment I moved into in his name. I even offered to pre-pay 6 months of rent. After paying everything in full (May 2015), Amex allowed me to open an Optima card with a $1,000 CL and I've since opened a Capital One MC with a $3,000 CL. I keep my balances below $300 on each and pay them in full every month. I should have begun this process a year ago but I assumed (mistake) my credit would naturally improve once the late cards were paid in full coupled with low balances/ paying in full on the Amex and Cap One I have now.
Last week, I was on Amazon and attemepted to secure credit. I was declined and received a letter which indicated the decline was based on TWO bankruptcies! Stunned, I immediately tried to get my free annual report online but for some reason, my answers were not sufficient. I have requested the report via snail mail and am waiting on it now.
I realize without specific information to share, it would be hard to point me in the right direction as far as taking the steps I need in order to investigate and hopefully remedy these two bankruptcy reports. I've never filed bankruptcy. I got myself into some financial trouble for one year. Other than that year, I've always paid my cards, mortgage, and car payment on time. I am 52. Just a few weeks ago, my 2006 Avalon (paid in full in 2010) with 200,000 miles needed enough work that I decided it was time for a new car. Knowing my credit is bad, my husband (remarried one year ago) put the loan in his name. It makes me a little sick to think I put myself into a financial situation where I have to rely on someone else.
I cannot not stand this feeling. I have come to realize it is as important (maybe more so) to have good credit vs cash in the bank!
I have no idea why there are two bankruptcy entries on my credit report. My exhusband filed bankruptcy in 2010, after our divorce was final, but my name was not primary on his many cards, although I was an authorized user on some. Still, I don't think that's the problem. I am not sure I even know how to read a credit report but I am doing tons of reading here and gathering information from other resources so I can begin to get a handle on this once I receive my reports. I'm actually a bit scared.
So, that's my story. It is unreal how one year can wreck the history of the prior 30 years of good credit. I am doing my best not to beat myself up over my year of mis-management. There isn't anything I can do about it now. But---I am going to face the issue and do everything in my power to get myself back on my feet. Sorry if this rambles. I am open to any and all suggestions!
