Hello everyone, I'm finally starting to be able to repair my credit. It's a very long road ahead of me from the good credit I had!
Short story.. Had 3 capital one cards, one secured, one with a 500 limit and one with 1300. Had two AMEX, one green card, and one everyday card with 2500 limit.
Hit financial issues when I joined the military.. Tried to call amex beforehand and they said they'd be okay with me not paying for 3 months while I went to basic training.. Well they closed my accounts.. I paid off the balance on my green card immediately when I got access to internet, and paid 1200 on the everyday card ( had 0% interest for 15 months, so I bought new tires for the car and all that before I left). I called them immediately once I had access to my phone and tried to explain the situation.. They wouldn't work with me.. Just told me to pay. So I told them they were getting minimum payments (already dropped my credit score over 200 points at this point in time) and that I would direct my full payments to capital one since they understood the situation and adjusted my payments since I paid them over minimum equivalent for the time I was unable to pay. Well I hit even lower financial situations with car issues and family issues and all.. So the cards got maxed on car repairs and gas over the next 6 months.. I was paying minimums on everything for a year.. Then more financial hardship.. I stopped paying amex first.. Then capital one..
Fast forward a bit.. I consigned for an auto loan on a motorcycle to help keep fuel costs low since my car was good.. Made great sense with distance I was regularly traveling.. More financial hardship again lol.. Motorcycle payments fell behind a little bit.. Paying 75% of the monthly.. Then I went to field exercises without my phone for multiple weeks off and on.. Called the auto loan holder to explain.. Said they'd work with me since I always caught up before the next due payment.. They lied and counted me late.. Multiple times without internet.. I fell behind because of that and more spending on supplies and regular necessities.. Now Im here.. Behind on my auto loan by a lot.. And both amex accounts closed.. And all capital one accounts charged off.
So in the past few months I paid 500 to amex on my 1300 owed.. And have made 50 here and there as I can.. Sitting just barely over 500 now.. They did contact me about the oasis card and all that since before they closed my accounts I was always a pay in full.. So working on starting there.. I'm about to forfeit the vehicle on the loan since I can no longer afford it.. And am about to exit the military.. Contacted the lienholder on it.. They said they'd accept it.
So currently my plan is to call amex later today when I have time and see if I can make a deal to. Pay half of the remaining in one payment and get the oasis card started. Then turn in the vehicle very very soon.. Then potentially contact capital one regarding a similar deal as the amex, minus a new card.
Any suggestions on my plan? I haven't had to pay any Interest on the amex since they realized they shouldn't have done it, and that I was covered under the scra for a max of 4-5% (iirc) anyway for pre service debt.
Credit Start Date: Nov 05, 2014 Current Cards: CapitalOne Secured (50Deposit) $501 Limit; Capital One QuickSilver: $800 Limit AMEX Everyday: Limit $2500, AMEX Green: No Limit Scores as of June 30, 2015: EQ: 703, TU: 722, EX: 692
I would first try to sell that vehicle as long as you are not upside down. If you turn it in on your own is still going to show as a voluntary repo, they will auction it and try to collect the difference from you. This is liable to hurt for a long time as it would be new and they most likely will update it monthly if its left unpaid.