Hi all
I stumbled on this forum today and I am so glad I did. Brief history - from an average credit score of 793 just 18 months ago, I have tumbled into the mid 500s due to a divorce, health problems, reduction of W2 income (due to health and work changes), starting a business with a lot of challenges and losses, business debt and some stupid stuff I probably shouldn't have done such as home improvement in my home and taking a variable rate HELOC.
I have been feeling overwhelmed for quite some time now and I am tired of it and ready to bounce back. My current debts are as follows:
- Chase freedom CC $28,000 balance @ 21.24% APR
- Chase SW CC $23,000 balance @Anonymous.24% APR
- Chase Ink business CC $6,000 balance @ 18.49% APR
- Wells Fargo business CC $4800 balance @ 25.49% APR
- HELOC $119,000 @ 10.45% interest only payments
I want to tackle the personal Chase CCs first but I don't know the best way to approach it. I absolutely CANNOT make the payments right now, I'm currently behind 1 month on both personal cards ( about $2,500 total).
I have stopped using ALL cards and taken on a second job. I had a personal WF CC which they closed out today in return for a 1% interest rate (previously 25.24%). I know closing the card will have an impact on my score but it's already in shreds anyway?
My question is what is the best way to get rid of the Chase CC or at least lower my payments? Would Chase renegotiate the interest rates like WF? I don't mind the cards being closed, I don't plan to use them again for a long long time. I called today and the rep transfered me to
1-800-236-0657. I was browsing the web while I was on hold and came across this forum so I decided to hang up and ask for advice here.
I appreciate your input.
Thank you!
