cancel
Showing results for 
Search instead for 
Did you mean: 

23 years old and I’m in a little bit of a mess.

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Member

Re: 23 years old and I’m in a little bit of a mess.

Hi bud.  With peaceful intent and not judging, I was an alcoholic for a long time and if you need to have a clean record to earn you can't drink and drive.  You know this and drink anyway and that is compulsive behavior brought on by addiction.

 

I know there is a lot of stigma around it but to be an addict and your profession is sales is not statistically uncommon or something that doesn't correlate often.  Please stop drinking before it kills you Smiley Happy

 

Especially if you are right about being harrassed.  I believe you and if I was a cop if all I had to do to get another arrest was put my donut down and go hassle you, I would.

Message 11 of 17
Member

Re: 23 years old and I’m in a little bit of a mess.

So update... I got my DWI case dismissed and moved to a new dealership and my first day was last Monday... First week down and I made a little over 3k so things are looking up. I ended up having to eat my pride and ask my girlfriends mom to borrow some cash to help out at the end of last month (I really didn’t want to but I didn’t have a choice) because I’m going to go about a month without a paycheck and I needed to pay our rent. Good news is her mom was super cool about it and gave me 2k instead of 1k and told me to get it back to her by the end of summer... I didn’t tell my girlfriend and haven’t yet however I know her mom hasn’t said anything and probably won’t because she knows how hard I work to take care of her daughter. But I do have intentions on telling her, she’s just been extremely emotional and moody due to her being pregnant.. I just didn’t wanna stress her or freak her out at the time. But I’m going to give the money back out of my first paycheck at the end of this month which will have about 3 week on it and so far I’ve got 3300 coming.. my attorney was also very understanding and told me to take my time on paying him the rest of the money and told me I had until the end of the year... we also looked into her maturity leave and her job gives her 12 months paid at 66% so that’s going to help a lot, not that she makes a ton of money however it’s definitely going to help.. both of us are trying to be as frugal as possible and we are on a good path... We still haven’t gone to get a joint account yet because I’ve been working 8:30AM to 9PM sometimes 11PM Monday through Saturday, however it’s not really a priority at this point.. we’re both on the same page and I think that’s all that matters currently. Anyone know what I should do or who I should contact for credit repair? I’m wanting to start the process next month.. and get everything in order so I can try to buy a house by this time next year depending on how much cash I can save.
Message 12 of 17
Established Contributor

Re: 23 years old and I’m in a little bit of a mess.

Do not waste your money on a credit repair company. There is absolutely NOTHING you can not do on your own, that they would. Endless people end up on the forums, drained from paying the scoundrels and you will not get the results you want. 

 

Since your shortest goal is to buy a home (behind saving like there is no tomorrow), is to both you and your girlfriend (if she will be a joint applicant), to pull your free annual credit reports. 

 

Go over them with a fine tooth comb, noting any paid accounts that may have had derogs, late payment, etc. When is the date of First Deliquency reported? It will be a good 7 years before they will age off your reports. 

 

Keep your credit and payments clean here on out, set up auto payments as a backup, so no hiccups will haunt you with a late pay. 

 

Work on getting any card that is over 30% of it's credit limit below 28.9%. These are thresholds for score bumps, the higher the utilization the more severe the dings to your scores, and potential for adverse action such as balance chasing, or worse, closing your account with a balance. 

 

Do not apply for any new credit of any kind, the inquiries stay on your report 2 years, but unscoreable after a year. Let your accounts age and grow ie. credit line increases. 

 

Do a one time 3B pull here on MyFico and obtain your "middle" score. If will be joint app, the lowest of the two will be the score lenders use. These are and can be higher or lower than your FICO 8 scores, and you do need all 3 to obtain the "middle". 

 

Try to reach out to creditors, collection agencies and obtain pay for deletes if you have outstanding bills reporting. Call the ones that have lates and ask for goodwill deletion of lates. Might be a bit hard if you have numerous lates, and it may take months of writing to CEOs, and saturation of 3 a month, wording differently and time before they reach out to you. Or it could come to a halt and have to wait the 7 year period from pay off. 

 

Is the money you are paying now on the repo, the remaining balance after it was sold at auction?

 

It may take longer than a year to be in a mortgage position, just time and don't give up. With your new income, perhaps when the baby is born and in a year, you can rent a bit larger place that will suffice but not break the bank savings until you have a good down payment, closing costs, and well under the DTI ratio, and most important the best scores for best rates.

 

 

 

Message 13 of 17
Contributor

Re: 23 years old and I’m in a little bit of a mess.

how much was your new car? sounds like you financed at least a portion of it with a 5k down payment so i'm assuming it was a bit more car than you should have purchased. any chance you get rid of that nice ride and save yourself some cash each month?

 

get a decent used one to get you to work everyday (you do work at a dealership) or even perhaps share your gf's car/public transport. it may suck for a few months but you'll save a decent amount of cash this way. 



BOA Americard $1000 | Sept. 2018
BOA Travel Rewards $3200 | May 2019
Amex Hilton Ascend $5000 | July 2019
FICO 729
Next cards: Chase World of Hyatt (free night!) --> CSP --> Amex Platinum
Message 14 of 17
Member

Re: 23 years old and I’m in a little bit of a mess.

Well it’s been a bit of a journey... we finally made time to get a joint account and are sticking to our budgets, we also consolidated our auto insurance and phone bills and saved over $200 per month... I’m about 7-8 weeks into my new job. I was able to make it to the top at this store.. ended up making a little over 25k this month so far (still the rest of today and tomorrow for close out) so I’m caught up on all bills and commitments and will have about 12k in savings by the 15th of August (when I get paid out on all my deals, about 2 weeks lag time on billing and funding) I also put both my student loans into forbearance and then consolidated my student loans into one loan and I start payments next month I also completed paid off my credit cards to a 0 balance which will report on the 8th of August.. and I’m starting my credit repair process. Things are taking a real turn... yes the car I bought was more than what I should have bought but at the time I was more financially stable and it was a really good deal for what it was. (I have about 6k of equity in it) I’m going to trade it in at the end of the year and get something for my girlfriend to drive as her car is not as reliable and I think I’ll be able to get a demo at my new store by the end of the year due to my performance. So we should be able to get her something nicer for less money per month and I’ll hopefully get a new car to drive for free. This store sales 300-350 more cars than my old store.. it’s turned out to be a really good store with a TON of opportunity... really just trying to save as much cash as I possibly can by the end of the year. Anyone know if I can add my girlfriend to my health and dental Insuance without us being legally married? She needs some work done to her teeth and I want to get that rolling (she has Insuance now) but if I could add her to mine hopefully we could save some money and or also help with the cost of delivery if I can add her to my health Insuance...
Message 15 of 17
New Contributor

Re: 23 years old and I’m in a little bit of a mess.

Good work on the turnaround of fortune

 

one thing is don’t fall under the common misconception that

a) you have to own a house 

b) you need a bigger place because you have a baby

 

just get everything sorted out, credit wise, financial wise and enjoy your new life with a child.  There is lots of time for house ownership and a larger place that you can comfortably afford

 

remember that a mistake you made dumped you into a dire financial spot once already and a different type of thing could happen again, so keep everything as clean as possible as much as you can

 

one more note - tell your gf to never get a payday loan again....

July 31/2019. EX-712. EQ-704. TU-726
Message 16 of 17
Valued Contributor

Re: 23 years old and I’m in a little bit of a mess.


@Himista wrote:
Well it’s been a bit of a journey... we finally made time to get a joint account and are sticking to our budgets, we also consolidated our auto insurance and phone bills and saved over $200 per month... I’m about 7-8 weeks into my new job. I was able to make it to the top at this store.. ended up making a little over 25k this month so far (still the rest of today and tomorrow for close out) so I’m caught up on all bills and commitments and will have about 12k in savings by the 15th of August (when I get paid out on all my deals, about 2 weeks lag time on billing and funding) I also put both my student loans into forbearance and then consolidated my student loans into one loan and I start payments next month I also completed paid off my credit cards to a 0 balance which will report on the 8th of August.. and I’m starting my credit repair process. Things are taking a real turn... yes the car I bought was more than what I should have bought but at the time I was more financially stable and it was a really good deal for what it was. (I have about 6k of equity in it) I’m going to trade it in at the end of the year and get something for my girlfriend to drive as her car is not as reliable and I think I’ll be able to get a demo at my new store by the end of the year due to my performance. So we should be able to get her something nicer for less money per month and I’ll hopefully get a new car to drive for free. This store sales 300-350 more cars than my old store.. it’s turned out to be a really good store with a TON of opportunity... really just trying to save as much cash as I possibly can by the end of the year. Anyone know if I can add my girlfriend to my health and dental Insuance without us being legally married? She needs some work done to her teeth and I want to get that rolling (she has Insuance now) but if I could add her to mine hopefully we could save some money and or also help with the cost of delivery if I can add her to my health Insuance...

That would be something to direct to your benefits coordinator/HR or the company itself.
The 'easiest' way would be to see if your policy covers domestic partnerships and if they do, add her as a domestic partner.

 

And congrats on all of your upward progress!




Garden goal: keep on keepin' on until 2020.
Message 17 of 17
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.