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How can I save my credit ?  

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I am looking for advice.

I filed Bankrupt 5 years ago and have struggled with debt since. I moved into an apartment, had nothing but 1 credit card and a 23.99% variable rate on it, and a car with 18% interest even with my Dad's co-signature. I did not have much of a choice since I didn't have plates to eat on, or utensils to cook with. I charged it! I live in a truly unbalanced economical area and have struggled to pay my bills these past 5 years. Long story short, after many different attempts to fix our situations, we are in it again. I had borrowed money from family to help me a year ago and wound up charging a course at a school for a change of career that will triple-quadruple my income. I will graduate in four months. Unfortunately, right now I don't know what to do. My car payment is overdue, my utilities are overdue, and my credit card is overdue. How can I save my credit so that I don't have to do this since my new career will start literally 3.5 months from now?
 

asked Jan 7, 2005 11:24 AM

jdmcginnis
Best Answer
10
best answer

Hi papagbfd

debt consolidation will be the best possible way to make your payments because it won't pressurize you much and you can make payments with ease. But a lot depends on the companies you deal with. If the company deals with you fairly and has an authentic base, then you can trust on them, otherwise they can make a fuss of it.

Regarding student loans, the technical team in the forum will be able to answer it properly as I am not aware of it.

I think the credit report does not get marred because it completely depends upon the creditor and the negotiation you are with. If you have a sound and healthy relation with him, then definitely it won't do bad to you and there would be a less chance of the credit report being marred.
You can either choose all or single of your credit cards as it is completely up to you. If you think that you will be able to manage those cards with the minimum payments, then don't put it in the consolidation program. Go for consolidation only when you have raised your hands and can't do anything from your side.

Regards
Roxette

answered Apr 18, 2005 02:28 PM

5 Answers

0

Hi jdmcginnis


We are very sorry to hear of your bad situation and seems you don't have much choice either, We feel counseling and some advice will help for a start , be calm while seeking advice from expert and a keep in touch with your creditors so as to let them know that you care and really wanted to do something about it, inform that in writing with a follow up of frequent phone calls, once you did that there is every possibility they would have more understanding to your difficulties and will be very much open for further negotiations and a solution. Good to know that you are graduating soon, we want you to learn more, plan better, feel better and have a secure future.

Wishing you all the best.

Regards,
Simon

answered Jan 7, 2005 09:29 PM

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Dear jdmcginnis,

Do let your creditors know your situation, I am sure they will consider it for few months and most probably they will help you by removing some of late charges.

Try hard to keep in touch with creditors and prevent your debts from going to any collection agencies.

Regards
Vikas

answered Jan 11, 2005 09:38 AM

0


Quote:

Originally Posted by jdmcginnis
I am looking for advice.

I filed Bankrupt 5 years ago and have struggled with debt since. I moved into an apartment, had nothing but 1 credit card and a 23.99% variable rate on it, and a car with 18% interest even with my Dad's co-signature. I did not have much of a choice since I didn't have plates to eat on, or utensils to cook with. I charged it! I live in a truly unbalanced economical area and have struggled to pay my bills these past 5 years. Long story short, after many different attempts to fix our situations, we are in it again. I had borrowed money from family to help me a year ago and wound up charging a course at a school for a change of career that will triple-quadruple my income. I will graduate in four months. Unfortunately, right now I don't know what to do. My car payment is overdue, my utilities are overdue, and my credit card is overdue. How can I save my credit so that I don't have to do this since my new career will start literally 3.5 months from now?


try to see if you can get family members to help you out during this difficult time. And when you get back on your feet in a few months, you can pay them back. But before you do anything, you have to cut up that card with 24 percent interest!

answered Mar 31, 2005 08:03 PM

0

Hi jdmcginnis

While you handle these difficult moments of your life, also I will suggest you to concentrate more on your studies as only 3.5 months are left enough to provide you the opportunity of a sound career. If you don't concentrate on your studies right now, then you will have some more problems added to your life. So concentrate hard on your studies. Remember, your good academic profile will provide you a better scope in the market and then these existing problems will get solving gradually.

Thanks with regards
Roxette

answered Apr 8, 2005 11:33 AM

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Just wondering what my option are if I can not get loan due to debt. Is debt consolidation the only route? Is it the best route? Can I still get a student loan/but higher interest rate? Credit report mared?? Still able to have a Bank account???? Do I need to include all my credit cards??
Just researching, Thanks for the website

answered Apr 17, 2005 03:09 PM

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