To consolidate my credit cards?? Fixing my credit
Date: Sat, 04/05/2008 - 19:31
I use to have excellent credit until about the past year and a half. Stupid me with 5 credit cards pretty much maxed out bringing my debt to 26k. I do make payments on all 5, but recently missed 2 of them that are about 60-90 days late which screw my credit score up even more. I have been picking and choosing who to pay and that's not good. If you add up my credit card payments, they would be around $800 a month.
I recently opened up my own business 8 months ago, which is more bills on top of my home rental and those bills. I pay all my business and home bills on time every time. I had to use my credit cards to help out, and that's what maxed me out pretty much.
Right now, keeping my business open, and keeping my residence is most important than my credit score, especially in the long run, because my business will help pay off my debt. It's just a long process. So now i am looking to consolidate my credit cards into 1 payment which would definitely help me out and be less than $800. I would rather pay 1, than 5. My credit score right now is bad with max's, and behind payments so i am looking for help to start fixing my score
Like i said, what's most important to me is keeping my business open. I thought about just paying all my creditors off, but then i might as well file bk, because i would lose my business and residence
I just recently contacted a debt consolidation place to see what they offer. Most are shady and i hear you get screwed even into more debt
If anyone has any suggestions, please advise. I'm new to all this debt consolidation stuff, and i want to make sure its a great decision for me. I now realize i have a debt problem and am reaching out for help, which is why i came to these boards
Hi mvp805, welcome on board. First of all, relax you are now amo
Hi mvp805, welcome on board. First of all, relax you are now amongst friends. Many of us had been through or are still struggling to cope up with the financial mess.
Regarding the debt consolidation firm, you can check their business status in the BBB site. That will give you a fair idea about their reputation in doing business.
Hello, welcome to the forums. Someone with a little more knowle
Hello, welcome to the forums. Someone with a little more knowledge in this area will be along to help you shortly.
However, I do have a question. Do you have a seperate business credit history and a seperate personal credit history ( ie. a tax id for your business, making it a seperate credit entity compared to your personal one? )?
my business and personal credit are both different. I have been
my business and personal credit are both different. I have been in business for 8 months.
As far as debt consolidation companies, do you have any recommendations? I checked out with some companies, and some are unsat and other sat, so i know to stay away from the unsat companies