Question HELP, GET Started?

[eliot]

Hi, i am new here, i live in the northeast usa.

a year ago this time, my credit score was - 785
today, 515

why,
i had to take some time for myself,
I was owed money by companies that closed down, i had contracts with,
that was a big start of my problems.
my relative a few days later got sick, and since i am one of few men in my family i am currently taking care of her, not knowing any outcome!
now, please help and understand, please!


I am a few months behind on 3-4 cards - getting calls etc...

what should i do?
if i file for bankruptcy?
will i lose my other credit cards, i would prefer not to.

this is only about credit cards, I will and plan to PAY OFF EVERYTHING
i have had cards since '99 and not someone who was dishonest, etc..

curious, what would be my first step, i want to pay off everything, i need 2-3 months to get back on track, where do i begin,
more q's coming.

thank you, lord bless.

[keepmine]

If you file bk, you are required to list all of your creditors.
Once your credit cards receive notice of your filing, they'll cancel the cards even if you're current or have a zero balance on them.

[AngelinaCatHub]

Hi, i am new here, i live in the northeast usa.
Welcome to our wonderful forum.

a year ago this time, my credit score was - 785
today, 515
Mine was 820 about as high as you can go (I think 850 is it).
why,
i had to take some time for myself,
I was owed money by companies that closed down, i had contracts with,
that was a big start of my problems. Expect more of this to come.my relative a few days later got sick, and since i am one of few men in my family i am currently taking care of her, not knowing any outcome! Can she help you out for the time you put in helping her?now, please help and understand, please! We do, we all have our own stories.

I am a few months behind on 3-4 cards - getting calls etc...

what should i do?
if i file for bankruptcy?
will i lose my other credit cards, i would prefer not to. It is fact. You must list all creditors and the cards will be locked.
this is only about credit cards, I will and plan to PAY OFF EVERYTHING
i have had cards since '99 and not someone who was dishonest, etc.. Going bankrupt is not a dishonest act. It is a business decission and should be look upon in that way.
curious, what would be my first step, i want to pay off everything, i need 2-3 months to get back on track, where do i begin, Depending on what you can do with your current past due cards, you must make up your own mind as to work it through if possible, Chapter 13 and pay all on a schedule, or Chapter 7 to give you a clean start. It is simply a personal decission.more q's coming. We'll be here to help.
thank you, lord bless. Thank you.

'Hub

[DebtEnder]

If you have a high balance with one card but you have cards with no balance and you want to keep them that way you may have some options besides BK.

I'd assume the CC your are behind on has defaulted and up'd your rate to stupid high levels. I would first take a long hard look at your income and your current bills/debt and see if you have some room to squeeze. If you think you can make ends meet if the CC would be willing to reduce it's required payment then that's what you need to try to do. When you call em you stay honest with them worst they can say is no.

If you keep letting the debt lag behind it will keep killing your credit and your remaining cards will default themselves once they pull your credit again. You didn't say if you had balances or other debt, or how much the debt you had so I can't really comment to much but I can tell you what I did.

If the numbers seems to work if you can get a lower payment then if the CC won't work with you, some do some don't, I was, before I was hit with a lawsuit out of nowhere, going through a debt management program which negotiated all the high "default" interests down from 28% to 0-3%. My credit card payments were cut by over half. Typically these programs are looking at dealing with 10,000 in CC debt or more.

Feel free to PM if you want more info about what I used.

[eliot]

thank you all, any advice needed.
i want to keep at least 2 cards for web transactions.
i will - after the weekend call the cc companies.
i have no payments due on ANY financing besides CC's
i will try to have some extensions,
also, i did have a few payments late --} my credit lines were lowered --}
payments increased --} credit tanked. i did make MANY super high payments, if that was not the case would still be ahead. they cornered me.
thx.

[eliot]

important, i will mention 3/4 of the CC's DID Not honor my 'credit protection plan' i had for 1-8 years!

[spearmint]

If you file bk, you are required to list all of your creditors.
Once your credit cards receive notice of your filing, they'll cancel the cards even if you're current or have a zero balance on them.

That's odd, because after BK don't you get tons of applications for credit cards in the mail?

[DebtEnder]

Call em tell em to lower the rate so you can pay them and not do bankruptcy. If they don't do that try a debt management program like I did.

If all else fails even after bankruptcy it is easy to get a credit card, you just have to put money as a deposit to secure the card. Hence a secured credit card. Has all the protection of a credit card for web use, but they don't care about your credit as they have cash from you to back it up if you don't pay.

[keepmine]

That's odd, because after BK don't you get tons of applications for credit cards in the mail?

You'll get solicited for new cards after you're discharged but, you can count on losing current cards at filing.

[momxx5]

I just wanted to say the welcome and you are not alone.

These forums provide great information. I was well educated when I went into meet my atty, thanks to all the info from this site.

In hindsight I wish I had printed out a credit report last year because it really would have shown how fast credit can go tumbling.