I just found the website today. Part of me thinks due to my divorce and child support, I will never own a car, home, or even a credit card again. They set me at such a high rate that I could not keep up with payments which were over legal maximums of my income (over 50%) and stacked up arrears quickly during periods of unemployment. Still today due to the high rate I am living pay check to pay check even though I should be doing ok. I am here wondering if I should just give up and accept this is the rest of my life. Just a form of income to my ex, even though she lives in military housing free while I can hardly make rent. Is there a fix?
I have not pulled all three scores yet, but I do know at least one is 501.
I have a post divorce Ch7 Bankruptcy in 2008.
I have ZERO credit cards.
I have one open account, an Installement Student Consolidation Loan that is over quite delinquent that I could get back on track pretty easy with a balance of $ 6500.
I have a recent closed account that is paid as agreed with a note that I was never late that had a limit of 3500 and a total paid 1700+.
Apperantly have a couple Sub $ 300 Government debts from overpayment of GI Bill that Reported since 9/13 but I am not sure if they are closed or in collections.
At least one of the reports shows a good auto loan paid off, but it is quite old and going to fall off in a year or two.
A Sprint account in collections dated that started in 4/15 for $ 380. I have not been a customer of Sprint for at least 6-8 years or so. Not sure if this is accurate.
AT&T account in collections dated open in 6/13 for $ 170 which is most likely accurate.
And then the big whammie, Child Support. State of Michigan is showing it in Collections at 60k+ with a recent report and Alabama (A state neither of us even live anymore) is reporting 50k+ but no reporting since 2013.
I am 39. Navy Vet.
Currently full time salary of 47k.
Using family owned car so I don’t own one currently myself (although I would if I could get a loan. Do you know what its like driving a Prius to a trucking company every day? The struggle is real, friends!)
I rent a one Bedroom apartment. (Would love to buy. I am in the best market I have been in to do so after moving for work)
1st Question: I have paid 100% of my legal obligation every bit of the time I have been employed. Much of the rearage started stacking up from the amount of payment being over the legal amount an employer can deduct. Currently, and for the last couple years I have been paying 100% of the current judgment which also provides some towards the arrears. So my point is, for years I have been paying in good standing on this account, yet it still shows up as collections. On at least one report it shows TWICE in two different states. Is there any way to get this to show as AT LEAST an account in good standing?
2nd Question: If not, is it even worth trying to fix anything else if I will NEVER have good credit because this arrears I will pay tell the day I die?
3rd Question: If so, what is my plan of attack?
Do I pay the Government small debts because they are Government debts, or will they fall off just the same and actually hurt my credit more to pay them since they are so old?
I plan on getting the student loan into check, but it will have a very delinquent history. Any way to soften that?
I am use to not having credit cards, but I could use them if it would help my credit. I was thinking of getting a USAA Secured low balance (since I am already a member) and maybe a Credit Repair Secured Loan possibly if it would help. Is it worth doing this?
If I do get a Secured Credit Card, once I have a good history with it and choose to upgrade to an unsecured, is it bad to close the Secured and get your deposit back? Or should I just chalk that up to a rebuild your credit fee and keep it open?
Any help or advice would be appricated. It is pretty depressing doing so well professionally and having had 3 promotions in the last 1.5 years, yet they amount to jack crap because I am still stuck renting an apartment and a lifestyle of a college freshman. (For those that wonder, I am in a constent fight to lower my child support since day one. Its not that easy. The arrears is nearly like winning the lotto to forgive, so I don’t have any breath holding going on. So right now I am stuck with the life I have.)