Credit - May 2007

The person who came to me for help: $40K income, healthy, in debt US$140K (yes, one hundred forty thousand dollars) ($60K student loans in forbearance, $7K auto loan, the rest unsecured debt: $50K is maxed out credit card debt, mostly at default 30+% rates and the rest is loans from friends. About $1K in tax liability.). Some debts are freshly (30 - 60 days) delinquent, but none has gone to collections yet. No previous BK, charge-offs, collections or judgments. All 3 Credit reports have no serious errors, FICO scores unknown. Person is motivated, has already shown me recent credit reports and bills, cut up credit cards, developed detailed list of assets (car + $3K in illiquid assets + $1K cash) and liabilities, and is writing a monthly budget.

What do you advise?

Is the Consumer Credit Counseling Service Debt Management Program the best solution? What are your successes or failures with the CCCS DMP? Costs and benefits? Please answer the questions I've asked. Thanks.

2007-05-28 02:39:01 · 9 answers · asked by VT 5

Lets say i have $50,000 debt on 3 different c/c and i now have no way of paying them back-or better still dont want too- whats the worst that can happen to me

2007-05-28 02:16:17 · 11 answers · asked by Anonymous

2007-05-27 23:20:08 · 5 answers · asked by Anonymous

2007-05-27 23:18:39 · 8 answers · asked by Anonymous

i've made two payments when i got loan i had a credit score of 650 and got 6.5 intrest i have 1 credit card and 1 regular unsecured loan is my credit score high enough now to get a lower intrest rate?

2007-05-27 22:28:08 · 7 answers · asked by ? 1

2007-05-27 21:17:17 · 5 answers · asked by Anonymous

2007-05-27 21:15:08 · 1 answers · asked by Anonymous

A year ago I purchased my first home. I am a subprime buyer and because of that I have made sure every single mortgage payment is on time. But one year later pulled my score and it has hardly risen at all! I still have a few items on my credit report but they are years old and total only about $700. Why hasnt my score risen? What can I do to increase the score because in one year my 2 year ARM is up and I want to refinance at a better rate.

2007-05-27 21:10:36 · 6 answers · asked by indy_peru 1

I want to apply for a loan on this website www.prosper.com, but I'm noticing they require you to have a credit score of at least 520 to do so. I have a delinquent $3000 credit card debt that I haven't paid for at all in over a year. Several months ago I asked them to prove it was my debt and they never contacted me again. I have a $150 debt with T-Mobile that haven't paid in about a year because they were trying to charge me for a phone I returned to them and I also have a $250 online loan debt that I haven't paid in about two months because they were fraudalently taking money out of my account. I have 4 other credit cards I've had for about two years that I've always been in good standing with. All of them are nearly maxxed out. One card has $2000, another two have $500, and one has $300. I had a loan I cosigned on a few years ago that I got some credit off of and I have had my own apartment for 3 years and I've always been in good standing here as well. Do you believe I will qualify to get a loan on Prosper?

2007-05-27 18:33:34 · 5 answers · asked by Will 1

Since then, I have paid them every month on time although it seems they havent reported any ontime payments after they closed account. What are the chances of them reopening account and removing the 1 late payment. How would I go about doing this? I would like to see it back is accounts in good standing? (No late pymts 1 1/2 years prior, and none since) Ochard is the CC.

2007-05-27 18:06:06 · 7 answers · asked by leggsley 1

I have a lot of credit cards. My question is If I close some of my credit cards does it lower my credit score?

2007-05-27 17:36:20 · 19 answers · asked by maniac0788 1

Is it a scam or fraud if some one sends you a check in the mail for 2,000 dollars to pay taxes and administration fees for money that they say you have won ($50,000). It's from a agent called Latex Finance Incorporated, an agent of Euro-Million Lotteries. The check looks legit. the check has Netzero-Department CRM , Woodland Hills, CA, in the upper left corner and the name of the bank is Silicon Valley Bank/ Mellon Bank, N.A. Pitsburg, PA. could this be a real check

2007-05-27 16:27:30 · 10 answers · asked by amber j 1

to avoid fraud??? if I dont plan on using store credit card? will it hurt my credit score badly? I hope I didnt make a bad decision by closing it.

2007-05-27 16:22:27 · 6 answers · asked by BAGO6 2

2007-05-27 15:08:08 · 5 answers · asked by Eddy 1

get permission from the original creditor to sue a debtor? and if they (the original creditor) accept payments from the debtor after suit,has the original creditor broken any contracts with the collection agency?

2007-05-27 13:46:41 · 4 answers · asked by Teejay 3

what is a junipur visa card?

2007-05-27 12:54:25 · 2 answers · asked by Maxwell 2

Has anyone heard of Liberality Company - They are supposed to be a loan company that requires a refundable $15.00 fee for the application. I found them on the Craiglist and I also checked to see if they were licensed - they are, but I have never heard of them. Does anyone have any experience with them?

2007-05-27 12:41:59 · 5 answers · asked by princess 1

What can I do to get rid of real bad credit? I went through a divorce and I lost my house cuz I couldn't sell it and could not make the payments cuz I had a job where all I could try to do is pay on the house! I coudn't. So I need help so I can get back on my feet... Plz....

2007-05-27 12:39:51 · 2 answers · asked by mr.rod33 3

2007-05-27 12:14:58 · 5 answers · asked by kristruckradio 1

2007-05-27 09:16:08 · 12 answers · asked by puma 1

The last name on my credit report is wrong. The last name is that of my mothers but not mine.

2007-05-27 08:42:44 · 5 answers · asked by Anonymous

2007-05-27 08:11:57 · 12 answers · asked by Anonymous

Is it a good idea to go with a debt consolidator to take care of medical and credit card bills? I have a baby on the way in a few weeks and I would love to free up some money...

2007-05-27 07:52:39 · 3 answers · asked by Jessica S 3

2007-05-27 04:34:49 · 4 answers · asked by Alvin D 1

raise credit limit until I was at 4000-5000 dollars and in college and working part time and couldnt afford to pay it, so now on my credit report it shows up as a "charge off" and the company states its been sold or transferred what does that mean? I'm going to try and pay this off real soon but was wondering what all that means... a friend was telling me that after they do it as a charge off to dont have to pay it? Ive read even if you have a charge off it halp to have the balance at 0 is that true?thanks for any help

2007-05-27 00:07:30 · 2 answers · asked by Anonymous

i found a few websites but I want to see if they are legitimate bc you have to give them your social security number

2007-05-26 20:31:04 · 3 answers · asked by bruce_eel 4

2007-05-26 18:14:34 · 4 answers · asked by Evans O 1

but does that mean to not spend more than a certain amount on your credit balances in genereal, or does it mean to make sure to pay off the debt each much so that it will reflect a low balance?

2007-05-26 17:27:27 · 4 answers · asked by daniel k 2

2007-05-26 15:55:17 · 7 answers · asked by oklahoma cowboy 1

2007-05-26 13:50:18 · 3 answers · asked by David S 2