i really need some help with what i can do to get my credit back & to fix my husbands?

Question

i have bad credit i havent had a credit card for the last 5 yrs.but my husband has 2 now one is maxed and the other almost there.his work is slowed down alot is there anything that i can do to get good credit and how can he save his..he has missed some payments on the first card. the one that is maxed also would he be able to get a loan to pay the debts off and start fresh that way.i hope we can get some advice thanks

I FORGOT TO ADD WE DO HAVE JOBS MY HUSBANDS HAS SLOWED DOWN,AND MINE IS BEING A MOM TOMY 4 MTH OLD THAN GOING BACK TO WORK WHEN SHE TURNS 6 MTHS,AND THESE ARE HIS FIRST TIME HAVING CREDIT SO I THINK HE THOUGHT WOOHOO AND WASNT THINKING SO NOW I AM TRYING TO HELP HIM SO HE DOESNT COMPPLETELY RUIN IT HOPE THAT MAKES A LITTLE SENCE

ALSO THANK YOU SO VERY MUCH FOR EVERYONE WITH GIVING ME HELP ON THIS..I REALLY APPRESIATE IT THANKS AGAIN

ALSO THANK YOU SO VERY MUCH FOR EVERYONE WITH GIVING ME HELP ON THIS..I REALLY APPRESIATE IT THANKS AGAIN

Answer 1

With all due respect to the previous answer, DO NOT CALL OR EVEN CONSIDER A DEBT CONSOLIDATION FIRM! Ask any qualified accountant, financial planner or advisor and they'll all tell you that when a potential creditor sees that you've used a firm like that, they look upon it almost as bad as if you'd filed bankruptcy. DON'T DO IT!

Fortunately, there is hope. I know because I've been where you are now, and I've seen the other side as well. Here's what I suggest...

First, sell whatever you can. It may be hard, but if you have 2 car payments, find a way to survive on one car and use that money to start paying down his debt. You MUST be willing to go through some temporary pain (dealing with one car...not eating out at restaurants AT ALL...cancelling cell phone services and cable television, etc) if you want to enjoy the financial freedom that awaits.

Second, get ALL your bills organized from highest interest rate to lowest, and make a concerted effort to pay them off in THIS ORDER! You should continue to make minimum payments on all the other bills, but use the money you get from Step One above to pay off that Highest Interest Account ASAP! Once you've payed that one off completely (congratulations!) I want you to take the same amount you've BEEN paying on THAT bill, and add it to the minimum payment on the NEXT LARGEST INTEREST RATE bill on your list. Again, keep paying just minimum balances on all the other bills. This is called the Debt Snowball method. Trust me...it works!

The third thing I'd recommend is going to the library and finding a book entitled "Financial Peace" by Dave Ramsey. Read it. DEVOUR IT! Learn it and live it! Dave's "Baby Steps"... http://www.daveramsey.com/etc/cms/index.cfm?intContentID=2867 ...saved my marriage and my life and I hope they'll save your's as well!

Good luck! Work hard at this...it's worth the pain and effort, I assure you!

Answer 2

well, first of all Don't apply for anymore credit. Now the best thing for you to do is start by paying everything you owe first make that your priority. Now if you a shopaholic or enjoy spending more then you can possibly make it's time for a change. Remember that whatever choices you make now will affect your life in the long run like you kids also being able to purchase a home. So think before you spend.

Good Luck and Best Wishes!

Betty

Answer 3

Start by cutting your expenses where you can. With the exception of socks and underware, no one needs new clothes. Shop at second hand stores when you need clothes. I've purchased brand new items with tags for 10% of what it would have cost in a department store.

Stop eating at restaurants - That includes fast food places. You can prepare foods that are cheaper and better for you at home. Reusable plastic containers make taking home made food to work a breeze. drink tap water instead of soda.

If you have two cars,get rid of one of them. Condense all your trips into one long outing to save gas. Take the bus when you can.

Saving money and getting help from a credit consolidation company will help pull you out of your pit.

Answer 4

First thing I would do is DESTROY THE CREDIT CARDS. If you have a history of bad credit, you shouldn't have a single credit card let alone 2 of them. Get rid of them. Look at your overall spending and see where you can cut out unnecessary spending. Try working extra hours if you can and putting the money directly onto the bills. Why would you even think of taking out a loan to pay off bills you already can't afford!? Look into consolidation and destroy the cards NOW.

Answer 5

Another loan is NOT starting fresh, it would put you deeper in the debt grave !
Both of you get second jobs and pay off everything fast to minimize all the $$ you are loosing to interest.
Then , after they are paid off, do it for another year, & squirrel all the extra $$ into savings . Then you can return to a better pace of work and life.
I did it, and last year I charged thousands and paid $0 in % (pay off in full every month) - plus I got $400 in cash back.
My only % is my mortgage and since I put 20% down after saving with the extra work , I do not have PMI $$ going down the drain.
Get 2 jobs for awhile, it will be worth it in the long run.

Answer 6

If you own a home you can do a refinance on your home and roll in the credit card debt. A mortgage loan is the fastest way to raise your credit score because it is weighted more then credit cards. You might also try getting a secured credit card just to get you back in the credit game.

Answer 7

You should be able to source a debt consolidation loan on line. The market is very competitive, they even lend unemployed loans nowadays. Search on line and look at the company websites for one that will meet your needs. One repayment is better than many and will help you recover.

Answer 8

Forgetting what the A.ss above me said (Jerry K) Just work on getting your cards paid off. Don't cancel them though. If you are still having trouble try a non profit credit counseling agency.

Here is one.
http://www.credit.org/

Good luck!

Answer 9

call your local debt consolidation company, they will help you get back on your feet financially....and good luck!

Answer 10

get jobs. pay your bills. don't spend more than you make. it's that simple.