My credit score is 530. I have 5 lines of credit, all maxed out. 2 of which are charged off to a debt collector because I couldn't pay. The others I pay the minimum because it's all I can afford and the interest bumps it up like I didn't pay anything.
Can anyone recommend a debt consolidation firm or something? Should I file bankruptcy? I'm worried if I do, I'll lose the car I'm currently financing. I also want to keep 1 credit card because it's the only one I pay over $2k on to pay my rent so I can get air mileage.
Consolidate all of them now You're totally fucked if you don't I don't know of a firm you can go to, but shop around. There are also some non profits who give advice and help on this subject
Then get a second job
Ian Sanchez
How do I shop around. I don't even know what I'm looking for.
Mason Reyes
So basically stop paying the least amount CC and use that money on the highest and repeat? Won't the one I'm not paying come after me though?
Zachary Williams
I don't think so.
Nathan Cooper
Don't use a debt consolidation firm. They're basically scams. Screw the benefits on the cards. The interest rate and debt is killing you.
Keep all your credit cards opened even if they're paid off. Closing them will negatively affect your credit score due to increasing 'debt to credit ratio'. If you have $50,000 credit but have $10,000 debt it's counted as 20% vs. $5,000 credit and $4,000 debt which is 80%.
Call your credit card with the current lowest interest rate. Tell them that you want to do a balance transfer soon, but need to have a bigger line of credit for the transfer. Also tell them you want a lower interest rate before doing a balance transfer. 9/10 times the credit card companies will give it to you.
Keep paying the same amount despite the lower interest rate. Wait a 2-3 months and your credit score will improve slightly most likely. Then call for better rates with new cards. Make sure you current credit card company knows this and demand they beat your better offer. Do another balance transfer. Again, don't close any of your past cards.
During this time, leave very, very cheap. Cancel all your subscriptions. Don't eat out. Take public transportation if you can. Don't have any fun.
Gabriel Cruz
How do you let yourself get so in debt? The only debt you should be ok with is a mortgage. I owe $500 on a $10,000 line of credit right now to help me get an engagement ring and that alone is freaking me out. I cant imagine maxing out multiple credit cards. Like what are you using all this money for?
David Richardson
That's horrible. I'm black and my score is why higher then that.
Brayden Brown
Type "debt consolidation" on duckduckgo then hit enter you absolute retard.
Ryder Hill
Business loan throw all the debt in there and pay the loan's interest instead of the interest of all those credit cards
Anthony Flores
That's called fraud lol
Oliver Wilson
>$10,000 line of credit right now to help me get an engagement ring
Oof. I hate that men are compelled to buy a shiny rock mounted on gold that is vastly over-priced.
Parker Scott
No, it makes sense to pay off the usury-rate credit card debt with a lower interest loan.
Joseph Green
I didnt get a line of credit for that. I've sat on a line of credit for years. But this year has just been heavy on me financially. A lot of weddings, went on 3 week vacation, bought a new car and got the ring. I think only being $500 in debt after all of that isnt too bad. But still. I try to make a habit out of not spending money I dont have.
Daniel Phillips
Shdve gotten moisonite instead it'll come down to the same price if you try to resell your diamond anyways lol
Justin Barnes
Lel xD ur so funny bro
Caleb Miller
Learn to repair your own credit, you don't owe collection agencies dick, learn the credit laws in the state you live in and read about 'how to discharge your debt', there are legal loopholes that you might be able to take advantage of in order to get these cunts to discharge your debt and raising your credit score. Don't listen to that stupid boomer Dave Ramsey, you have no moral obligation to paying these cunts back when it's not going to fix your score anyway. You might want to make car payments though, repossession is one of the few things you won't be able to get yourself out of.
Joshua Robinson
Good luck getting a biz loan with a 530, no business entity, no plan, etc
