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TOPIC: Divorce Credit took a bad hit
#5576
matt ()
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Divorce Credit took a bad hit 4 Years, 2 Months ago Karma: 0  
I recently went through a bad divorce. I received all her credit card debt(which is in my name now) Approx. 55k worth. I also have the home (now sold) which we built, _base_d on 2 incomes. I couldnt even afford the the min. payments on the credit cards, and i was late on 3-4 morgage payments...I am self-employed and it is seasonal, I make good money in the summer but nothing in the winter. I settled on one credit card 23K for 5K. I have a 17K, 8K,still remaining. Im coming up on my busy season in 3 months. So my question is should I try to settle on the remaining credit cards? since my credit already took a hit, and build it back from there? or pay on them this summer? my house loan is paid off... how do i get my credit back? any help will greatly be appreciated.
 
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#5579
RBenm ()
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Re:Divorce Credit took a bad hit 4 Years, 2 Months ago Karma: 0  
Hello; although it may take a little time to take care of the credit issue but you'll be okay. We all go through challenging times from time to time. But, it's how well you go through these times. There is forum on this site about credit. It will probably also be wise to order your credit report from all three credit report agencies for free at www.annualcreditreport.com and for an extra cost get your credit score as well. Then start calling the creditors to see if you can settle the debt entirely or to try start on a payment plan.
Positive thinkers usually have positive outcomes! Good real estate investing.
 
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#5585
adminchat ()
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Re:Divorce Credit took a bad hit 4 Years, 1 Month ago Karma: 2  
Great advice, RBenn!
Matt, sounds like you are getting a lot of experience in short sales -- the hard way. Don't be discouraged. Like RBenn says, it WILL work out, just keep a positive attitude and don't give up.
You are learning a LOT, and although it may seem difficult right now, the things you are learning about credit - and especially about creditors and their processes, and the mindset of someone in your situation, etc. All these things will help you with your real estate investing in the future.
Good luck, and let us know how you are progressing!
 
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#6891
adminchat ()
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Re:Divorce Credit took a bad hit 4 Months, 2 Weeks ago Karma: 0  
Hello,
I agree with you. Poor credit can really put a damper on your life. It makes it virtually impossible to purchase your dream home buy the car you have always wanted or save for your kids.
 
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