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Showing content with the highest reputation on 08/26/2018 in all areas

  1. 1 point
    Most of who read this have likely read my posts and threads. What most of everyone who I have connected with through the forum does not know is that I almost filed bankruptcy in 2009/2010. This is a word of warning first for anyone who is married, engaged or getting serious with someone. Never get serious or marry someone male or female is irresponsible with money and credit and/or someone who is looking at you as a meal ticket. I made that mistake, it cost me a job that paid me very well and that person put me in serious debt. Now, I went through a 13 month divorce where she did everything to force me to spend money. At one point I had $52k in credit card debt back in 2007/08/09. I had to fight the vast majority of the 2 credit cards in court. I won against JP Morgan and I ended up negotiating a good deal with BOA for $.35 on the dollar. My wife was paying the bills, never wanted to discuss how money was being spent. My home went into foreclosure. I fought Wells Fargo every way I could for 2 years and in court and luckily in 2012 they finally agreed to a modification agreement that I had to fight for it to become a permanent modification, but it happened. I had a car repossessed. This is coming from someone who never missed a payment or put himself in debt before. I paid my way in full through college. I had multiple collections on my credit report. My score was 570. I always maintained a score about 750. I had a Verizon account as a tradeline and a cable account as a collection. Here is what I did once the credit card debt was paid off. I contacted Chase to have them remove the tradeline from my credit report. I waited 4 years for the BOA account to drop off. I bought a car for $3k and drove it for 7 years. The hardest account to get it removed was Verizon. I got the collection agency to remove the tradeline, but Verizon had their own and they would not remove it. I waited 6 years for it to come off. I had to wait for the repo tradeline to drop off, which did last year. Honda was not willing to work with me. I targeted one by one the collection accounts using an attorney to sue these companies and get them off my report. I had opened 2 credit cards with Capital One, one was a credit recovery account, non-secured. I kept that thing paid for 2 years, then Cap One approved me for a card with a higher limit. I had to buy some new furniture, so the bank they used approved my credit line for $8k in May 2017. I paid that off in December. With the divorce, it forced me to take on debt. I had in total $9k in debt from the divorce through the beg of June last year. I have paid off $8k of that debt in 6 months and created more tradelines. As I paid each one off, my credit score kept increasing. In December I paid off in full 2 accounts and had significantly paid down 2 other accounts. My Utilization dropped to below 10% and my credit score jumped 70-80 points to 750. This month Cap One increased my limit on my main account and my score increased again. Before Christmas, I went out and purchased a new car, not used. Once I pay off that last card in the near future, my score should increase slightly. The sad part is my credit score probably would of recovered faster if I did file bankruptcy. It took me literally 7 years and once I the divorce was finished I focused on getting everything paid off. I took my experiences to help others on here going through the same issues as I did. I spent a lot of money paying for my stupidity and to allow another person to use me. I hope many of you who are in this position today do not give up. Please do not allow someone else to use you or take advantage of you. If they are not willing to share information with you about themselves, say good bye to them.
  2. 1 point
    If anyone is in a similar situation today, I would recommend using arbitration offensively. Especially for things like Verizon (any Cable, Phone, etc). Verizon would have settled that account for next to nothing and removed the tradeline as soon as arbitration was filed against them. I would use it on car loan defaults too. Basically anything except the major banks (but non-major banks like Synchrony, Webbank, etc I would - and have). These are the types of situations I, personally, have used offensive arbitration on in order to make manageable settlements (or even $0 settlements when they have violated TCPA or FCRA laws) and to remove the bads from my reports.