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Bad Credit?

Posted: Jun 22, 2011

Does anyone know of a good place to get an unsecured loan or credit card if you have poor to bad credit? With my job being cut beyond belief and my husbands overtime gone we are struggling a bit with bills. Things are getting paid, but not always on time. The biggest problem is one of our credit cards. We both have an account and both are 1-2 months behind in the payment they want. I have sent some money on the account, but not the full minimum amount due. The problem is when I do pay on these credit cards they then lower the credit limit so that it is over the limit. Then they tack on their over the limit fees and late fees and it never gets caught up. Dirty trick, but I guess they all do it from what I hear. Anyway, I would love to find a credit card I could transfer the balances to and start over or get a personal debt loan and pay off the credit cards and pay payments on the loan. I have been looking online, but thought I would come here and see if anyone has used a particular place that they are happy with. Thanks for any info!

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Bad credit/credit cards - TJ

[ In Reply To ..]
I am really sorry you are struggling. I will tell you what I have done. A friend of mine is a CPA and he told me not to file bankrupcy. First of all, you usually cannot get those credit cards paid--they tell you one thing that they will do and then you can't do it, and it goes right back to where it was. What I did was I went to a credit counselor and they consolidated all my debts into one payment for all. That means my hospital bill, my anesthesia bill, my credit cards (2) went into one big kettle, and the consolidation company divides up the amounts to those different places and sends them the money. I pay twice a month and the calls have stopped, and I am seeing my debt go way down. I will have this paid off hopefully this Aug or September. This friend of mine who is a CPA said never never get with a credit company to strike a deal they lie and you end up where you were. High rates, etc. They want to keep you in that arena. I wish I would have done this a long time ago. Hope this helps. You can get credit counseling anywhere in your home or near by. Good luck.

your credit is already bad by not paying timely - so do this

[ In Reply To ..]
Your payments are behind anyway, you cannot solve money problems with more money, so stop paying on the card that you owe more money to. Take all extra money you have and pay on the first one every month, on time, more than the minimum... dont care what you have to go without, just do it. Eat Ramen soup twice a week for dinner, till its paid. Then, pay off the other one after. They are going to keep calling you in the meantime. Tell them you are thinking of filing bankruptcy (which will buy you some time). After the first card is paid, call them and see if they will settle the debt for less. Take everthing you have extra and pay it.

You can do it without a counselor, you can do it without another loan. Just remember... you cannot solve money problems with money.

Do something extra every week, babysit for someone, clean someones house, pick up cans, pick up another job for a short time, and use that money only to pay those cards. If you clean one house a week for $20, that is $80 a month on that card, plus what you already pay!

YOU CAN DO IT... I CHALLENGE YOU!

You can't solve money problems with money??? - anon

[ In Reply To ..]
I was agreeing with you until you made that statement. Don't you mean you can't solve money problems with more DEBT?

To the OP, google Dave Ramsey. He is a GREAT financial mind. He can help. You have to make a budget and stick to it. After years and years of stupid debt, my husband and I are almost debt free, finally have money and even are putting some away each month. Hallelujah.

Bad credit - Know all too well

[ In Reply To ..]
I tried to get with one of those programs to help consolidate debt and I was told I had too much debt and not enough money to get on one...plus you have to be careful for the scammers. With the economy the way it is, banks are not giving out loans or credit cards unless you have stellar credit. I couldn't pay my cards so I let them go. After two or three months of not paying the cards, the credit card companies were willing to strike a deal with me...I got on a payment plan of which they lowered the interest to a fixed rate of 3.99% and 5.99%, they can no longer tack on late fees or over the limit fees, and they were willing to work with me on how much I could make the payment for and how I made it. Because I was on unemployment, I got a check every week and so they took the monthly payment, divided it by 4, and took that amount out of my bank account each week that my unemployment check would be in my account. You could try that :)

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