Anybody here work in banking?

[Skip]

heres the kicker, I found out about a credit card she opened with my name and then didnt pay on it, I just recently found out about it (save the comments lesson learned) and between that and another issue with the IRS (being handled) my shitty credit union said no to a personal loan against the equity on my paid off vehicle. I am a little stressed about this one I have until Jan and then have to move the hell out of my house. no credit or bad credit means no house or apartment. thought a win/win with taking the pereonal loan, paying down the credit card while paying on the car loan to help rebuild credit.

I feel bad for you.

I know this is personal (so you don't need to answer) but have you confirmed this is your liability? Was the account opened while you were married? Did she charge anything after the divorce? Was the card listed in the decree as a liability?

IANAL but you might want to see if this debt really belongs to you. And consider you might own some of it but not 100%.

[02ducky]

yes its mine and i am talking with the CC reps to see if there is something that can be done. dammit i was hoping for some better news about this one. maybe seeing some more guns listed here in the next couple weeks. this blows ass on so many levels. fucking bank, fucking ex, fucking shit just piles up sometimes.

[02ducky]

anybody need some part time work?

[BushMasterBoy]

I never married, credit 800+. You have my sympathies.

[Madeinhb]

yes its mine and i am talking with the CC reps to see if there is something that can be done. dammit i was hoping for some better news about this one. maybe seeing some more guns listed here in the next couple weeks. this blows ass on so many levels. fucking bank, fucking ex, fucking shit just piles up sometimes.

Did you know about the credit card when she opened it or did you know at all during the marriage? Or did you find out in the divorce? If the later, I would talk to your divorce lawyer, that could be a fraudulent application and you might not be liable for it.

[02ducky]

we used a mediator for the divorce... I had an idea or should I say suspected she opened the card, but never found proof of it until yesterday eveing when i got a notice in the mail for a late payment. its been one thing after the other with her and got pretty nasty in the middle and towards the end of the marriage. I appreciate everyone feedback and suggestions on this one I need to figure somethings out obviously and if needed work another job to get shit handled. quit honestly trying to deal with her is next to impossible and the less stress i get from her the better it will be for me in the end.

2016 can kiss my ass can't wait for 2017 just to get this year behind me.

[Bailey Guns]

Irving's advice is pretty much spot on in my opinion. Good luck with getting your life back on track. Been there.

[OctopusHighball]

There is no short-term fix for rebuilding credit, especially not by January. Any action taken here has to be for the long-term, and will almost certainly conflict with actual, good financial advice. Getting a credit card and paying it off monthly can be a wise move from a financial standpoint, but it will not build credit as solidly as having a revolving balance that you make payments on. Reason? Credit scores are NOT just a reflection of your ability and willingness to repay a financial obligation. Another, somewhat hidden component to a credit score is your PROFITABILITY to a potential lender. This is a system that was designed for and by lenders, and their primary goal is to make as much profit as possible for the least amount of risk. Those two pieces go hand in hand. In my opinion, this is your least important consideration right now and I would recommend not even bothering with this for the next year or two.

Your most important consideration right now is short-term survival. If your current domestic situation does not involve kids, this is significantly easier. Consider renting a room instead of an apartment. Renting a room sucks, we all know that. Roommates suck. They just do. But this may be a necessary evil and will likely be significantly cheaper than the apartment option. Plus you are renting from a person, not a corporation, so credit check may not be as much of a factor (or more easily explainable). If you have kids, this is going to be a lot harder, but not impossible... For example, maybe you can rent a whole basement out from someone. A little more pricey, but look on craigslist you never know what you can run into.

[BushMasterBoy]

Whatever you decide to do, get a piece of paper and write Pro and Con at the top. Draw a line down the middle dividing the two. Which ever side wins is the decision.

[def90]

I can't say that I've heard of anyone ever getting a loan on equity in a car.. That seems like a pretty risky move to make for any bank unless it's some kind of collector car that never gets driven.

Sell the car, save the cash, buy something cheap off one of those lots that will give loans to high risk borrowers, make double payments on it if you can to mitigate the amount of interest that you will be paying, get a secured credit card from your bank and start using it. With the car loan and the card you should be able to build your credit back to reasonable levels within a year.