Hello to all,
I was recently as of 8/05/15 diagnosed with cancer and have been out of work since then and have god willing made a fully recovery. Unfortunate part is I had to take on 50,000 in debt with Chase, Bank of America and Citibank on C.Cards. I have been able to come up with a settlement paid in full (on my end). I have been negotiating with them and I am seeing roughly 20-30 % off of my total balance. I am going back to work and do fairly well in the Software business.
I am now living with a relative and have minimal expenses. My concern as I have read on these posts is the seven to ten year flaw on my credit. I need one C. Card for expenses as I am in sales.
1) Can I obtain credit rather quickly after my settlements?
2) I need to lease another (AFFORDABLE) car for traveling and how will the auto dealers look at my accounts as “Settled for less’ rather than “paid in full” as I have read on these excellent forums.
I truly believe that I only need one Credit Card for SALES EXPENSES ONLY….and a debit card for my purchases.
3) Will I get wacked in interest with a new card?
My credit has been very good up to my illness.
Should I try to get the Credit cards to come down more on my settlement. My theory is they have been wacking me with high APR’s since 1997 and besides getting them to come down more cant hurt? I read on a previous forum here that I should try and get them to come up with the settlement as “PAID IN FULL’ rather than settled for less.
This forum has great answers….. Bless you all and may your new year be “spent conservatively”
You have good questions.
I don’t know why you have the thought that you need a credit card “for expenses” because you are a salesman. A debt card will do everything that a CC will do, but you are not using credit.
If the CC is a business card and the company pays for it, then it will not be a problem to get or use, unless your credit is really bad…I mean REALLY bad.
Banks want you in debt. The more you are debt the better for them. IN your case they will be more than happy to give you credit again after a settlement because they can charge you much higher interest which equates to profits for them.
So yes you can get a credit after settlements. It is usually quite easy to any kinda loan after settlement.
Remember that banks want you on debt.
If you lease a car then I will personally brand a big, fat “L” for loser on your forehead and make you carry a sign saying “I am worlds stupidest person” every where you go.
(Why people think they are getting a deal when they lease a car boggles my mind)
Get a good used car that you pay in full for. If it is good enough for Warren Buffet then it should be more than good for you.
From your post, it seems that you wish to get yourself right back in the same position you were before you got sick…didn’t you learn your lessen?
Credit is not good. Credit is debt. Debt on any account is a liability no matter what the get rich rich real estate gurus say. There is no such thing as “good debt;bad debt”. There is only debt…and it is a liability. PERIOD.
But hey, if you like pain then go get a credit card and lease a car…more power to ya.
Just don’t come crying to us for help. Ya made your bed and you’ll have to lie in it.