So last year (2009) I was laid off in February, and had just enough in savings to cover my basic expenses (rent, food, insurance) until I started getting unemployment checks in May. So basically, my credit accounts (except for one) when to 60 days past due. I called the CC companies well in advance, explaining the situation, and no one could "help" me until I was at least 30 days over due. At that point (30 days late) called again, but wasn’t getting my unemployment check, so had to wait until I was 60 days late. At that point, all my credit accounts offered 0% for six months to 1 year, but the condition was that I had to close my accounts. I agreed, and have paid diligently for the past year, more than was due and early. (My credit went from 710, to 590 almost overnight) I now have a job, and have figured out I can pay my debt off in 1.5 years. But since I have no available balance on my credit cards, my credit score isn’t even moving. So, is there a way to get these creditors to reopen my accounts. I don’t even care if they just reopen them with the limits that I am at now. My goal is to pay them off, I destroyed all the cards and have little intention of using credit as a crutch ever again. Or do you think I can get a personal loan to consolidate this debt (with a score of 600?)
Why do I care about my score? #1, I also have a side business, that I would like to take full time, but I cannot get a 00 loan for the technical equipment I need with my credit score. (I’ve done the numbers, the forecasting, and even have about 30 clients lined up, could pay this off in less than 6 months)
#2 I am looking at purchasing a four plex investment property to gain me 00/mo cash flow after expenses, but a bank won’t even look at me.
Am I stuck in the FICO score abyss for 4-5 years waiting for my credit score to improve, or is there some way I can boost my score 100-130+ in a year? Its not like I was previously irresponsible with my credit, just ran into tough times and was 60 days late, ONCE in a 9 year credit history.
I’m looking for creative ways to improve my score. Waiting around is not an option. Any advice is greatly appreciated.
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