Mortgage and Insurance

Hello everyone,  (CLIFFS BELOW IF YOU DO NOT WISH TO READ)

 

I am 24 years old (Jan 3rd) and in need of some guidance. Let me break it all down from the beginning so as to receive the best possible help from you seemingly awesome people.

 

In 2005, I turned 18, and unlike most (assumption), I didn’t receive hundreds of credit card offers in the mail and go on a shopping spree, actually, totally opposite scenario. I never received/applied for one credit card. I had my first son when I was 17 and was married at 18. I opened a bank account and all was going well. Living with my wife, son, sister and parents in a small house in Florida, life was very stressful. I was forced into putting ALOT of money into my parents house, almost all of my minimum wage income working at Walmart. When my car broke down, I was pushed into an absolutely stupid decision: Charge the parts I needed for the car and pay bills with my debit card with money I didn’t have in the bank.

 

This obviously caused my account to go negative and a downward spiral ensued from there. The account was overdrawn $1,058.00. The electric bill I paid with the card bounced but they still listed that amount as what I owed them plus fees. Shortly after that, I enlisted in the military on a short stay of 4 months when I was medically discharged. Back in civilian life, my only problem was that damn bank and the stupid decisions I made to be put in that situation. In 2007, I opened 2 credit cards with HSBC and one with Capital One. All cards had a $300 limit. During this same time, I also opened an account at a local furniture place for $2000 at $99 a month for a table and bed. (Again, paying for my parents misfortunes).

 

During my stay in the military, the Electric bill in my name was defaulted on by my stepfather to the tune of $600. Anyway, time passes and here we are in 2009. Understanding I can’t afford life in Florida with my leeching parents, I pack my family up and move to Indiana with no job, no hopes of a job in a bad economy and $3,000 cash to survive on. I apply for unemployment from Florida and start bringing in $150 a week. My furniture account from Florida is still active and..what a shocker, it’s my stepfathers responsibility and he defaults on the last $120. At this point my parents are divorced, and my mother is living with me collecting social security and helping out. I get a job at a pizza joint, save a bit to get a cheap car and start delivering.

 

All is “OK”, until my mother decides she is leaving and goes back to my stepfather. This crushed my very existance financially and I can’t afford my bills. A 3 line cell phone account with T-mobile goes under, $1,057 after the $200 early termination fees along with all 3 of my $300 limit credit cards. I’m making $6 an hour delivering pizza and can barely afford the $550 rent, let alone all my other bills. All hope is lost, and I’m literally a day away from destruction when a First Premier Bank credit card offer comes in..for $700. This is a lifesaver and I use it and pay on it for about 3 months. I get crushed with the payments and that too, defaults. 

 

On to today, I am 24, with 2 children and a wife and a respectable job making 80% more than I was. All of my skills are finally put to good use and life is good..or is it? I start calling dealerships to finance a vehicle, because the car I purchased to deliver in is months away from falling completely apart. One place says no way, another, then another, then another says “THERES HOPE! with $10,000 down”….Awesome. I’ll get right on that..would you like that in a specific denomination? I cannot finance any vehicle, even offering $4,000 down with references and a good job. I need help.

 

I had been reading alot on these forums for a few weeks and other websites, and realized that the collection agency for the bank in Florida was only reporting to Transunion, and the dates and amounts were all wrong and lacking information. I submit an online dispute and within 9 hours, I am sent an email from Transunion: DELETED! I almost cry tears of joy, but realize I still have bigger problems and I am really on the edge and stressed out.

 

Here are the CLIFFS if you do not care about the story: In total, I am approximately $3,300 in debt on my credit report after the bank was removed. These accounts are all from 2007 with 2 being from 2009/10. 

 

Currently reporting negatively is:

 

First Premier Bank Credit Card for $800

HSBC account 1 for $413

HSBC account 2 for $417

T-Mobile for $1,073

Capital One for $403

Furniture Place for $220

Columbia House for $69

2 hospital bills for $80 and $40 respectively

and I believe that is all.

 

My credit report from Equifax is listing my scores as: 339 EQ, 333 EX and 388 TU. I believe Equifax scores differently because my recent TransUnion report purchase and auto loan request listed my score at 486 or around there. All of these accounts are in collection with the exception of the more recent First Premier Credit Card, Capital one and furniture place. 

 

This is all absolutely crazy to me, I have seen people say “I am $40,000+” or “insert random crazy number above $10k here” in credit card debt. The fact that they even got that far is astonishing. I guess me being young and getting into a credit based world in my 20′s where no one was extending credit helped me in the “gross” department.

 

Fact of the matter is, I am around $3,500 in debt..maybe less. I successfully disputed the $1,058 from the bank and that is gone from my report. The debts above are what is on my report and yeah..my question is, what do I do now? I have not ONE account listing positively, cannot get approved for a loan understandably and wanting to pull my hair out. It is my understanding that paying these debts will do my score NO GOOD whatsoever..am I wrong? Will paying any of these balances assist my score or approval rate?

 

I have the means to pay my ENTIRE OVERALL GROSS DEBT right this instant. Immediately..but what should I do? Will it help? Am I doomed to wait 7 years before I can even breathe normally? Where do I start? Please help. Thank you in advance for any assistance. My debt to income ratio is like 1%, I can handle all of this, I just need to know how and how it will affect my scores. I can provide ANY additional information instantly upon request. Oh, and I also just disputed Columbia House because they have no leg to stand on. I did not open any account in 2010 and I owe nothing to them. Thanks again.

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