Credit Card Debit :(

[WantToBeCHP]

It is difficult to give you a direct answer for your "situation." Your BI will take a hard look at your finances and job history. It all depends on why you have "run up" your credit cards. If you were spending freely while you were employed, ran up your cards and were only making the minimum payments, well that doesn't look to good. If in fact you had a very low balance on your cards while you were employed, but then when you lost your job, you were only using your cards to get by, then that would be considered in the over all picture. You certainly should do all you can to rectify your situation with your credit card companies. Did you ask them to close your accounts, give you a lower rate for a certain period of time and or lower your monthly payments for a certain period of time? Have you considered asking your parents for help with your finances. I know it's hard to do, but maybe you can work out a payment plan with them that would keep your credit in reasonable shape. (Just a suggestion) If in fact (and only you know this) you have been on the irresponsible side of your credit card spending before you lost your job, you might want to consider getting your affairs in order before you attempt the application process. All cases are individual and different. You can certainly continue in the application process if you want, but you might want to talk to a BI before they actually start your background. If you are DQ'd, and you go through the application process again, you will have to explain your prior DQ to the QAP panel. They say time heals all wounds. Maybe you need some time to get your affairs in order.

Perckerhead, both credit card companies said they can close my accounts but it will go to collections and it will be reported to my credit history, and my credit history was almost perfect until about a month and 1/2 ago due to my job.. I'm going to try to make the minimum payment while on unemployment but the money is not even close to what I was making when I was working. If my BI ask I can explian whet happened and I'm human...

[WantToBeCHP]

I recently applied for the CHP, I have been reading the some of the topics about bankruptcy, and some say that bankruptcy was DQ you. I recently lost my job and I'm getting pretty far behind on my 2 credit cards, I have called both companies and both of them say too bad. Along with all that, I just found out that my grandfather is about to die and I need to go to Michigan and see him one last time and that puts a dely on my job finding. My question is, will I DQ if I have a bankruptcy on my credit history or should I just do what I can make payments on the credit cards? Thanks.

[WannaBeaChippie]

I recently applied for the CHP, I have been reading the some of the topics about bankruptcy, and some say that bankruptcy was DQ you. I recently lost my job and I'm getting pretty far behind on my 2 credit cards, I have called both companies and both of them say too bad. Along with all that, I just found out that my grandfather is about to die and I need to go to Michigan and see him one last time and that puts a dely on my job finding. My question is, will I DQ if I have a bankruptcy on my credit history or should I just do what I can make payments on the credit cards? Thanks.I sent you a PM, it will help I was just in a similar situation..

[SB 405]

I have called both companies and both of them say too bad


Just wondering...what did you expect the card compaines to do?

[PeckerHead]

It is difficult to give you a direct answer for your "situation." Your BI will take a hard look at your finances and job history. It all depends on why you have "run up" your credit cards. If you were spending freely while you were employed, ran up your cards and were only making the minimum payments, well that doesn't look to good. If in fact you had a very low balance on your cards while you were employed, but then when you lost your job, you were only using your cards to get by, then that would be considered in the over all picture. You certainly should do all you can to rectify your situation with your credit card companies. Did you ask them to close your accounts, give you a lower rate for a certain period of time and or lower your monthly payments for a certain period of time? Have you considered asking your parents for help with your finances. I know it's hard to do, but maybe you can work out a payment plan with them that would keep your credit in reasonable shape. (Just a suggestion) If in fact (and only you know this) you have been on the irresponsible side of your credit card spending before you lost your job, you might want to consider getting your affairs in order before you attempt the application process. All cases are individual and different. You can certainly continue in the application process if you want, but you might want to talk to a BI before they actually start your background. If you are DQ'd, and you go through the application process again, you will have to explain your prior DQ to the QAP panel. They say time heals all wounds. Maybe you need some time to get your affairs in order.

[SB 405]

If you have fallen behind on payments (account open or closed) it's already part of your credit history. You may want to get a copy of your credit report ASAP.

[Observer]

debit --- or debt?

[DevilDog]

If you didn't know, Federal Law allows a free credit report every year. Here is the web site. Copy and paste URL.


https://www.annualcreditreport.com/cra/index.jsp

[not5150]

Start documenting the times you call/mail these guys. I think in this situation you may want to resort to faxes or emails (if they take them) because you want a written record of conversations.

Then you can prove to the BI that you are actively trying to better the situation and not letting it spiral out of control.

[dw]

As PeckerHead stated, it is important to understand that credit alone is not usually the issue in a DQ. Credit however, can be a strong indicator of responsibility and good judgment; factors which have great importance. Along with his examples, let me throw this out there.

Applicant A is irresponsible in his spending, lives beyond his means, and files for bankruptcy. Five years later, he applies for the CHP with clean credit, now living within his means and saving money on the side.

Applicant B is irresponsible in his spending, lives beyond his means, and files for bankruptcy. Five years later, he applies for the CHP and is not always able to make credit card payments because of the big screen TV in his 500 sqft apartment and describes cable TV as being a necessity.

Hopefully the difference is clear.