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Author: ydonaldson Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308235  
Subject: Any Suggestions for my Credit Issues Date: 10/10/2001 4:56 PM
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Hi everyone. I am not new to Motley Fool, but I am new to the discussion boards. To give you a little background, I am 24-year-old college graduate (almost 2 years now, wow!), got a hard welcome to the "real world" last year and fully regret it, but have forgiven myself, I want to get my debt situation in order because it really is not my style to have charge-offs and high interest rates. I was really raised as a more responsible person, but things happened last year and it really messed me up (my credit went from perfect to impossibly terrible in less than one year). Anyway, here is what's going on:

** $700 a month in rent (1 bed) and would really like to purchase a home, SOON; I would rather be putting that amount of money into me (I live in Atlanta, GA - it's hard to find decent rent and conveniently get to work without a two hour commute)

** current credit cards:
Capital One $950 13.9%
First National Bank of Omaha $3000 8%
Citibank $8800 24.99% - just went up!
want to absolutely get rid of Citibank as soon as possible!!! (as well as the rest of these debts)

** $383.83 car payment (interest 11.9% thru Mitsubishi) that I really want to refinance

** a few charge-offs ($8800, $2200, and $5700) from accounts from last year and would like to take care of those, but can't really afford to right now

I have thought about trying to get a debt consolidation loan but I don't know who to go to for that. Is there anyone to go to that would give me decent rates to at least get rid of the Citibank as well as the charge-offs? Is there anyone that will refinance my car for the payoff amount instead of what it is worth? Does my chances of getting a mortgage look really bleek even though I have good rental history and pay so much a month already? I have heard of the NACA program for getting a home but the seminar for that isn't until next month and I'm really getting antsy about this. I will be a first time homebuyer and I have no savings (well, about $100, but that doesn't really mean anything and my $1500 401(k) can't be touched)

Does anyone have any suggestions? I will be truly grateful.

By the way, I am looking into getting a second job once my volunteer work is finished at the end of the month (I am a cheerleader coach for 6-year olds). The money from this job will be solely dedicated to cc's.

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