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Employment and Bad Credit.

February 5th, 2008 at 11:51 pm

For those of you following my story, I'm $133,000 in credit card debt and growing with interest, late charges and over limit fees and I have lost most of my income (commission based and tied to the real estate market) have $280,000 in mortgages and another $20,000 in vehicle loans. I've become unable to make payments on the credit cards which use to be $2,500 a month and have now shot over $4,000 with the new 29.99% interest rates I've inherited because of delinquent credit. My goal is to settle this debt and I'm saving and waiting since you need to be about 90 days delinquent before they will even talk about settlement and more like 120 days before they will give you a decent settlement. The waiting seems to be the worst part of this for me, I just want it over. Good thing they have Ambien CR or I wouldn't sleep at all.

So last week the refinances have started trickling in. Alot of people still need to refinance those high rates. In my area I'm considered one of the best in the business, I often get calls asking me to come work for a new company. Last week I got calls from Citi Mortgage and Wells Fargo. I declined interviews for both jobs for a couple of reasons. One is I won't make any more money than I'm making now by changing companies and it is not a good time with these economic conditions to be moving jobs. Two is if I try to change employers they will pull my credit and see the mess I am in and won't hire me anyways.

It really hit home when I realized that because of this mess, I have given up any possibility of changing employers and even if I wait a few years to do so, it will be extremely embarrassing when I have to explain my credit report. That is why I have to at least settle this debt and can't have a bankruptcy, I couldn't take 10 years of explaining and not getting the job because I had that public record. I've worked so hard to get where I am and now credit can ruin my career ...

4 Responses to “Employment and Bad Credit.”

  1. Broken Arrow Says:

    If you're trying to scare me straight again, it's working. Big Grin

    Sorry for the levity. I really hope that things will improve for you soon.

  2. merch Says:

    Very good point on jobs and credit reports.

    Good luck!!! I hope business continues to pick up.

  3. jon doe Says:

    I owe about the same in credit cards and was in the same line of work. I left mortgages and rel estate behind for now, and im looking for a government job but with my credit theres no way! I am up the river with no paddle and theres room for more jump in ! Smile Dont forget God loves you I hope.

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