So it’s 2:21 AM (EST) and I create an account in the hopes someone can point me in the right direction. I’ll try to stick to the objective points
I finally decided to move on to the responsible part of life 2 years ago. I got a job working in a growing industry and made $ 78,000 in 10 months. I had 0 credit at this point and wanted to start building my credit score. I applied to a credit union after working only 2 months and was approved for a $ 12,000 loan. I also opened a secured CC for $ 200 which I upped to $ 1000 a month later. For the next year I practiced the best banking practices I read about and quickly raised my score to a ~715 range (736 on experian)
Starting about 6 months ago, I started playing poker. Was gambling far above my skill level and lost substantial money. As of Friday, December 23rd I grossed $ 170,000 since Jan 1st 2016. I have $ 0 in my checking, and CC debt with Amex $ 8315.00 (limit was only $ 4000.00), a Visa (credit union) $ 3,800 (limit is $ 3,500) and MasterCard (capital one) with $ 1,150.00 (limit is $ 1,000). Up until I started gambling like a full blown degenerate, I would spend at least the limit on each card but make bi monthly payments for the full balance. I never allowed my statements to reflect more than 10% on them. My payment history went from 100 over the course of a year or so to 86% (still do my best to make at least the min paymentsbut right now I can’t keep it up).
That is just the credit cards. I also sold my first car that I got financed in April 2015 in May of 2016. I now have a 2014 Mercedes C250 which I can easily afford but have about $ 25,000 left on the loan as well as a personal loan for $ 7500 (I’d estimate it’s down to about $ 6500 in principal). My credit score is now 580ish and I definitely can’t get any new credit cards and I can’t seem to get a loan either. I need help and direction ASAP.
Please note – I am asking for financial advice, not life advice. The gambling has stopped as of a week ago and I’m doing my best to stop the financial hemorrhaging.
Most of my credit cards are maxed out on cash advances as well (which carry a huge interest rate). Is there a way I could get around a $ 15,000 loan to pay off the CCs, bring everything up to date and have $ 1000-$ 2000 in the bank? I know my credit score does not merit a loan but I feel as though my $ 15,000 monthly income should offset even a little. I know that with my income I should probably just grind it out for a month or two and pay off the debts myself but I have a pregnant fiancée and a lot of other things going on where I’m looking for an easier way, even if it costs me more in interests or fee.
For anyone that takes the time to respond – Thanks in advance!