How to Settle CC’s with perfect payment history

QuestionsHow to Settle CC’s with perfect payment history
asked 2 years ago

Hello Everyone, 


I’ll try and keep this as simple as possible. If I’m in the wrong section of the forum, I do apologize, and please feel free to direct me to the right area! 


My story is one heard many times over. I recently went through a divorce. Since I’m self employed and own my own business, my business was considered an asset. Even though I had no idea of the CC’s of my wife and the balances that were running up, I had a choice: Keep my asset (my business) in exchange take on all the debt of those cards. I kept my business, and took on the debt.


Most of these cards don’t even have my name on them. 2 of them are mine, which I used for legal fees (CapOne and Barclay). Scores dropped, and I understand why.


I don’t want to take the next 10 years paying down $ 42,680 of CC debt, and lord knows how much interest. I’d like to try and settle these out and move on. As stated in court, all cards are on time and current. 


I need a game plan, tips, resources, just some genuine help on how to get out of this debt load that was dropped on me.


Will credit card companies settle with accounts in perfect standing, and how would I go about even having access to these accounts since they are not under my name. I am legally responsible for the pay down. POA from the Ex? Would that put me on those accounts? I do NOT want to be tied to her accounts on my credit. 


Discover $ 14,476.66

Chase $ 4,724.80

Capital One $ 4,114.82

US Bank $ 3,514.43

Bank of America (Alaska Air) $ 6,518.51

Barclay $ 9,986.76


My Scores are 718, 733, and 700. The score simulator tells me I could get to 820 if I paid down my debt on the two accounts that are mine. I’d like to be back up to 780 again. 820, would be amazing.


Thanks in advance for any help, direction or resources. 


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