BrutuStrength
It's time to bring it!
Your score is borderline, and your wife's is horrendous. I worked as a credit analyst for 2+ years (I have around 5 years total experience working in the Credit Card industry) and had to review hundreds of credit applications daily. 690+ was what we considered a "good" score, for approving new credit lines. We would also look into other factors (age, college student, occupation, etc.) to determine acceptable allowances for lower scores.AkronBuckeye said:
My guess would be that not only does she have 9 credit cards, but that she has a balance on at least 5 of them, and you're renters. I'm also guessing/hoping that you are a younger couple. You guys need to get your debt (that's right, if you're married to her, then it's now your collective debt) in order right away. Calculate what your monthly expenses are. Then go through and eliminate any non-essential expenses (cable/satellite, netflix, cell phones, etc.) take a look at your outstanding loans (can you sell a car and buy a cheaper replacement?) Then take the money you're saving and direct it to those debts. I'd start by paying off the smallest balances first. If balances are similar sizes, then target the ones that have the highest interest rates first. Then, stop using those cards (cut them up and cancel them if need be.)
I also spent 2+ years working and managing in the collections departments of credit card banks. If you don't take control of this debt and eliminate it ASAP, then it can grow to the point where it will overwhelm you, and make much of your near future very difficult (car loans, mortgages, student loans for kids, potential jobs, etc.) They just stiffened the bankruptcy laws, so even if you guys would reach the point where bankruptcy might become a consideration, the courts would likely require you repay what you can, or set up a payment plan. Trust me, you'll want to avoid that all costs.
If you have a difficult time creating an effective budget to pay down your debt, or feel overwhelmed by the debt, then you might want to call an organization such as Consumer Credit Counseling Services. They will help to devise payment plans with your debtors. They will require that all credit accounts be closed, and the program will have some negative impact on your credit ratings. It would be best if you could eliminate the debt on your own, but if she already has a bunch of late payments and major delinquencies on her credit report, then it might not make things any worse at all.
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