I sincerely hope someone can help. My credit score is ridiculously low. It's 538. My payment history is 98%. I do have a couple collection items...but my credit has been way higher...around 660, with more collection items. Here's the issue. My credit card utilization is 95%. I have a total of 4 store credit cards, a car loan, 2 personal loans. Total of debt, would be around 19k. My payments total around $820 a month. That is the minimum payment to keep things in good standing.Unfortunately I have fallen prey to predatory lenders that I'm paying 40% APR or more monthly.
Here's an example of 1, I have borrowed 2300.00 in May 16. As of July 2017 I owe 2399.00 I pay $220 monthly. Should be paid in full as of Aug 2018.
My problem is I can't afford to live paying these high interest loans. I even borrowed more to try to have money to live on and pay the other things I owe. And the reason for my high credit card utilization is that's the only way I can buy anything.
I have a car loan paid in full and even paid off early, and 2 personal loans paid in full from my credit union that don't seem to reflect in a positive way and all 3 were in good standing. And having these 3 loans since 2011 that I paid off, my credit union will not help due to my credit score. I don't understand since I have been a member since 2004 and paid off 3 loans with no problem. I feel I have proven I will repay what I borrow.
I have a good payment history...but can't consolidate to get a decent APR that I deserve having such a awful credit score. I have nobody to help, and I have tried so hard to be on time with my payments and building my payment history. I literally am drowning, and every dime of my money is going to paying creditors and I honestly don't even have enough extra for anything at all. Is my only option bankruptcy? The bad thing is, my payment history shows my credit worthiness, but with my low score nobody decent will bother giving me a chance. I'm at the end of my rope and so frustrated that I've tried to do right and it doesn't even seem to be acknowledged.
Can someone please give me some advice? I can't keep going like this.