Adam – Divorce Causes Credit Challenges
Credit Score: 420 to 620 to 680
Length of Enrollment: 157 Days
Adam went through a divorce, complicating his credit situation. Before the divorce, he was making $18 an hour and his wife was making more than him. At the divorce they had $65,000 of debt. Adam was forced to move when the divorce happened and had to get a new job at $10 an hour. A few credit companies and debt collectors began to harass him. As a result of this life event, his score plummeted to 420 from 790.
Taking responsibility and making a plan to eliminate his debts, Adam lived in his car for three months. He enrolled in school and after attending for a year got $17,000 from his GI Bill. After doing a Google search on debt negotiations, Adam talked down his creditors to as low as three cents to the dollar on what he owed. Using the $17,000 he got from his GI Bill, Adam eliminated $65,000 of debt.
Adam then was looking to buy a house but his credit score was still a non-qualifying 620. He had a foreclosure and two debts he did not know about on his report. A college he had never attended appeared twice on his report. There was also a medical bill from when he was in the military that the military apparently did not pay.
At this point he enrolled in Premier’s program. In about two months, Adam’s score rose to 680 so he was able to buy a house. The entire process took four years, as well as a lot of effort and money.
“Honestly, you guys did exactly what I asked and expected. You had a sales rep contact me, I don’t know if somebody referred me or something. ‘If you can get my credit score up 30 points then I’ll use ya, if not then I think I’m doing a good job myself.’ They said, ‘Well, let me look at your stuff to see if we can get it up 30 points.’ And they said that they could and they did.”
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