6 1/2 years ago, my wife and I got married. She had just graduated college and apart from student loans, we had worked to eliminate her debt.
Neither of us had car loans, I had a credit card with no balance, and I had just bought a house. This is where it gets ugly.
I couldn’t technically afford the house payment, so my wife had to get to work asap. Already stretched thin, we bought a timeshare on our honeymoon. How did we pay the down payment you ask, a new credit card. Within 6 months, the credit cards were maxed out and we were hurting.
3 months later, a broken down vehicle and computer and we were toast. Since April/May of 2006, we have lived on what we make. After the dust settled and a new job, I started working toward cleaning up my credit. I’ve got it all cleaned up with the exception of a debt buyer trying to collect a closed account and the timeshare we eventually defaulted on.
I have attempted a few times the past couple of years to get a credit card as I started traveling some for work. To my dismay, despite decent credit scores and good income, I cannot get a credit card (this after paying off 2 auto loans and being approved for a home loan).
This has got me itching to clean up the last remnants from early in our marriage. After some research, I thought debt validation was the way to go for the old account with the debt buyer. After reading some things on your site, I’m not so sure anymore.
As for the timeshare, the company basically foreclosed on our loan and took the deed to our portion. They have left my credit report saying I still owe them even though I am 100% certain they resold it for more than we owed.
What are the best courses of action for me to take in these cases?