Quick question

[ForeverChanged]

Good morning Marines. As most of you may know I just graduated bootcamp last week. Upon returning home I was confronted with a small deal of debt...my truck payment. Prior to shipping I was broke as all hell, and wasnt getting any richer. I asked my recruiter if there was anything I could do, and was told the Marine Corps couldn't help me, and that it was my responsibility while I was gone to cover the bills. Well I did take some initiative, but having no one to cover it while I was gone (and Im not the type of person to ask a relative for money, and if I did times were just as tough for them as they were for me), I parked the truck (ok hid it from the repo man) in a relatives shop far far away.

While at bootcamp I was unable to make a bank call due to some hate from a certain Ssgt. and besides there were pickups with family (whom had been on the island for months already) that needed to make the bank call way more than me, and our Senior Drill Instructor only allowed 3-4 to go at a time.

So upon returning home, I sucked it up and spent damned near every dollar that came home with me getting the truck paid up to date, and buying a little insurance. This morning while browsing some threads, I ran into this one http://www.leatherneck.com/forums/sh...ad.php?t=75019 and was wondering, is there anything at this point I can do? Im more than willing to suck it up and call my loss, and it wouldn't be an issue if it werent for the fact this now appears on my friggin' credit. I raised hell with the bank, so that idea is already down the drain .

Thanks for any help or advice in advance,

Semper FI

[Wyoming]

Good morning Marines. As most of you may know I just graduated bootcamp last week. Upon returning home I was confronted with a small deal of debt...my truck payment. Prior to shipping I was broke as all hell, and wasnt getting any richer. I asked my recruiter if there was anything I could do, and was told the Marine Corps couldn't help me, and that it was my responsibility while I was gone to cover the bills. Well I did take some initiative, but having no one to cover it while I was gone (and Im not the type of person to ask a relative for money, and if I did times were just as tough for them as they were for me), I parked the truck (ok hid it from the repo man) in a relatives shop far far away.

While at bootcamp I was unable to make a bank call due to some hate from a certain Ssgt. and besides there were pickups with family (whom had been on the island for months already) that needed to make the bank call way more than me, and our Senior Drill Instructor only allowed 3-4 to go at a time.

So upon returning home, I sucked it up and spent damned near every dollar that came home with me getting the truck paid up to date, and buying a little insurance. This morning while browsing some threads, I ran into this one http://www.leatherneck.com/forums/sh...ad.php?t=75019 and was wondering, is there anything at this point I can do? Im more than willing to suck it up and call my loss, and it wouldn't be an issue if it werent for the fact this now appears on my friggin' credit. I raised hell with the bank, so that idea is already down the drain .

Thanks for any help or advice in advance,

Semper FI

Hate from a SSgt at boot? Nope, leave that be.

So you paid off the debt???

What again is the problem?

[ForeverChanged]

Im broke and thats killing my credit.

[Wyoming]

Sorry, I couldn't look uo your dress and read your mind.

Credit is killed and in a mess?

Sorry Son, you made your bed, now sleep in it.

[awbrown1462]

you can add a note on your credit report stateing you where at boot camp and got back up to date when you got out. that will not change anything but some may read it and say ok lets let him have a chance

[SupChf]

you can add a note on your credit report stateing you where at boot camp and got back up to date when you got out. that will not change anything but some may read it and say ok lets let him have a chance

Agree with AW on this. Get through to your 1st duty station and get with MCCS. They have professionals on the staff that will walk you through anything related to credit. I have referred many young Marines to them over the years with mostly positive outcomes.

[PaidinBlood]

Everyone beat me to referring you to them, but when I look around me, it's like they don't exist. Plenty of Marines up to their eyeballs in debt around here. "I got 40k to re-enlist so I'll spend 50k!"

[Sgt Leprechaun]

Yep. Basically, just keep up to date with your payments and bills, and you'll work yourself out of the hole. If the truck is now paid up, start an allotment from your pay to keep it that way.

Lastly, dump your damn credit cards, NOW, even if you still owe on em. Pay em off. Don't spend more than you make. Easier said than done, but that will be about the only thing that will help, long term.

[awbrown1462]

seen a lot of young Marines who now get more then they ever made go out and buy alot of stuff they dont need and now have no money owe alot more then they can pay

[ironjohn929]

As others have said, you're going to have to suck it up for a while. As awbrown said, it would be a good idea to add a note to all three of your credit reports. I really don't see your situation as a big deal right now though, because for the next few years as a Private and a Lance Corporal there really shouldn't be anything that you will need to purchase that requires credit. Actually, I went through my entire 10 years without NEEDING to use credit. I did have a credit card that I used to build my credit, but other than that, I paid cash for everything, including my truck. The problem with people these days is they live with the mindset that "I deserve it and I want it now" instead of saving for it. That's one of the major causes of the economic problems we have now! I would take the time over the next few years to repair any damage you may have done to your credit.

If you haven't done so already, get a credit card (it may have to be secured if your credit is too bad) and use it to build up your credit again. When you first get it, charge something of signifigance (no more that $500), then pay on it every month. Then every month after that, charge something small (no more than $20) then pay the minimum payment on the original $500 and the following month pay off the $20 you charged the month prior. This puts you in a position where you are constantly using it (which they like), you are constantly carrying credit balance (which they like), you are constantly paying on it....ON TIME EVERY TIME (which they like), and you are carrying an amount of debt that should be very easy to pay off when the time comes (which they like....it's called debt to income ratio). In a couple years of constantly doing this, your credit should be rebuilt and you should be good to go. Your late or missing truck payments wont go off your record for 5 - 7 years, but it will be masked (not hidden) by the good record you have developed for yourself. The key to this is discipline and taking it seriously. You just got done with a 3 month lesson in discipline so I shouldn't have to explain it! Just don't get caught up in all the BS of watching other Marines buy all this flashy fancy stuff they cant afford and choose to do the same for yourself. That's the quickest way to end up back at square one without a pot to **** in!!!

PS: If you don't understand the plan, PM me....I'll take care of you!

[usmc0331]

you are entitled to an account freeze(while at bootcamp or deployment) under the soldiers and sailors act.

a creditor must freeze your account and you will acquire no interest, late charges etc while in training for active service etc and when you get done with boot you would have resumed payments as normal(kind of like a loan differment)

I know because I did it when I left for boot and my wifes brother just did it 4 mos ago when he left for his deployment

the only thing you can do to recoup late fees etc and take the mark off you rcredit file is to obtain a lawyer and proceed with a civil claim against the creditor for violating the guidelines under the soldiers and sailors act

[Echo_Four_Bravo]

They aren't responsible for violating the Soldiers and Sailors Act unless he let them know and jumped through the proper hoops- and it doesn't sound as if that was done.

The damage is done to your credit. You'll recover though, it isn't that big of a deal. Being broke doesn't hurt your credit as long as you don't run up debt. So, pay your bills and you'll be OK.

[usmc0331]

They aren't responsible for violating the Soldiers and Sailors Act unless he let them know and jumped through the proper hoops- and it doesn't sound as if that was done.

.

yeppers

[sdk87to91]

Time will take care of it.
Stay in the barracks,
hit the books
eat at the chowhall
enjoy your roommates stereo
dont get married
Maybe even sell the truck. It will only cost you more at the places it takes you.
if you get a credit card as the wise Marine above suggested, self impose a low credit limit and refuse credit limit increases. You can always call on short notice and get them to raise it in emergencies.
Dont take cash advances.

I regret the above lessons to this day, however it all worked out. I sold my truck to payoff all my debt after EAS. I had to start over from scratch and that is now way to seperate..
Unfortunately the creditors know Marines are a safe risk at least for 4 years, so they line up to give you loans.

Time doesnt fly when you are young, like when I am looking back in hindsight...... you are a step ahead of me by realizing these things now.