Do to being hit by a car years back I filed a ch 7 & a ch 13 bankruptcy. I added a consumer statement for each bk that states "BANKRUPTCY FILED DO TO SERIOUS MEDICAL ACCIDENT". The ch 13 took care of the state and IRs tax liens which deleted them off the report right away because I always filed on time, stayed in contact, and made evry effort to pay back by tax liens. The consumer statements for both bankruptcies has helped me get appoved eventually on unsecured loans.
During my last bk, being my ch 13, I opened a secured credit card and a secured line of credit. Then after the discharge I opened two more accounts which were also secured. I got my deposits back on two of my accounts and no longer need any cash collateral. I am able to get unsecured loans. The two very most important things after a bankruptcy: 1). I have never been late, not once, on any account 2). I opened different types of accounts-revolving & installment.
When i started back in 2003 my average fico score was around 500. On November 30 of 2006 my credit score with Experian was 723 on MYFICO's site but my bank showed 726 on their credit pull. Now it is around a 687. That is because I opened 5 new accounts in a one year period and I have high balances on my revolving accounts. I estimate my new fico score to be in the area between the upper 720's to the 740's-high balances paid down to 3-5% of line of credit & no new accounst will have been applied for. the 5 that I opened will have hit their 12 month mark so therefore they will no longer be considered a new account anymore.
REGARDLESS OF WHAT ANYONE TELLS YOU, YOUR FICOS CORE WILL NOT GO FROM 500 TO THE 800'S IN A COUPLE OR A FEW YEARS. TO EVEN THINKA BOUT GETTING ABOVE A 759 YOU NEED TO HAVE NO PUBLIC RECORDS OR BANKRUPTCIES. YOU HAVE TO HAVE TO HAVE AT LEAST 1 CREDIT CARD. THE OVERALL PROCESS TO BE AROUND A 800 OR HIGHER FICO SCORE IS 10+ YEARS WITH NO LATE PAYMENTS. SO BE PATIENT.
