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2 Years Post-Bankruptcy

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Gunslinger4u
Valued Member

Re: 2 Years Post-Bankruptcy

I'm not following how the utilization thing works I guess.   My example would be:

 

card       limit            bal        util

1           $1,000        $500      50 %

2           $20,000         $0          0 %

 

 

My combined utilization would be less than 3 %.   Is it the 3 % number that is used for FICO scoring, or the 50 %  on the one card even though it's miniscule compared to my combined credit lines?

Message 11 of 13
kelli1970
Contributor

Re: 2 Years Post-Bankruptcy


@Gunslinger4u wrote:

I'm not following how the utilization thing works I guess.   My example would be:

 

card       limit            bal        util

1           $1,000        $500      50 %

2           $20,000         $0          0 %

 

 

My combined utilization would be less than 3 %.   Is it the 3 % number that is used for FICO scoring, or the 50 %  on the one card even though it's miniscule compared to my combined credit lines?


It's my understanding that both factor in, so ideally with your cards you wuold want to show:

 

 

card       limit            bal        util

1           $1,000        $0             0%

2           $20,000      $1800      9 %

combined util 8.57%

 

OR

 

card       limit            bal        util

1           $1,000        $90           9 %

2           $20,000         $0          0 %

combined util .4 % (probably the better choice)


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Message 12 of 13
Anonymous
Not applicable

Re: 2 Years Post-Bankruptcy

I don't see why you would have a problem getting student loans. Unless you have included them in your bankrutpcy before, which in my state is not legal. You should have no problem applying for a fasfa. I would either contanct the school or the Sallie Mae or whoever you deal with.  My bk chapter 7 was discharged in May 2011 I filled for my loan in the fall and wasnt really a problem.

 

Good Luck!

 

Smiley Tongue

Message 13 of 13
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