2 years out of BK and tons of questions

[skygirl21]

Hi everyone,

I was discharged July 31 2015 from chp 7. I unfortunately married the wrong person and paid dearly. I am trying my damndest to repair my credit but can't seem to get my score past the 660 mark. I admit I applied for too many cards at one time and took the hit. Anyway my questions are these.

When I pulled my CR I noticed B of A shows the mortgage loan as transferred/sold but over 120 days late. My ex foreclosed AFTER we divorced but I couldn't get off the loan because he didn't have the credit to refi. So should I dispute this. Also my ex's business was audited by the department of revenue and they placed a judgement on my report, again this happened after separating. The IRS also placed a judgement which now shows paid but I was let out of because of innocent spouse law. Any suggestions how to rectify and get my score up? I am in need of a new car and would like to be a home owner again but can't seem to get my score up. Thanks in advance. BTW I belong to a fabulous credit union that I have a solid relationship with but they won't give me a loan because of too many inquires in the last 2 years. 3 of them were them but still......

[DaveInAZ]

Well, for starters a score of 660 2 years post BK7 isn't bad. Read through the thread HOW TO: From BK7 discharge to 700 in 24 months on how to maximize your score by having 3 CCs with 2 reporting a $0 balance and 1 reporting under 10% utilization.

Regarding the BoA 120 day late on the mortgage, unfortunately since your name was also on the loan when it went late and into foreclosure the report on your CR is accurate and nothing can be done except explain the situation to lenders willing to listen. As for the Dept of Revnue judgement was you name also on the business? If so sorry, again nothing can be done. But I'm not so sure about the IRS jusdgement, if you were "let out" because of being an "innocent spouse" perhaps the IRS can be pursuaded to remove it or at least show Paid In Full, hopefully someone with more experience with IRS judgement will jump in.

As for needing a car I think you can get a reasonably good rate with a 660 score. For example my local credit union gave me a 5 yr car loan # 1.99%  in Feb, 4 years post BK7 with score of 700, which they rate a "A". They rate scores between 640-679 as "B" and would get a rate of 4.5%. Are you on good terms with a local bank or credit union? If so you might go talk to a loan officer and tell him your score & explain the late & judgments before he pulls your credit report and see what he thinks they could do for you. Or you might try Capital One Auto Loans online, Capital One is pretty forgiving of BK and other "baddies" on a credit report. Cap One would pull you credit report to quote you a rate & loan amount. You might try their credit card pre-qualifier that doesn't pull your CR.  If they recommend a CC for you that would be a good indicator that they think your score & details is OK for them.

Good luck!

[skygirl21]

Thanks so much for responding. I am in very good standing with my credit union and they just switched over my secured card to a regular unsecured visa but would not raise the credit limit because I had too many inquiries. I have a capital 1 visa with $5k limit that is paid in full plus a few store cards. Only the credit union visa carries a small balance. I guess it's another lesson for me, this one in patience. I just can't believe how debilitating it is. I have always had a high credit score so it just sucks. Lol again thanks for the help. I just don't want to leave something on my report that could improve the score.

[morgacj2004]

My BK was discharged in Nov 2012. My starting scores were 520 range. Since then I have worked diligently on cleaning up my bureau. Writing monthly letters to the CRA, filing disputes, good will letters, etc. My scores are now in the 700-710 range and I have approx 42k in new credit. You can do it but it will require some hard work and attention to details. I WOULD NOT suggest hiring a credit repair agency. I did that initially and got absolutely nothing out of them. So keep your head up high you are certainly going in the right direction.