I need help (advice needed please)

[rmonoson]

Hello all -

I need help.  I am in trouble and I feel helpless.

I filed for BK (ch7) back in 2002 and it was discharged May of 2002.  My fico scores are 631 (Equifax), 580 (TransUnion), and 606 (Experian).

I am getting the "royal" treatment on car loans (used loans at  10-12%), personal loans (20%) and my mortgage is at 7.45% 30 year fixed at 3,445 /month)

I am a single income parent of 3 children, AND I go to school fulltime. 

I just do not know what to do to pull up my credit scores. I have tried this year to refinance my mortgage, my autos and so forth and no one will touch me because I have so much overhead. I have a great income (thank God) and I make all of my payments on time, no slow pays, but they are telling me that my debt to credit ratio is too high....... because I keep getting shafted on rates.

I have 3 questions:

1.) What advice can anyone give me? 

2.) Since my BK(Ch7) was disharged  May of 2002, does this mean that May 2009 the BANKRUPTCY ACCOUNTS drop off as well as the public record?

3.) What can I do in the meantime to get better opportunites to refinance? Any tricks of the trade?

Thanks in advance for your thoughtful insight.

humbler regards,

rmonoson
jax,fl

[Anonymous]

I just wanted to reply to the part of your question about when your bankruptcy falls off.

It stays on your reports for TEN years from the date of discharge so you still have 4.5 years  to go.

I hope others can help you with the rest of your question

[Anonymous]

Sounds like a classic Catch-22...you need the loan, but in order to get the loan, you first must prove you're wealthy enough you don't really need the loan in the first place. But if you were that wealthy, why would you bother trying to get the loan?

There's no easy fix for this. See if you can pull OT at your job and put the extra money to debt repayment.

[rmonoson]

no such thing as OT when you're salary. Thx. and the post above from blackandblue... I never knew it was 10 years for BK's to fall off.... my God.

[joejroe]

Hello,

Check this out and let me know if this helps.  If you have any questions about the process, freel free to ask. 

http://ficoforums.myfico.com/fico/board/message?board.id=bankruptcy&thread.id=268

[rmonoson]

Hello all... it's me again.... and I am STILL suffering greatly.  It appears as though there is no hope, and that there is no advocacy for us.  It appears as though CRA's can do what ever they want, and no one can do anything about it.

Here is my 2009 update.

I am in DESPERATE need to refinance my 2 mortgages.  I fell behind and got a 30 days past due in October & November 2008.  I cannot get refinanced because my mortgage by far exceeds the value of my property.  HUD.gov cannot help me, nor do I have a Fannie Mae or Freddie Mac mortgage.

My wife is disabled, but they won't provide her any money because of my income.  (let alone the fact that I have 3 children, one of which require assistance for autism, my wife, and then me to feed)

The cost of living has increased so much that I am starting to break.  

I am in despreate need of finding out some key information regarding my Credit Report.

As menitioned before, my BK 7 was DISCHARGED MAY 2002.  I have a TON on there that was "Included in BK".

I have read on this forum that my score actually goes DOWN??? when this falls off in 2012?  Is that effin true?!!

What can I do in the mean time? 

 I have creditors who are CLOSING my accouts and AUTOMATICALLY LOWERING my balances (GE MONEY BANK) and I have been PERFECT in paying my bills.

My only slip up was my mortgage (by the way) I was going through a loan modification during that time, they should NOT have reported me!

I am so upset.  I have zero hope.  I have been on this forum for a while now, and my scores have gone down pretty consistently.