Think im going to just file. :(

[Anonymous]

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@TRC_WA wrote:

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@Anonymous wrote:

You see, the one thing that people tend to forget about BK is that, to an extent, it makes you a better credit risk because you can't file again for 7 years. So even though the BK itself is a negative the risk for the lender is lower. Even if you start to rebuild your credit somehow and start paying off those collections, you're still a very very high risk in the eyes of the lenders. 

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So THAT'S why you see people with BK7 discharges and $100k in new credit inside of 2 years.

Here I was thinking the banks were stupid...

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The two things aren't mutually exclusive. 

About 10 year ago I lost my job. I was banking with Chase at the time. I knew finding a new job at the age of 50 was going to be tough so I decided to start my own consulting company. To make it look professional I wanted a business checking account, so of course I went to my local Chase branch. I explained the situation, explained I was out of work etc. By the time I walked out of the bank they had talked me into a business credit card with a $12.5K limit and a $50K home equity line of credit. 

So yea, banks can be stupid. 

[Anonymous]

Sometimes I wish banks would be stupid and just hook me up so I can show them I can handle this responsibly. Before anyone makes the well why didn't you pay your bills card. I raised myself to a large extent and really only truly learned about most of this and its impact about 2 years ago

[krielly]

You state that these Medical Collections are past the SOL. If this is the case, I am unclear why you would elect to file BK, rather than work to have them removed? Am I missing something here?

[bstone]

I don't know what state the OP is in, but in some states the SOL for collections is only two or three years (depending on the debt type), yet it remains on your credit for seven.  So while they may not be able to collect legally, they can report to credit for many years beyond the SOL.

[Anonymous]

@Krielly

Right, but now i just have a ton of Unpaid debt (no matter whether or not i can be sued for it).  Ive been working on removal too. hence why i have not filed BK yet, but BK still seems beneficial is all im saying.

and yeah, even the ones that are past SOL are still set to be reporting for a while.

[krielly]

I guess from my perspective, if you're already a few aged on these collections/debts, it may be quicker to hit the falloff date than to file BK.

As someone who has been there (Chapt 13 in 2005), I know that even the 7 years (thankfully not 10) is a long long time...........I would weigh your options carefully and not jump into BK too hastly.

Remember, as you may know, if you file to quickly without ensuring its the most viable option, and later decide to let it dismiss, you still take the 10  year hit on your credit.

Just my humble opinion!

K

[Anonymous]

Well...answer me this. What exactly do lenders look at? I mean is it possible to use my secured card perfectly. Grab a few more. Use them well, get some positive things going and still be okay? I mean the problem im running into is sure I can get these cards and eventually they will become unsecured. But won't any lender aside from that whether it be card or car or loan just take one look and go...well yeah you've been responsible but...REJECTED.? Score isn't everything. I think?.. I dunno if someone could prove to me that my ability to obtain credit for the things I need to secure my future ability to buy homes and such IS in fact possible without A. Bankruptcy. b. Disputing everything and C. Just paying it all off then I see no reason to. But nobody has really told me if its possible. I do think I could/should pay some of them off. I do need to focus on moving forward and when I'm more comfortable with my situation then I can go back and right the wrongs.

[bstone]

You're asking people to tell you something they just can't tell you.  There are way too many variables taken into consideration for any loan, especially a mortgage.

Here's my advice: If you've had numerous people look at your situation and advise to file BK, then do it.  No one here has seen your credit, bills, etc. so we can only speak from our experiences.  I can tell you once you file you will feel relieved of the burden of worry.  You will be able to immediately start rebuilding and in about two years you will have a very good chance of qualifying for a mortgage.

[Anonymous]

Its a simple question though. I figured a full forum of credit savvy people would know. Can you pad a credit report with enough green to outweigh the bad? Someone has to know. Someone somewhere at some point was worse off than me and was either able to. Or not able to

[jkjklkjkl]

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@Anonymous wrote:
Its a simple question though. I figured a full forum of credit savvy people would know. Can you pad a credit report with enough green to outweigh the bad? Someone has to know. Someone somewhere at some point was worse off than me and was either able to. Or not able to

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Brachra, it sounds, to me, like you don't want to take a step in either direction--fighting to have the negative entries deleted or file bankruptcy.

You're almost demanding an answer to a question that cannot be thoroughtly answered.  If you've spent any time on the credit card parts and even the auto part of the forum, you'll see that credit is rarely given on a one-size fits all basis.  You have people with a score of 700, but can't get an auto loan, because they don't have history with large loans, while people who have 10 collections, and a score of 580 get a loan with a 7% interest rate.

If I told you, "Yes, you can negate your negatives." and you didn't file, but found that what I told you, did not hold true for you, would I have been a liar, or was it simply a case of what worked for one, didn't for another?

When I cleaned my credit up, with no negatives, and many positive accounts, I was denied auto loans and credit cards, that others with negatives were receiving--how can that be explained? It can't, except that credit does not happen the same for everyone.

As others have stated, you have to decide what is best for you.  And, as you know if you'd filed BK, whenever you were first able to, you'd possibly already been dismissed, and moving on to better credit.  And, the secured credit card that you're so worried about, could have been reattained, if not with WF, with another institution.

I'm not telling you to file or not, but just keep in mind that action should be taken either way, instead of wasting time.  Either sit down and come up with a game plan to negotiate settles for deletes, submit disputes, and be diligent with it, or file BK, ...or do nothing.