Current Chapter 13 - obtaining credit - scores rising!

[Anonymous]

My apologies for jumping the gun. I'm so frustrated right now with my financial situation. That's all. I never thought I would be here but life is full of twists and turns. I still don't understand why you need more than 2 cards. You are potentially setting yourself up for more disaster. I wish you the best, and your story is actually inspiring. There's life after BK!!

[Anonymous]

No problem, because I feel your frustration as well.  Believe me!  There is hope and things will get better if we remain persistent and practice good behavior and control of our finances and the credit that is granted/extended to us.  I only carry my Orchard card and New Milleneum secured card in my wallet.  The rest are in the original envelopes stored away out of sight and mind.  I just wanted a few more cards for utilization improvement, that's all.  I'm done.  I will just sit back and continue to pay my bills on or before time and keep my limits low.  I wish you the best of luck in your financial and credit endeavors.  Keep  your head up! 

[TKDALLSTAR]

30ross30, Your perseverance is honorable. Good job working with your current cards and letting them age. I too was once in your position, though I didn't go through BK(s). My credit scores were in the high 400's, in August 2006, after I ran up much credit card debt, and some cards being charged off as bad debt. Since then I have been able to get most of the negative marks deleted off my credit reports. My scores are now in the upper mid 600's, and has really helped. Good luck and do continue making positive credit decisions..

[Anonymous]

TKDALLSTAR - thanks so much for the kind words...I really, really appreciate it.  I'm so thankful that I found this forum.  It has been a tremendous help and I feel like I'm addicted!  I stay on for hours just researching and gathering a wealth of information.  It's good to hear and receive advice from people who are or have been in your shoes and know exactly what you're facing or going thru.  It means a LOT!  Thanks again......

[Uniqua]

Hello, 30ross30:

Sounds like you have a plan. However, I note that you plan on refinancing your home within the next "few months." That is a good idea and I certainly encourage you to do so, but you still have to worry about the BK trustee finding out about the new debt you've incurred before that time. This may cause your present Ch 13 BK to be dismissed and refinancing after that may prove to be extremely difficult. Applying for credit excessively within a short period of time will decrease your FICO score tremendously. Not to mention you already have two BKs on your CRs. Why put yourself in that position especially when you know you want to refinance your home in the near future? IMHO, you may be getting yourself into a situation I don't think you are prepared for. I would lay off the credit/charge cards and focus on improving your FICO scores so you will have no problems with your future plans.

All the best!