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I have been reading some of the posts on the website & there are some of you that are not being realistic. You can not expect your fico credit score as well you your credit rating to rebound (recover) shortly after a mishap such as a bankruptcy, collection account, tax liens, late payments, etc. These things will take time and will not happen overnight, in a month, and in most cases over a year or so. I have been there because I used to have a fico score of around 480 because of 2 medical bankruptcies, several collections, a few judgments, over 24 inquiries, several late payments, etc. So I know what it is like & what everyone else is going though.
I had to start all over again. I started out with secured credit cards & loans. My credit union had me write and sign a statement is to why I had 2 bankruptcy filings. As time went on & I as never late with any creditors then my deposit was returned back to me. The score after the bankruptcy was discharged did not go up. It took a couple of years because as the date of the bankruptcy filing gets older it is less of a negative impact on the score.
Credit repair companies will not be able to remove your bankruptcy account(s) as well as the accounts that you included with them. This is what will happen. In your bankruptcy packet is what is called "SCHEDULE F". It shows the list of creditors that are included in the bankruptcy. So any disputes and you will have to send that it. In addition the credit bureaus can verify the information through the bankruptcy courts.
You will most likely need to start off with one or two secured credit cards,a s well as a secured perosnal loan. And do not be late for any reason.
There are also some credit card comapnies I believe that will extend you a small line of credit with no deposit.
So it can take a few years. You need to prove through your actiosn to creditors that you are not a risk to them. Regardless of why a bankruptcy was filed it is still a bankruptcy.
I will give you my favorite 3 word response...
IT ALL DEPENDS.
I started in July of this year and was at high 500's FICO.
I got 6!!!! Collections removed from TU, 3 from EX and 2 from EQ. I now have only 1 open collection remaining on all 3 reports which I am validating. These collections either fell off, were disputed or GWed. I also had a reposession removed and a charge off amended.
Out of all of these, I only paid 2 collections for the total of $200.
My score is at 680 now only 3 months later.
So yes, being realistic is good and all, but there are too many variables, so its better to give people hope that drink out of that half empty glass.
Rebuilding credit can be demoralizing at times, for sure. It's not easy to fix years of poor decisions. However in the 18 months or so that I've actively been repairing credit, I've noticed positive changes. My debts are largely paid off, at least one institution has given me an unsecured line of credit, etc. If I keep paying my bills on time eventually I'll have good credit -- and I have to remember that.
Do I want a Chase Sapphire card or an Amex card? Sure, but I haven't proven worthy yet. But I will and my time will come......I will not give up.