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Contributor
Justrebuilding
Posts: 111
Registered: ‎12-28-2012
0

Not sure what to next-rebuilding after bankruptcy

Hello, I filed a chap 7 in July 08 and also had a foreclosure at that time. I have been focused on trying to rebuild my credit but nt sure what I can do next. Here's my current situation:

1 cap card unsecured 1750 limit opened 2012. 0 bal

1 cap one card rewards unsecured 1250 limit opened 2012 10 bal

1 orchards card unsecured 1000 limit opened 2012 0 bal

1 ge care credit 3500 limit opened 2011 240 bal

1 lane Bryant card 150 limit (never use) opened 12/10 0 bal

1 student loan 19k, in deferment now 

 

Since the bk I have had 2 car loans -paid off and one small collection (100) paid off.

 

What I think is hurting me are my inquiries. I have 8- driven by shopping for a car twice, applying for the cards above and a Bofa secured card, and mortgage shopping - trying to buy a house now. I use my rewards card quite a bit but pay it off ea month. My scores are 642 from experian and equifax and 700 transunion. Have been sitting at that score for 5 months. I would like to get to 700+ across all 3.

 

Any help would be greatly appreciated! 



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Not sure what to next-rebuilding after bankruptcy

I think the BK is holding your score down ~ you may not see a lot of improvement until it ages. Are there any late payments that you could GW ? Also can you get that collection removed ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Contributor
Justrebuilding
Posts: 111
Registered: ‎12-28-2012
0

Re: Not sure what to next-rebuilding after bankruptcy

An online dispute did not work for the collection, any other ways to remove it? It was a medical bill I thought was covered by insurance. The only late payments are for accounts that went into the bk. Can you get a gw removal on those if the accounts are closed? Thank you for the reply.



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Not sure what to next-rebuilding after bankruptcy

Yes I agree. I have a 9 yr, 4 mo old Ch7 on my report with similar scores as you. You probably won't see a boost until it completely falls off. Mines will fall off Aug 2013 & I am never filing again.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Not sure what to next-rebuilding after bankruptcy

If you can offer a pay for delete ( PFD ) that may be your best option for the collection. You can certainly try to GW late payments on accounts that are closed, no harm in trying.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Mega Contributor
RobertEG
Posts: 18,201
Registered: ‎03-19-2007
0

Re: Not sure what to next-rebuilding after bankruptcy

Obtaining GW deletion of reported derogs on an account where the creditor lost the ability to collect the debt due its discharge under BK may be a bit tough.

What incentives can you offer to entice their deletion?

 

Collections reflect that the debt collector had collection authority, and the ultimate payment or non-payment of the debt does not alter that fact.

The policy of the CRAs is that reporting should not be deleted based on payment of a debt.

Having paid, the legitimacy of the debt itself is a bit hard to contest.  A dispute would have to contest the accuracy of their having had collection authority, and DV requests are useless, as they no longer have any ongoing collection activity, so are unconcerned about any cease collection bar.

Just keep asking the debt collector for a GW deletion.

 

I agree that, until the major derogs are excluded from your credit report/scoring, you will remain in an unfavorable scoring category, making significant score increases difficult.

The two majors are apparently the BK and the collection.  When is the collection scheduled to die of its own 7 yrs + 180 day old age?

Contributor
Justrebuilding
Posts: 111
Registered: ‎12-28-2012
0

Re: Not sure what to next-rebuilding after bankruptcy


pizzadude wrote:
If you can offer a pay for delete ( PFD ) that may be your best option for the collection. You can certainly try to GW late payments on accounts that are closed, no harm in trying.

I already paid the collection so I can't do a pay for delete now I think....I will certainly try the gw letters. Doesn't cost anything but time. Thank you.



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
Contributor
Justrebuilding
Posts: 111
Registered: ‎12-28-2012
0

Re: Not sure what to next-rebuilding after bankruptcy


RobertEG wrote:

Obtaining GW deletion of reported derogs on an account where the creditor lost the ability to collect the debt due its discharge under BK may be a bit tough.

What incentives can you offer to entice their deletion?

 

Collections reflect that the debt collector had collection authority, and the ultimate payment or non-payment of the debt does not alter that fact.

The policy of the CRAs is that reporting should not be deleted based on payment of a debt.

Having paid, the legitimacy of the debt itself is a bit hard to contest.  A dispute would have to contest the accuracy of their having had collection authority, and DV requests are useless, as they no longer have any ongoing collection activity, so are unconcerned about any cease collection bar.

Just keep asking the debt collector for a GW deletion.

 

I agree that, until the major derogs are excluded from your credit report/scoring, you will remain in an unfavorable scoring category, making significant score increases difficult.

The two majors are apparently the BK and the collection.  When is the collection scheduled to die of its own 7 yrs + 180 day old age?


This particular collection was from 2010 so I have a ways to go. i also have a  couple  from 03/04 that were included in the bk. Do you increase getting a CLI on any of my existing cards or getting new cards would help at all?



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
Contributor
Justrebuilding
Posts: 111
Registered: ‎12-28-2012
0

Re: Not sure what to next-rebuilding after bankruptcy


MovingForward_2012 wrote:
Yes I agree. I have a 9 yr, 4 mo old Ch7 on my report with similar scores as you. You probably won't see a boost until it completely falls off. Mines will fall off Aug 2013 & I am never filing again.

I'm never filing again either! It was the best move for to move forward and I have learned tons since then. But I will never go back down that road. 



Cap 1 QS 5K, Cap 1 QS 4K, Cap 1 QS 4K, GE Care Cr 7K NFCU Cash Rewards 10K Walmart 1.3K NavCheck 5K Freedom 2.5K CSP 6K Sallie Mae 3K Arrival+ 3K Macy's 1K
Contributor
QueenofReinvention
Posts: 104
Registered: ‎12-01-2012
0

Re: Not sure what to next-rebuilding after bankruptcy


Justrebuilding wrote:

MovingForward_2012 wrote:
Yes I agree. I have a 9 yr, 4 mo old Ch7 on my report with similar scores as you. You probably won't see a boost until it completely falls off. Mines will fall off Aug 2013 & I am never filing again.

I'm never filing again either! It was the best move for to move forward and I have learned tons since then. But I will never go back down that road. 


Agreed! You can "never, say never!" But, in this case, I would do any and everything in my power NOT to have to file again. That's why I am keeping everything tight and not wanting a lot of credit. While I believe I have learned a LOT, and know there is a need for credit, and I am all for that, and understand it. But, at the end of the day, I just want to have 3 cards, and save as much as I can in my 401k, as well as personal IRA's, stocks, and the like.


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