12-27-2012 10:44 AM
I could use some advise. It's been a long journey for me. After near perfect credit. An ugly divorce eventually left me with no choice other than to file Chapter 13 BK. My house and car was excuded and continued to paid on time (as it always had been.) After five years @ over $1100 per month payments I was done. Oddly, I just got my discharge on Monday. Why it took eight months, no one can tell me. My lawyer was useless. My questions - when do I run my credit report, to find a starting point ? I have been paying my mortgage for seven years (never late.) Is it necessary to get a credit card in order to rebuild my credit ? Does anyone have any other advise ? I would eventually like to refi my mortgage. My husband, who is was party to the BK is not on the mortgage (and has superior credit) and can be added but I know I still have to wait. Any help will be greatly appreciated.
12-27-2012 11:12 AM
Sadly the only thing you can do is a time thing. Yes to the CC you may have difficulty with the BK but the others will chime in that have dealt with it but definitely two cards probably secured and timely payments continued . Also get credit reports in case anything that was included in BK shows up as 180 late / chargeoff. Hang in there!
12-27-2012 11:50 AM
hang in there.it takes awhile for the neg info to fall off up to 10 yrs for bk i believe. i personally would wait till early feb just to allow time for all the records to update, but i dont see anything wrong with pulling one today to get an idea. in feb instead of paying for the report i would suggest pulling via .annualcreditreport.com if you haven't already used your yearly. the ones you get from there will list the dates the neg info will fall off your reports, the ones you purcahse typically do not have that for some reason. i also would said yes get a credit card, i would suggest starting with a secured card from your bank, just make sure it reports to the at least one of the credit bureaus. if they dont offer it one im sure you can find some good suggestions on here. I will say avoid avoid 1st premier bank offers at all costs! i didn't file for bk but when i started out i had everything but that i think, i had lates, charge offs, collections. i didn't have the money to put up for a secured card, so i fell for 1st premier offer, it comes loaded w/ fees and a very low limt, most of which is used up by the setup, and annual fees, they also charge you a monthly servicing fee! You should expect to pay an annual fee for awhile, and high interest, just try to pay in full everymonth or even before the statement cuts. i am finally coming up on the 7 yrs for most of the stuff to fall off my report and i am finally getting offers w/ no annual fees and reasonable limits- rates are still varrying my lowest rate is 13.99% highest is 22%
12-28-2012 08:41 AM
I appreciate all the advice. I will pull a credit report next week and start investigating credit cards. I have not intention of buidling up any balance. My situation is not the same as it was, so that danger is not there. I don't buy anything I can not pay for. Most of what was in the BK was the fallout from the divorce - now a distant memory (except for the credit issues.) I am hoping my good mortgage payment record (and car payment, when I had it) will help. Time will tell. Thank you all again
12-28-2012 08:56 AM
You can try Capital One, it see's what it can offer you with out pulling a credit report. I have low scores and I was approved going that rought then finished up and they pulled credit report but I got a 500.00 Credit limit. Not much but its not secured.
12-28-2012 09:09 AM
Thanks for the Capitol One tip. I hear that once the discharge is processed I will get loads of offers CC in the mail LOL. I don't need much of credit line, since I am only going to use it to establish credit (grocery store, small purchases etc and pay off at the end of the month.) My ultimate goal is to evenually refi the house (adding on the hubby.) I know I'll have to wait at least two years.
12-28-2012 10:03 AM
12-28-2012 11:24 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.