It sickens me to see my credit score so low. It also sickens me that Bank of America got it's way and ruined me.
Not only that, when I went to a bankruptcy lawyer, he demanded $4,000 upfront...and today he's in jail for swindling people like myself during a recession, people with foreclosures etc. Had to borrow from a 401K. to pay this atty off. Worst experience of my entire life. Left me sick and not trusting anyone.
I was told you can establish credit. Sure credit cards? No thanks. Banks...forget it... Buy a car they say? For what?
I'm 65 years old who is going to give me the right time of day now...No one.
BOA really got away with shafting the public and they got the help they needed, yet we the consumer never stood a chance at all. They laughed it off and took vacations, while the rest of us lost our jobs and had to eat it ...all the way. Digusted.
Their are definately ways to improve your CR, and thus your score, but a plan requires addressing the derogatory items still reporting in your CR.
If you post a listing of the date, age, and type of each derog in your CR, I am sure you will get some good advice on how to address them.
Being clean of derogs is usually the first step.
I'm confused, because the thread title says one thing, but the subject says something different altogether.
So you want help... or you don't?
Because a plan to rebuild would involve more than likely getting credit cards, maybe an installment loan and cleaning up some derogs.
Age has absolutely nothing to do with it.
Follow my financial journey: http://www.frugalrican.com
I get the feeling he's venting which might not be a bad thing. There's plenty of helpful people here from what I have seen. In fact, I'd like to thank all of you who try to help by answering posts and giving valuable advice. So to the OP... when you're ready to get help, just ask away.
Yes I was venting and that I appologize for. The second answer is yes I want to know how do you establish yourself once this has been done?
What happened before is a done deal. Banks are higher and I'm just a pinon trying to salvage what's left.
What prompted me to get a credit report was two fold. First I was rejected in getting an apartment and the other a job. The other thing that prompted me was the fact after 2 years, I was rejected a JCP card. ( not that I care) But it was weird, I was able to get a cell phone credit. Anyway that started me searching, because you need the letters to get a report from the unions.
I seen on here, that there are 4 accounts that shouldn't have flags
3 are paid as agreed and one was closed down eons ago.
Everyone is right, correcting the reports is the first thing in line I should do. Second of all age doesn't matter...true. Lastly, I'm sorry I confused anyone, it's just I've got so much pent up frustration inside of me and just looking at reports and seeing all this negativity ...well you all know.
Question: How do I begin without falling into a trap?
**Bump for Maggie
Anyone have good advice on her question?
Hi, Maggie - and welcome. I would recommend that you google "OPT OUT" and then opt out - Opting out is supposed to prevent the CRA's from selling your information. What the CRA's do is, if you change your address, apply for credit, etc. they send out "credit alerts" to anyone interested in you. A lot of us, right during the mortgage process, have collections from ages ago that pop up when we least need it - this is due to the CRA's letting CA's know we applied for a mortgage.
Last May I opted out, got my house, everything cool, cleaned up all my credit, then in May I opted back in so I could see what credit card offers came my way beins that I have decent credit now. Know what I got within three weeks? A collection from 8 years ago that AFNI said was more recent, and I lost tons of points. I got the collection removed when I fought them, but that's not the point. So Opt Out!
Falling into a trap - what do you mean? Are you talking about paying off old debts and "waking the sleeping giant?"
As RobertEG said, list what is on your reports - the good and the bad. (Don't be embarrassed, we don't know you and we've all been there) - that way we can give you SPECIFIC advice on what to do to best get back on track. I would also go down to my local credit union, and open a "secured card". If you don't have a credit card reporting positively, you are hurting your scores. A secured card means you give the credit union a few hundred bucks, they give you a credit card with a limit equivalent to your deposit, and then it reports as if it is a "real" credit card. You might want to get two of them at two different banks. Then you are building the positive while working on the negative. I also am going to bet that you have some GREAT AAoA on your reports, which means Average Age of Accounts - this is going to help you, too.
If you have questions specific to your Bankruptcy, there is also a bankruptcy section of this site and they know it all over there!
So when ready, let us help you.
Like that ...
Now for the things you mentioned. Thank you for that "Opt Out." I'm going to do that first thing in the morning. Plus the one for the telemarketers as well.
I've been getting junk from car dealers that are unworthy, old creditors that wish to have my business and mortuaries etc.
Credit: A few companies that were understanding kept me, like Amex and Target and just recently I got a Masercard. They gave me a huge line of credit. I called and told them limit me and they were glad to do it. So as far as that kind of credit. I'm fine.
I was told to get "secure" credit...I guess like a car or land or as you said a secured credit card? My husband wants to get a old car to go to work and put it in my name, I'm a bit leary of doing this after all I went through in bankruptcy court.
"Falling into a Trap" -
Well I paid off all debts before the bankruptcy. I just do not wish to deal with banks anymore and falling into their traps. That's what I mean.
Especially with the Bank of America and the traps they laid out for not so ideal clients, that at the time, and with their greed, thought it was time to give us a chance. We'll they did. Only they, the banks, knew that if something was to happen, we'd have no way out except to go bankrupted.
Everything was fine, I had been paying down my bills regardless, except them. The rest is history...
Thanks for listening and the advise.
I can truly understand the "trap" you was in. Before I even heard of this site or Dave Ramsey (don't shoot me ), I transferred from VA to Ca on military orders. I tried to rent my home and after a year (this was in 2008), I ask Wells to do a short sale. I even had a buyer, and WF declined the sale. I asked for a deed in lieu, and I couldn't unless I missed at least 6 months in payment. Well, it tanked my credit score, (like I knew what it was) and I did get the deed in lieu.
As of today, I am closing in August on a $310,000 house that I am financing for $275.000 ($40k in builder credit and closing/pre-paid covered by the bank and the developer), much wiser on the use of credit cards, and cleaned up my CR in the process. Now, I am not here to brag, but I used to be on a DMP... I had to use my debit card to rent cars and to buying airplane tickets. When my father in law died in 2008 of cancer, I had to go to the military to get a loan so my family could get last minute plane tickets.
Again, all of this has taught me a valuable lesson in life. One, the banks, DO NOT care about your loss. They already been bailed out. What you need to do is stay in this website and let US, the MYFICOS' bail you out with our experiences. I would have never dream of owning an AMEX card. I see it like this, YOU are a business. When I see others here with 15 to 20 credit cards and almost $50 to $75K in credit, I frowned at them. BUT, when they have a uti of 1 to 20% with credit scores between 700 to 810, I salute them. When you get to that level, the car and credit companies willbe banging on your door.
You don't really have to do much to re-establish credit. By already having a few credit cards you are on the way up.
Just GENTLY use your credit cards each month, DO NOT CARRY A BALANCE ON THEM making sure to pay them off in full each month.
You should join a local credit union. Sit down and talk to someone there. They are usually really nice people and will be more than willing to help you. Open a savings account there for Christmas or Vacation money.
Once you are a member of the credit union that is where you want to get an auto loan from. They will give you the best rates.
Fixing credit sometimes just takes time! With good behavior your scores will continue to go up.