topic Re: Scores Do not Matter in Bankruptcy

Scores Do not Matter

Anonymous — Mon, 23 Feb 2015 01:37:01 GMT

I love how so many people on here thing scores are the only thing a lender looks it. They are also concerned with your payment history pre and post bankrupycy, INCOME, usage, and utilization.

All I am going to say is if your only getting 3-5k limits it's becasue of history, no score as well as income. If you only make 35k a year your not going to have as high as a limits as someone who makes 80k. With that said, if your revolving your credit cards after bankruptcy it looks really bad regardless of score. I am not even 5 years out of chapter 7, and I have close to 100k in revolving limits and close to 800 score.

Re: Scores Do not Matter

Anonymous — Mon, 23 Feb 2015 05:28:47 GMT

While creditors maybe looking at more than scores your post offers little help except to brag about what you accomplished. Not a very helpful post at all. I have over 200k income filed bk in 2012 mainly due to tax issues. I am building as much as I can and don't carry any debt but it's not as easy as you make it sound

Re: Scores Do not Matter

DaUsMsB — Mon, 23 Feb 2015 22:06:08 GMT

Not sure what you're trying to accomplish here. I sort of see your subject being "partially" right. It's not an all-in-one thing that scores don't matter. It does matter, but also all the other things you mentioned matter right along with it.

I am like Diminyc, we are rebuilding after our slip. We also make well over 100k in a low cost of living area (AR). We never wanted a credit card or loan again and during our whole time in bankruptcy paid cash and even a little after discharge. So we're rebuilding because even though we are much better than we were, we don't have 200k+ to pay cash for a house. We however have enough saved to pay cash for our new cars, but opted to get loans to build our credit. So with our 660-680 scores we were barely able to secure a loan even with all the money we made and basically 0 credit card debt. (maybe $2 on each). This is with our prior to BK history being great...and only baddies now are BK and foreclosure.

I hate the game of credit, but unless you're a millionaire it's hard to buy a house out of pocket...so we must play the game. Credit scores is one piece of the game. Some days some people are also lucky in the game...which is why I think they got credit limits/cards better/higher than us.

Re: Scores Do not Matter

TRC_WA — Tue, 24 Feb 2015 23:09:41 GMT

@Anonymous wrote:
. I am not even 5 years out of chapter 7, and I have close to 100k in revolving limits and close to 800 score.

Cool story.

So is it safe to assume you won't be filing Ch 7 again?

Re: Scores Do not Matter

Anonymous — Tue, 24 Feb 2015 23:12:42 GMT

@Anonymous wrote:
I love how so many people on here thing scores are the only thing a lender looks it. They are also concerned with your payment history pre and post bankrupycy, INCOME, usage, and utilization.

All I am going to say is if your only getting 3-5k limits it's becasue of history, no score as well as income. If you only make 35k a year your not going to have as high as a limits as someone who makes 80k. With that said, if your revolving your credit cards after bankruptcy it looks really bad regardless of score. I am not even 5 years out of chapter 7, and I have close to 100k in revolving limits and close to 800 score.

I dont think anyone here thinks scores are the only thing that is looked at.

But we will be sure to take advice from the bankrupt person no one has ever heard of.

Re: Scores Do not Matter

Creditwiser — Tue, 24 Feb 2015 23:21:45 GMT

@Anonymous wrote:
I love how so many people on here thing scores are the only thing a lender looks it. They are also concerned with your payment history pre and post bankrupycy, INCOME, usage, and utilization.

All I am going to say is if your only getting 3-5k limits it's becasue of history, no score as well as income. If you only make 35k a year your not going to have as high as a limits as someone who makes 80k. With that said, if your revolving your credit cards after bankruptcy it looks really bad regardless of score. I am not even 5 years out of chapter 7, and I have close to 100k in revolving limits and close to 800 score.

Your math is a bit off on the generous side. Youre far from close to 100k in limits. Unless you havnt listed the other 30k I dont see. Anyway, whats your point. It all matters. Most on here know that. Im 7 months post disch and Im almost at 700. I make more than 80k and I have plenty of credit and good payment history in post and pre BK. For many, 3-5k limits is plenty. You dont need large limits to have high scores. Nor to you need a large income to have high limits. Yes it helps, but there are other factors.

Re: Scores Do not Matter

ezdriver — Wed, 25 Feb 2015 04:29:55 GMT

@Anonymous wrote:
I love how so many people on here thing scores are the only thing a lender looks it. They are also concerned with your payment history pre and post bankrupycy, INCOME, usage, and utilization.

All I am going to say is if your only getting 3-5k limits it's becasue of history, no score as well as income. If you only make 35k a year your not going to have as high as a limits as someone who makes 80k. With that said, if your revolving your credit cards after bankruptcy it looks really bad regardless of score. I am not even 5 years out of chapter 7, and I have close to 100k in revolving limits and close to 800 score.

Wow...I'm impressed. I bought a new house 1 yr after ch7 and currently have more credit cards than I need...but I feel so inadequate. When is your book going to be available for purchase?