topic Re: 2 Bankruptcys feeling down and out in General Credit Topics

2 Bankruptcys feeling down and out

Anonymous — Mon, 02 Jul 2007 16:15:44 GMT

I have a friend that has two bankruptcys in the early 2000's (fico score is in the low 400's). She is down and feels that she cannot ever get to the point of being able to get financed for anything. She seems not to want to try to improve her credit because it seems too hard of an uphill battle. I told her about this forum. She did look at several posts but she feels that her situation is much worse than any she has seen. Can anyone tell us their story on this thread or link one to us? Especially if you had more than one bankruptcy or if your score was at one time in the lower 400's. I will make her look at this thread later today.

Re: 2 Bankruptcys feeling down and out

MidnightVoice — Mon, 02 Jul 2007 16:18:29 GMT

I was never there, but I do know that whatever your state, this place can help you improve, give you support, and probably even raise a laugh or two

Re: 2 Bankruptcys feeling down and out

Anonymous — Mon, 02 Jul 2007 16:25:22 GMT

have her check out Confessions GOod for the Soul;....

2 Bankruptcies 5-6yrs old.....

Man I wish! In a year or two they go away,

and even now she can work on rebuilding her credit.

Message Edited by jaguls66 on 07-02-2007 09:25 AM

Re: 2 Bankruptcys feeling down and out

Anonymous — Mon, 02 Jul 2007 16:59:20 GMT

@Anonymous wrote:
I have a friend that has two bankruptcys in the early 2000's (fico score is in the low 400's). She is down and feels that she cannot ever get to the point of being able to get financed for anything. She seems not to want to try to improve her credit because it seems too hard of an uphill battle. I told her about this forum. She did look at several posts but she feels that her situation is much worse than any she has seen. Can anyone tell us their story on this thread or link one to us? Especially if you had more than one bankruptcy or if your score was at one time in the lower 400's. I will make her look at this thread later today.

I had a bankruptcy once, but it has now since deleted from my credit file.

Although it may be a bad thing, I used it to my advantage. I needed a new car and I went to my trustee and got a letter stating how much I could afford. I went to the dealership and gave them a letter stating I needed a car and this is what I could afford, no haggling.

they got me in a vehicle with a warranty for the amt on the letter.

I think my credit score at that time was like 430 or something like that. Didn't even qualify for a home. Now I am in my second home.

Long story short, although the situation may seem hopeless, dont focus on the negative (even though that may be all you can see), try and take advantage of what positives you can. Eventually you will get out of your slump. Unfortunately these things take time and patience.

Peace

Re: 2 Bankruptcys feeling down and out

SmartCookie — Tue, 03 Jul 2007 01:07:17 GMT

Show her this thread, it's very inspiring! http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=4346&page=1

Re: 2 Bankruptcys feeling down and out

Anonymous — Fri, 06 Jul 2007 21:30:38 GMT

Thanks everyone. I am the one who is down and out. I am going to list all of my information later to let you see what you can suggest. Monro411 is trying to help me himself, but said if I dont at least try this forum he would not help anymore. Let me go gather the mess. BRB

Re: 2 Bankruptcys feeling down and out

SmartCookie — Fri, 06 Jul 2007 21:32:26 GMT

Monro411 layin down the tough love! Good for him, he's right... and I'm glad you finally showed up!

Re: 2 Bankruptcys feeling down and out

MidnightVoice — Fri, 06 Jul 2007 21:33:28 GMT

You will not be the only one here who has been in a mess.

And the people here are very supportive.

Re: 2 Bankruptcys feeling down and out

Anonymous — Fri, 06 Jul 2007 21:33:55 GMT

Missey Elliott I guess there are crazier names.

Re: 2 Bankruptcys feeling down and out

Anonymous — Fri, 06 Jul 2007 21:35:10 GMT

you'll make it.

gotta crawl before you walk right?

And in the process you're going to learn so much.

Good luck!

Re: 2 Bankruptcys feeling down and out

MidnightVoice — Fri, 06 Jul 2007 21:35:35 GMT

monro411 wrote:
Missey Elliott I guess there are crazier names.

Well,

jaguls66 wrote:
I am changing my screen name to MindlessDrivel!! fits better!

Re: 2 Bankruptcys feeling down and out

Anonymous — Sat, 07 Jul 2007 01:19:21 GMT

MidnightVoice wrote:

monro411 wrote:
Missey Elliott I guess there are crazier names.

Well,

I think she fell in the toilet. I will call her and see where her post she was supposed to do went.

Re: 2 Bankruptcys feeling down and out

Anonymous — Sat, 07 Jul 2007 01:34:00 GMT

In answer to your question Missey, yes, there are some of us who have filed BK twice. It has been two and a half years since the last one (the previous one was in 87) and much has changed since then. Both mine and my wifes FICO scores are in the 650 to 675 range and yes, I am challenging items on both of our credit files. Don't forget, you do live in the greatest country in the world, where you are always afforded a second chance. I was still in school (the second time around), and just had been through some recent surgeries preventing from working like I should have been when this last bout happened. Since then, my income has almost tripled since getting out of school as well as my wife probably has the best job of her lift also. We will probably top six figures this year for the first time ever. We both have nice vehicles, and financially are better off than we've ever been. A good piece of advice, find a person you trust in the banking/credit union business and work HARD with them, this has really helped us. All is not lost, keep trying!!!

Re: 2 Bankruptcys feeling down and out

Anonymous — Sat, 07 Jul 2007 18:23:42 GMT

Sorry I forgot my password.

2 Bkrpcys Chapter 13-2002 (dismissed -I had a crooked lawyer) and Chapter 7-2004 (to clean up from Chapter 13)-

2 Car Repo Ford Motor Credit 2005- made agreement with creditor not to put on bankruptcy but still could not keep up with payments Owe $6000

1 Foreclosure-will drop off in the next few months

Credit Acceptance $2900

Collection accounts

JC Penny $136 Charged off

Sears $450 Charged off

Capital One $670 Charged off

Student loans $8900 Late

I am currently giving my money away by renting. I would like to be in position to buy a home in two to three years. What should I do? I do know my credit is horrible. At one time I was living beyond my income means and frankly did not care about credit. Now I am more mature and would like help or suggestions on what to do.

Scores

TU 429 EQ 460 EX 435

Re: 2 Bankruptcys feeling down and out

Anonymous — Mon, 09 Jul 2007 14:03:04 GMT

OK I thought someone was going to give some advise on where I should get started. Yesterday I disputed everything. What next?

Re: 2 Bankruptcys feeling down and out

Anonymous — Mon, 09 Jul 2007 15:17:45 GMT

MisseyElliott wrote:
Sorry I forgot my password.

2 Bkrpcys Chapter 13-2002 (dismissed -I had a crooked lawyer) and Chapter 7-2004 (to clean up from Chapter 13)-
2 Car Repo Ford Motor Credit 2005- made agreement with creditor not to put on bankruptcy but still could not keep up with payments Owe $6000
1 Foreclosure-will drop off in the next few months
Credit Acceptance $2900
Collection accounts
JC Penny $136 Charged off
Sears $450 Charged off
Capital One $670 Charged off
Student loans $8900 Late

I am currently giving my money away by renting. I would like to be in position to buy a home in two to three years. What should I do? I do know my credit is horrible. At one time I was living beyond my income means and frankly did not care about credit. Now I am more mature and would like help or suggestions on what to do.
Scores
TU 429 EQ 460 EX 435

first of all SLs, and I'm guessing these are Fed loans can be deferred, and you should do that ASAP because you'll need all the money you can to get rid of some of your chargeoffs.

Second, get some money together and start writing some PFDs for those chargeoffs.

Re: 2 Bankruptcys feeling down and out

Anonymous — Tue, 02 Oct 2007 18:57:19 GMT

MisseyElliot -

I too had filed two bankrupticies within 2 years (2001 and 2003) of each other (Ch 13) but were dismissed because I was not disciplined enough to make the payments. Since then both were deleted on EQ and one was deleted on TU. If you get too overwhelmed try a reputable credit repair company, but you'd be surprised what you can do yourself. The first thing you have to do is face your mistakes and VOW to NEVER let it happen again!

Angie10

TU 635

EX 631

EQ 598

Re: 2 Bankruptcys feeling down and out

Anonymous — Tue, 02 Oct 2007 19:03:28 GMT

While you're paying off the charge off with a deletion for payment. It helped me to get a secured credit card while I was paying off charge offs. I went through my credit union and only needed to put up 75% of the credit line. Make payments faithfully and send more than the min. payment.

Re: 2 Bankruptcys feeling down and out

Anonymous — Tue, 02 Oct 2007 19:05:07 GMT

MisseyElliott wrote:

Sorry I forgot my password.

2 Bkrpcys Chapter 13-2002 (dismissed -I had a crooked lawyer) and Chapter 7-2004 (to clean up from Chapter 13)-

2 Car Repo Ford Motor Credit 2005- made agreement with creditor not to put on bankruptcy but still could not keep up with payments Owe $6000

1 Foreclosure-will drop off in the next few months

Credit Acceptance $2900

Collection accounts

JC Penny $136 Charged off

Sears $450 Charged off

Capital One $670 Charged off

Student loans $8900 Late

I am currently giving my money away by renting. I would like to be in position to buy a home in two to three years. What should I do? I do know my credit is horrible. At one time I was living beyond my income means and frankly did not care about credit. Now I am more mature and would like help or suggestions on what to do.

Scores

TU 429 EQ 460 EX 435

Missy our dredit report looks like daycamp compared to what mine looked like by the time I decided to file BK...lol!!! So many medical accounts sold over and over to various collection agencies it wasn't funny. If I were to copy and paste here it would take more than a message space.

That being said, there IS life after BK. First of all make sure all of your debts were included in BK and show as such on your credit report. IF they do, they should also show a 0 balance because the BK discharged them. Once you do that, come back and see what the next step is.

BTW if your loans are federal, get in some sort of repaymnt, even if it is a redfuced forebearance.

Re: 2 Bankruptcys feeling down and out

Anonymous — Tue, 02 Oct 2007 23:47:21 GMT

BTDT when I was 22. Recovered from that to have Plat cards when they actuallly were a status symbol. Chase pissed me off by cancelling my Plat MC for no reason (never late, always PIF - guess they didn't make enough money off of me) and I went 'credit less' for 11 years. Having no credit is worse than having bad credit!!!

Went thru the re-build (I consider myself in building mode now) - started with a $250 First Premier Card , got an Exxon at a $110 CLI, then an HD ($750) and it's been a slow process but 10 months into it I got my first prime card from Citi ($2500 CLI) and am now cycling out the sub-prime.

Message Edited by Lady_Scarlet on 10-02-2007 07:47 PM