Dang it! I filed Chapter 7 
@Anonymous wrote:Gw's are typically sent to a creditor, rather than a CRA.
Although your BK will report for 10 years, you can still do a darn good job rebuilding. There's no time to start like the present!
Have you had a chance to pull your reports here, along with a FICO score? If you pull them here, you will get info on "What's Helping Your Score," "What's Hurting Your Score" and a simulator that helps you know what effect different actions (like opening a credit card or paying down balances) will have on your score.
I pull my reports & scores here usually every qtr. Immediately after I filed Bk I was very proactive about rebuilding and I 100% agree with ya about what it can do. My FICO averages are 690. At one point TU reported a 710 but an INQ dropped it by 15pts. My EX fako reports a 777.
I was recently declined a business loan for an equipment purchase thru US bank, the only reason was due to the BK. Even though its been over 7yrs the underwriter still wouldn't consider it until it falls off. Flip side to that is, they did approve a business CC that does not report to personal with a 5K limit, 0 APR on purchases & BT for 6mo. The loan I was trying to get was only 6K!
Rebuilding is not my concern in this case, it's getting approved for term loans, particularly for expanding my business. Lenders seem to frown on Bks regardless if you demonstrated perfect credit history immediately after a BK and have kept it clean .
Thought maybe writing to the CRA's to try to get it to drop early would be a possibility.
@runNL8 wrote:
@Anonymous wrote:Gw's are typically sent to a creditor, rather than a CRA.
Although your BK will report for 10 years, you can still do a darn good job rebuilding. There's no time to start like the present!
Have you had a chance to pull your reports here, along with a FICO score? If you pull them here, you will get info on "What's Helping Your Score," "What's Hurting Your Score" and a simulator that helps you know what effect different actions (like opening a credit card or paying down balances) will have on your score.
I pull my reports & scores here usually every qtr. Immediately after I filed Bk I was very proactive about rebuilding and I 100% agree with ya about what it can do. My FICO averages are 690. At one point TU reported a 710 but an INQ dropped it by 15pts. My EX fako reports a 777.
I was recently declined a business loan for an equipment purchase thru US bank, the only reason was due to the BK. Even though its been over 7yrs the underwriter still wouldn't consider it until it falls off. Flip side to that is, they did approve a business CC that does not report to personal with a 5K limit, 0 APR on purchases & BT for 6mo. The loan I was trying to get was only 6K!
Rebuilding is not my concern in this case, it's getting approved for term loans, particularly for expanding my business. Lenders seem to frown on Bks regardless if you demonstrated perfect credit history immediately after a BK and have kept it clean
Thought maybe writing to the CRA's to try to get it to drop early would be a possibility.
Yeah. USBank will not approve personal CC's while a BK is reporting, either. Since they are noted for not taking with a BK, it's pretty interesting that you were able to get a business CC. We get pre-approvals for USBank's business CC's frequently - but know that they won't give us a personal CC due to our BK. Go figure.
However, DH and I both have $10K Visa with our local CU (and at a great interest rate BTW), along with a new $8,000 personal loan. They commented that we received those approvals because our records, aside from the BK, look great. So, maybe try some other funding sources. There are folks who will work with you post-BK, especially when you have good scores (of course your EX FAKO is not worth anything, darn it all,) - but your FICO's are both in the upper 600's, if I'm understanding correctly.
So a good question to ask is, "Who are likely candidates to approve me for term loans, especially for expanding my business, 7 years post CH 7 BK?"
Good luck to you!