@recoveringfrombk7 wrote:
@twono wrote:
@recoveringfrombk7 wrote:
@twono wrote:
@Anonymous wrote:
Thanks for the info.
If you don’t mind me asking, did you have any late payments on your report before filing? I didn’t have any late payments before considering filing, but got a bunch of lates because my attorney told me to stop paying when I had my consultation.
I’ll wait 30 days and see how everything is showing, then may wait longer. Probably try Credit One first and see how that goes, also try a pre-qualification with Capital One.I had clean records up to the very last week or two where the statement cut date vs. filing date vs. trying to avoid 'preferential payment' would all work out. I had over 35 accts/payments to maintain and something had to give. I ended up with (2) 30 day lates .....but.....after DC and the proverbial dust settled, the lates were not and are not reflected on my reports.
It's unfortunate that most attorneys tell their clients to quit paying asap, and for most filers, it doesn't matter at that point because they're probably already drowning and their reports are riddled with lates, liens, collections, etc....So most attorneys don't realize or even consider that some clients are current and in good standing with creditors.
After i explained to my attny how i am current and have clean reports and want to keep them as clean as possible before filing, he said i could do what i wanted as far as paying another months worth of payments...but also said to pay them all, don't pick and choose.
The way i see it is:
Clean reports before filing + Bankruptcy = BAD
Derogatorys on reports before filing + Bankruptcy = WORSE
For me to have an Equifax FICO 08 score of 639, 3 1/2 months post DC, says something about clean vs dirty reports prior to filing.
My CreditKarma (which is only good for monitoring your accts) EQUIFAX looks like this.
The 1 derogatory is the BK/public record itself.
My CK shows exactly the same thing and I went late on my payments prior to filing on my attorney's recommendation - no lates at all prior to that. I also saved probably 3k by not making those payments, which really helped.
I managed to hit 700 on 2/3 FICO8s around 1 year post DC and I did not find this amazing place until I had buried myself in cards I shouldn't have applied for.
I'm not trying to brag, but rather point out that the BK itself is going to suppress scores for a long while and what is done is done. It is possible to have a really healthy recovery in a relatively short time after BK, even with the lates. My most recent cc has a rate of 12.49.
Soak in the information here and make deliberate moves. I was in a rush, I think a lot of people are, and recovering from bk is a long marathon. Best wishes to you OP. Enjoy the freedom you have, make a budget, ask lots of questions.
I guess i should have posted my annual credit reports or CCT or myfico 3B reports showing '0' lates? I knew better than to use anything CK as a benchmark.
So does your 'real' credit reports show the lates? Surely they do?
It still cannot be disputed that clean reports before filing is better than bad reports before filing. It's just not possible.
My FICO 08 EQ is 646, 4 1/2 mos out of DC. FICO 09's are 670-690's. Your FICO 08 TU is 674 (16) mos post DC. I'm 28 pts behind you in only 4 1/2 mos. I hope to reach 674 in the next 12 mos. I have 6 inq's past 2 yrs, and 2 of those were by CU's that were IIB and pulled erroneously after filing. Removing an inquiry is nearly impossible. Mortgage will be my next HP in 18 mos.
Just pointing out how i think 'clean reports before filing' is ahead of your 'bad reports before filing' theory.
I did not say, at any point, that it was ahead. I pointed out that for some folks it's not possible and they should not stress it. My TU lags the other reports, it always has. I did not find this place until more than a year after I filed, so my rebuild was far from perfect. My point was that I'm doing just fine, I saved money by not making those payments, and I have qualified for some pretty good stuff. NFCU just gave me a cash rewards card at 12.49, when the lowest they offer is 11.15. The FICO9 and FICO10 systems both don't hold the same grudge that FICO8 holds, and with trended data being all the rage, odds are we will see some transitioning away from FICO8.
The point I was making with my post was that not everyone can have clean reports right up to filing, and they should not stress it, especially if it creates hardship. We are here to give advice and help people. There is more than one path through bk and to the other side. At no point did I say what I did was better than what you did. All I said was it turned out fine.
You stated that your ck report with mass negatives looked the same as my clean ck and that there were no differences in having a good rebuild with negs on reports pre-filing vs. clean reports pre-filing. Possible?....i guess.
and as i stated earlier, i realize most people have negs on their reports long before they file. I conceded that. Buuuuttttt, if iall possible, stay clean prior to filing. Clean reports pre-filing, trumps neg reports pre-filing all day/everyday.
when it comes to a creditor doing a manual review of your file, it is especially beneficial.
all my accounts 45+, show beautiful green "OK" notations for 2 yrs of payment history or they show "paid as agreed".
a creditor can see yhat i had a great credit file for many years to be in yhe high 700's prior to filing, and then to have a single fall off the credit cliff, and then to see a quick claw back from yhe abiss.
@twono wrote:
@recoveringfrombk7 wrote:
@twono wrote:
@recoveringfrombk7 wrote:
@twono wrote:
@Anonymous wrote:
Thanks for the info.
If you don’t mind me asking, did you have any late payments on your report before filing? I didn’t have any late payments before considering filing, but got a bunch of lates because my attorney told me to stop paying when I had my consultation.
I’ll wait 30 days and see how everything is showing, then may wait longer. Probably try Credit One first and see how that goes, also try a pre-qualification with Capital One.I had clean records up to the very last week or two where the statement cut date vs. filing date vs. trying to avoid 'preferential payment' would all work out. I had over 35 accts/payments to maintain and something had to give. I ended up with (2) 30 day lates .....but.....after DC and the proverbial dust settled, the lates were not and are not reflected on my reports.
It's unfortunate that most attorneys tell their clients to quit paying asap, and for most filers, it doesn't matter at that point because they're probably already drowning and their reports are riddled with lates, liens, collections, etc....So most attorneys don't realize or even consider that some clients are current and in good standing with creditors.
After i explained to my attny how i am current and have clean reports and want to keep them as clean as possible before filing, he said i could do what i wanted as far as paying another months worth of payments...but also said to pay them all, don't pick and choose.
The way i see it is:
Clean reports before filing + Bankruptcy = BAD
Derogatorys on reports before filing + Bankruptcy = WORSE
For me to have an Equifax FICO 08 score of 639, 3 1/2 months post DC, says something about clean vs dirty reports prior to filing.
My CreditKarma (which is only good for monitoring your accts) EQUIFAX looks like this.
The 1 derogatory is the BK/public record itself.
My CK shows exactly the same thing and I went late on my payments prior to filing on my attorney's recommendation - no lates at all prior to that. I also saved probably 3k by not making those payments, which really helped.
I managed to hit 700 on 2/3 FICO8s around 1 year post DC and I did not find this amazing place until I had buried myself in cards I shouldn't have applied for.
I'm not trying to brag, but rather point out that the BK itself is going to suppress scores for a long while and what is done is done. It is possible to have a really healthy recovery in a relatively short time after BK, even with the lates. My most recent cc has a rate of 12.49.
Soak in the information here and make deliberate moves. I was in a rush, I think a lot of people are, and recovering from bk is a long marathon. Best wishes to you OP. Enjoy the freedom you have, make a budget, ask lots of questions.
I guess i should have posted my annual credit reports or CCT or myfico 3B reports showing '0' lates? I knew better than to use anything CK as a benchmark.
It still cannot be disputed that clean reports before filing is better than bad reports before filing. It's just not possible.
My FICO 08 EQ is 646, 4 1/2 mos out of DC. FICO 09's are 670-690's. Your FICO 08 TU is 674 (16) mos post DC. I'm 28 pts behind you in only 4 1/2 mos. I hope to reach 674 in the next 12 mos. I have 6 inq's past 2 yrs, and 2 of those were by CU's that were IIB and pulled erroneously after filing. Removing an inquiry is nearly impossible. Mortgage will be my next HP in 18 mos.
Just pointing out how i think 'clean reports before filing' is ahead of your 'bad reports before filing' theory.
I did not say, at any point, that it was ahead. I pointed out that for some folks it's not possible and they should not stress it. My TU lags the other reports, it always has. I did not find this place until more than a year after I filed, so my rebuild was far from perfect. My point was that I'm doing just fine, I saved money by not making those payments, and I have qualified for some pretty good stuff. NFCU just gave me a cash rewards card at 12.49, when the lowest they offer is 11.15. The FICO9 and FICO10 systems both don't hold the same grudge that FICO8 holds, and with trended data being all the rage, odds are we will see some transitioning away from FICO8.
The point I was making with my post was that not everyone can have clean reports right up to filing, and they should not stress it, especially if it creates hardship. We are here to give advice and help people. There is more than one path through bk and to the other side. At no point did I say what I did was better than what you did. All I said was it turned out fine.
You stated that your ck report with mass negatives looked the same as my clean ck and that there were no differences in having a good rebuild with negs on reports pre-filing vs. clean reports pre-filing. Possible?....i guess.
What does "Possible? I guess" exactly mean? Not really keen on being called a liar, so here is a screenshot of my CK (eq + tu). Unless you've filed a previous BK with clean reports or have hard data points to match what you're saying (and I'd be very open to seeing them, so if there is a thread here please link it), you're just guessing about what your rebound will look like. BK is BK. It's going to suppress scores for a long time, regardless of whether you go in clean or not.
