I wanted to share the progress since the filing of both my cahpter 7 & 13 medical bankruptcies so that other members can have hope. You will need to be patience and you will have to make an effort in starting over again.
12/1998 chapter 7 medcial filed
4/2003 chapter 13 medical filed
FICO SCORE WAS IN THE MID 500'S
1/2000 OPENED SECURED LINE OF CREDIT AT LOCAL BANK
8/2004 OPENED SECURED VISA CREDIT CARD WITH NEW MILLENNIUM BANK
8/2004 OPENED SECURED INSTALLMENT LOAN (CONTINUALLY OPEN)
7/2006 OPENED SECURED VISA CREDIT CARD WITH LOCAL BANK
11/2006 OPENED SECURED CREDIT CARD WITH LOCAL CREDIT UNION
11/2006 OPENED UNSECURED LINE OF CREDIT
11/2006 OPEN & PAID OFF SECURED LOAN WITH CREDIT UNION
11/2006 OPENED & PAID OFF UNSECURED LOAN WITH LOCAL BANK
3/2007 OPENED UNSECURED INSTALLMENT LOAN WITH LOCAL BANK
As of February 1, 2008 my fico scores are as follows
EQUIFAX 626 SIMULATOR SAYS 686-726 AFTER BALANCES ARE PAID DOWN
TRANSUNION 668 SIMULATOR SAYS 708-748 AFTER BALANCES ARE PAID DOWN
WHY ARE SCORES STILL LOW:
High balances on revolving accounts 98% of usage
High balances on installment loans 56% usage. Needs to be at 30% or lower
two pulbic records. ch 7 falls off in 9 months. ch 13 falls off in 2 years
Three credit card accounts attached to chapter 13 bankruptcy.
Account age history is low. Says my average is 3 years. The best is a average of 6+ years
POSTIVE NOTES ON ACCOUNTS
1 INQUIRY EQUIFAX
1 INQUIRY EXPERIAN
NO INQUIIRES ON TRANSUNION
HAVE NOT APPLIED FOR CREDIT IN THE PAST 12 MONTHS
HAVE NEVER BEEN LATE WITH ANY CREDITOR
HAVE NEVER BEEN LATE SINCE THE FILING OF BOTH BANKRUPTCIES
GOOD HEALTHY MIX OF DIFFERENT ACCOUNTS(REVOLVING, INSTALLMENT. CR LINE)
I wanted to share this with everyone becaue I know that it is hard but the hard work will pay off. I did a simulation when the last bankruptcy falls off in April 2010. My score will be between 755 & 805. At least half of my security depsoits have been given back.
How was your experience with New Milleium Bank? I have read some pretty ugly things about them on the internet about never receiving a card after paying application fee. Do they show the card as secured on credit history?