Where do I start guys?

[Anonymous]

I'll try to make this as informative yet short as possible.

I recently totalled the vehicle that I owned. On my credit reports I have a bunch of lates, collections, misc things that are hendering me. I tried a round of disputes and got fustrated as most of them came back verifiable so I was thinking about filing chpt 7 and starting all over. The attorney I met with agreed and that I was a good candidate.

However a few days after meeting with him, I just tried my luck at an auto loan app since I was in desperate need of a car.  I don't know my scores but I was approved last week for a 2016 Kia with no money down. They pull TU and told me that score was 601.

My friend suggested this site and told me to hold off on the bankruptcy until I get more advice hence this post.  My question is should I continue with the bankruptcy? How will that affect my recent car loan?  Should I get my actual scores first and go from there?  I apologize if these seem like stupid questions, I am just really confused. I was NEVER taught financial stability and learned lessons the hard way. I am almost 40, I've never been approved for anything like credit cards, store cards, etc so having been approved for this car loan I felt like an actual human lol. Any advice on where to start is appreciated.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I'll try to make this as informative yet short as possible.

I recently totalled the vehicle that I owned. On my credit reports I have a bunch of lates, collections, misc things that are hendering me. I tried a round of disputes and got fustrated as most of them came back verifiable so I was thinking about filing chpt 7 and starting all over. The attorney I met with agreed and that I was a good candidate.

However a few days after meeting with him, I just tried my luck at an auto loan app since I was in desperate need of a car.  I don't know my scores but I was approved last week for a 2016 Kia with no money down. They pull TU and told me that score was 601.

My friend suggested this site and told me to hold off on the bankruptcy until I get more advice hence this post.  My question is should I continue with the bankruptcy? How will that affect my recent car loan?  Should I get my actual scores first and go from there?  I apologize if these seem like stupid questions, I am just really confused. I was NEVER taught financial stability and learned lessons the hard way. I am almost 40, I've never been approved for anything like credit cards, store cards, etc so having been approved for this car loan I felt like an actual human lol. Any advice on where to start is appreciated.

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Can you make a list of how much you owe and to whom?  Also indicate your annual gross household income?

You say you could never get approved for credit cards, so where is the debt you would discharge?

Also, you were thrilled to get approved for a car loan with a 601 credit score and now you want to file a BK 7 and cut your score to 500?

You would likely be able to keep your car so long as you keep making the payments (whether you reaffirm or not).

Provide more detail and we will provide feedback.

[Anonymous]

Thanks for the reply CH-7-Rebuilding,

I tried to access my cr & score via myfico but just spent 20 minutes on the phone with a rep who said my social & birthdate was used so now they are investigating. Ugh!

However I can tell you off the top of my head the debt are more from collection agencies and charge offs with creditors such as Sprint, Windstream, Rent-a-center, Electric companies, things of that nature.
I didn't know filing ch 7 would knock my score down. However I guess one would have to way the pro's & con's.  What is better, a low score with NO negative tradelines or a mid low score with several negative tradelines. I don't know which is considered worse.  I would like to purchase a home in the next 5 years.
Nevertheless, once I get this fico thing sorted out and pull my credit, I will update with more accurate info so that you may help me better.

Thanks again love. Have a good night!

[StartingOver10]

Filing Bk to improve your score is not an effective way to go about improving your score.

If you couldn't get your credit reports from MyFICO, then have you tried www.annualcreditreport.com?  That is the best way to get your actual reports. 

As to the debt, do you have a record, besides your credit report, of the debts you owe? That would be the first place to start. 

It can be very rewarding to work on your credit items without filing Bk - some people have been able to straighen out the neg items without filing at all. That would be the best solution. Naturally, it depends on your debt, the type of debt and your income.

[notpaul]

If you file for bankruptcy you will have ALL negative tradeliines. The lates come off of EQ and TU on the history but it still shows you didn't pay the creditor. People you borrow money from want to know you will pay it back. Telling them you didn't pay anyone back is not helpful. Its a last resort.