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Bankruptcy....mind if I ask?

Anonymous
Not applicable

Bankruptcy....mind if I ask?

I notice many people on here mention that they've filed for bankruptcy. I am curious what your credit score is today and what you are doing to increase it.

I filed in Nov 04 and my three scores are: TU 642 / Equifax 654 / Experian 670

I reaffirmed my car and my house and fortunately I only had two 30 day late payments with each. However, I had to refinance my mortgage and went from a 5.25% rate to a whopping 8.25%.

As for what I am doing to increase my score, I became an authorized user on one of my husband's cards and we have a high limit and low utilization. I've also paid my mortgage on time every month since I filed.

We are looking to buy a new house in the next few months so I am hoping and praying that I get a decent rate.

Message Edited by noni on 04-03-2007 05:29 PM
Message 1 of 5
4 REPLIES 4
Anonymous
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Looks like you filed ahead of the game before things got...

Looks like you filed ahead of the game before things got out of hand.  Even though a BK on your reports will reflect for the next ten years and will lock you out of some of the prime revolving credit offers, with your scores, so soon after filing you should be able to qualify for a mortgage.  Most conventional loans require two years of perfect payment history after BK and it looks as if you've past that.
 
I wish someone had advised me to file before all of the medical collections.  If I had I wouldn't be struggling now.  The other thing I missed was getting back on the horse.  I failed to establish new credit as soon as possible so my history is a little short.  You have mortgages and other loans already in your portfolio so just keep paying on time and keep your revolving utilization low and you should be fine.
Message 2 of 5
Anonymous
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Decent Credit Scores After Bankruptcy

I keep hearing about people that filed bk and still have good scores right after. Mine will be 7yr in August and we are still having a hard time getting ours up where they should be. Of course before we filed we were not late on any credit cards or auto payments,we did not have a morgage; but no one told us that we could reafirm anything and we lost the best credit cards we ever had and come to find out the attorney that told us to file was wrong. All we were trying to do was get out from under a truck that we had traded in that the dealer did not pay off instead he let someone he knew take over the payment and they were late. Right after we filed the Bank that had the loan called and we worked it out to pay off the 800.00 and they did not report the late pay to the bureaus, but the BK was final and we could not go back and it has been a land slide every since. Of course for the last 3 yrs we have been paying cash for everything as we thought that was a good thing since it showed we could live within our means and not on credit. WRONG:mad smiley. But now we just bought our first ever brand new auto I made our 1st payment on our 18th Wedding Anniversary 3/31/2007 and we now have 3 credit cards between us that we have not been late on I am just waiting to see if my scores go up any as they have not yet. I know we have a few Collections but they keep updating the dates so I dont look for my scores to go anywhere anytime soon.sad smiley
Message 3 of 5
Anonymous
Not applicable

I understand completely



nikkoslilmouse wrote:
I keep hearing about people that filed bk and still have good scores right after. Mine will be 7yr in August and we are still having a hard time getting ours up where they should be. Of course before we filed we were not late on any credit cards or auto payments,we did not have a morgage; but no one told us that we could reafirm anything and we lost the best credit cards we ever had and come to find out the attorney that told us to file was wrong. All we were trying to do was get out from under a truck that we had traded in that the dealer did not pay off instead he let someone he knew take over the payment and they were late. Right after we filed the Bank that had the loan called and we worked it out to pay off the 800.00 and they did not report the late pay to the bureaus, but the BK was final and we could not go back and it has been a land slide every since. Of course for the last 3 yrs we have been paying cash for everything as we thought that was a good thing since it showed we could live within our means and not on credit. WRONG:mad smiley. But now we just bought our first ever brand new auto I made our 1st payment on our 18th Wedding Anniversary 3/31/2007 and we now have 3 credit cards between us that we have not been late on I am just waiting to see if my scores go up any as they have not yet. I know we have a few Collections but they keep updating the dates so I dont look for my scores to go anywhere anytime soon.sad smiley


 
Your story sounds familiar.  I too did not immediatly begin rebuilding becuase I thought BK was a death nail in my credit file.  My scores stayed low for quite some time.  If an item is included in BK it should show a 0 balance due and it should not be updated as it has been discharged.  Everything from that time period should be falling off by now.  I'm down to one or two.  Start repairing your credit file and apply for new revolving credit.  Keep utilization low (wish I had known that in the beginning) and your scores will improve dramatically.  I'm up over 100 pints since Sept of last year

Message 4 of 5
Anonymous
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Brammy wrote: Most conventional loans require two years...



@Anonymous wrote:
Most conventional loans require two years of perfect payment history after BK and it looks as if you've past that.

Is that 2 years from the filing date or discharge date?
Message 5 of 5
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