Might sound silly, but how does this happen?

[Anonymous]

Mr. Drama - have you ever filed a bk, know what it entails, know the different reasons why someone may file for one, or otherwise are qualified to discuss this subject?

I hope you are not planning a back and forth on this, as I would submit that I may well be a lower risk than you are and I don't even know your scores.  Reasons:

--I have virtually no debt now (30% of FICO score)

--My utilization is less than 5% of my credit limits (FICO loves this too)

--I cannot file another BK before July 2015 (lenders look upon this favorably) - By the way, not planning on EVER filing another

--I have 12 months of clean history on my mortgage, equity line, auto and 5 credit cards

I can tell you that anyone with a BK filed in the last 3 months has a FICO score above 600, but with good payment history post-BK, I just like you are proving to be a lower and lower risk.

Remember, FICO scores exist to prevent future risk of defaulting.  Just because folks like me have defaulted in the past does not make us more likely to default again than someone like you who has never defaulted.

[Anonymous]

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@CreditDrama85 wrote:

fico formulas need to be re examined IMHO. no one with a recent BK should be over 600 no matter how well they have paid their bills in the past. A BK IS A BK.

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Oh, ppffbbht.

First of all, those who file BK still have to pay off their debts. And in fact, I'm pretty sure that they pay off their **bleep** debts faster than the average credit-holder.

Second of all, BK usually comes hard on the heels of a personal tragedy. It's RARELY ever a case of someone waking up and deciding they just don't "feel like paying" their bills anymore. You'd be VERY hard-pressed to find someone who didn't work their asses off to avoid BK ... or someone who didn't feel utterly lost and hopeless before applying for one.

Third of all, I think as some of the stories here will attest, those who HAVE had BK work their asses off to avoid it AGAIN. It's a hefty "lesson to learn" but they've learned it the HARD way. And it's really **bleep**ty, IMO, to blast someone for going through something hard and wanting a second chance.

Don't know if you know this, but this country's all ABOUT second chances. Our history's built on second chances. And for you to decide that those who've SUFFERED through BK don't deserve a second chance might be a good indicator as to whether or not you DESERVE to be an American.

Hmph.

'Nuff said.

[Anonymous]

Mods: Sorry for my outburst and I hope that you don't have to edit my post too much!

I promise to play nicely from now on ... just had to get that particular bit of bile up and OUT of my system.

I don't apologize for what I said ... but I do apologize for possibly making your job more difficult than it already is.

[Anonymous]

Nope- I am not editing it- 

This is a very difficult discussion to have for those (like me) that have not been though it NOR could BK if they wanted to.

I have bit my toungue about this very subject for a long time- 

and will continue to do so (for now)

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Wonderin wrote:
Mods: Sorry for my outburst and I hope that you don't have to edit my post too much!

I promise to play nicely from now on ... just had to get that particular bit of bile up and OUT of my system.

I don't apologize for what I said ... but I do apologize for possibly making your job more difficult than it already is.

---

[CreditDrama85]

i know a lot about BK, and im not suggesting that people who file BK are bad people or do it as a tactical move rather than because they really need too. im simply saying that the fico formula should be re-examined to be harder on those with a BK, thats all. sure your utilization is down and your risk for defaulting is down, because you've thrown in the towel and have told society that you need a pass. sometimes, that is necessary. everyone deserves a second chance; but for you to think that your score and risk should be assessed using the same formula for someone who has not filed BK, is not right. that is all i was saying.

[Anonymous]

I am going to stop this thread before it gets more heated-