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biglearner wrote:
I am in the process of filing for bk. I have $35000 debt in medical bills. My credit score is in the mid 5's and im assuming it will go down to the 3's after i file the ch7 bk. my question is how long does this stay on my record and also what can i do to get my score in the 6's asap. i was thinking i can make a big down payment on a new car that i need but am worried i wont get approved because of the bk. or should i wait a few months and get a cc and try to build my credit up that way. of the cc what cc should i try to get is their ones out there that will give me a small limit even though i have an bk. would the best way be to use a little and pay it back right away or pay min over a few month period. also do i need to send a copy of my bk7 papers to the 3 credit bureus or they get it themselves. thanks in advance.
Message Edited by biglearner on 08-21-2007 12:51 PM
Your BK will be reported to all three bureaus automatically. As far as your scores going down to the threes, you are probably looking at the fours. Make sure you include all bad debt by pulling a 3 in 1. That being said. recovery from BK is a process. You will have to pay through the nose for any financing you get shortly after. I think I got 21% on my car. But had no choice the one I was driving died.Once the bleeding stops, you will be able to start rebuilding your credit but dont wait too long like I did. Invest in a secured card as soon as you can get one.
Brammy wrote:
biglearner wrote:
I am in the process of filing for bk. I have $35000 debt in medical bills. My credit score is in the mid 5's and im assuming it will go down to the 3's after i file the ch7 bk. my question is how long does this stay on my record and also what can i do to get my score in the 6's asap. i was thinking i can make a big down payment on a new car that i need but am worried i wont get approved because of the bk. or should i wait a few months and get a cc and try to build my credit up that way. of the cc what cc should i try to get is their ones out there that will give me a small limit even though i have an bk. would the best way be to use a little and pay it back right away or pay min over a few month period. also do i need to send a copy of my bk7 papers to the 3 credit bureus or they get it themselves. thanks in advance.
Message Edited by biglearner on 08-21-2007 12:51 PMYour BK will be reported to all three bureaus automatically. As far as your scores going down to the threes, you are probably looking at the fours. Make sure you include all bad debt by pulling a 3 in 1. That being said. recovery from BK is a process. You will have to pay through the nose for any financing you get shortly after. I think I got 21% on my car. But had no choice the one I was driving died.Once the bleeding stops, you will be able to start rebuilding your credit but dont wait too long like I did. Invest in a secured card as soon as you can get one.