Should BK an option in my case?

[Anonymous]

I know rebuilding credit isn't easy but if you look at the models and review the forums it takes months unless you have negative info deleted quickly to see big boosts. You must be patient. BK is horrible some people may come out on top but some don't! 13 points is a big boost it was on an active account congrats on that!

The issue is you said you have chargeoffs there is no real boost for that and it sounds like recent late pays since you are trying to goodwill things. The relity is you didn't take care of your credit for whatever reason for awhile and now that you made a good decision to bhange your attitude and improve your scores you want it to be instant. Fico doesn't seem to work that way, it is built mostly upon a history of how you use the credit that was given to you.

It seems like you will see boosts as those charge offs fall off, but this can take some time up to 7 years. That is why some argue whether or not you should pay them. It looks good to a potential employer or lender that you have made that effort but it isn't so much something that boosts your score.

Try not to be discourage and use the money you have wisely to get your fico up. First, pay all cc's on time all the time and try to keep util under 10% best fico credit booster I have seen so far.

I forgot to ask why are you concerned about score major purchased planned in near future? If not stop stressing the fico score and concentrate on what makes fico higher. As you pay everything on time and lower util you will see an improvement.

You didn't get to this point over night and you should stop being hard on yourself and give yourself at least equal time of positive credit rebuilding befire you do something drastic like a bk. I am working on improving my scores and I too get frustrated but the forums are positive and I have seen people do better you should read or ask brammy for his input he has a great story and is encoraging of us newbies to the forum and thosee seeking to rebuild our scores.

I hope this helps. I ALSO HOPE THAT IT DISCOURAGES BK AND ENCOURAGES YOU TO STAY FOCUSED AND PATIENT!

[Anonymous]

BK is The Big Red Button. Don't push it unless you really need to.

If you're pushing it over your FICO, don't. For credit report cleanup, using BK is like atomic weapons at close range...sure, you'll destroy the target but you're going to take so much fallout yourself you'll wish you hadn't.

On the other hand if you are in way over your head and there's no reasonable prospect of improvement in the foreseeable future, then yes, BK can be an option. Five or six years down the road, a simple BK might look better on a CR than four or five years of constant financial warfare with charge-offs, collections, repos, and delinquencies.