My BK7 is 8 months old, and I just got approved for 1500.00 for a laptop, the interest was 23.99, but still, I got approved!! Target just gave me $200.00!
Did Target give you an instant approval message and one that said "Your application needs further processing". Just wondering. LB
SLOYAROLE , Who are you to judge? We don't judge. We try to help each other. If someone wants to do it again that's their business. FYI Charlie
SLOYAROLE, I'm trying to follow your logic here. The reason most people visit this board is to correct errors on their credit report, or to discuss credit issues. If one had no wish to have access to credit, why would they bother trying to correct their credit reports? Most of us have discovered that paying our bills on time does not equate necessarily with having good credit. Yes, its a factor, but also a big factor is having and using credit wisely. One who does not use credit at all is as big of a risk as someone who has bad credit apparently. In fact, if you check out the reasons on scoring, often times one will see reason codes along the lines of "not enough retail accounts established", "not enough active tradelines", "and whatever that one about too few inquiries says". Looked at from this perspective, it appears that you haven't really read a lot of the information at this site. I am not trying to slam you, but rather to point out that your observation is naive in a sense. Just my opinion and YMMV. L
I think questions like the one Sloyaroule posted are quite threatening to those who have been through bankruptcy. It goes without saying that bankruptcy is an emotionally draining (and for some, even shameful -- although it certainly needn't be) process. Feelings become raw. Although Sloyaroule's question is certainly worth considering, he asked it in an insensitive, accusatory way. Those who've never been through bankruptcy perhaps don't understand the sensitivities involved. So, for example, I think it's just perfectly fine to ask these questions: â?¢ What steps are you taking to ensure that you won't repeat your previous outcome? â?¢ Does having been through bankruptcy make you more or less careful regarding debt and personal finance? â?¢ What are the pros and cons of "reestablishing credit" for those who have come through bankruptcy? Sure, questions like that have more than one answer, and intelligent people may debate and disagree. And that's great! On the other hand, asking the question this way will surely only hurt feelings and close off discussion even before it gets off the ground: â?¢ YOU FILED BANKRUPTCY BECAUSE YOU COULDN'T PAY YOUR BILLS, NOW YOU'RE GETTING IN DEBT AGAIN?? :::buzzer::: Wrong technique, bub. Doc
Hey sloyarole....back off pal.....Apparently, you couldn't pay your bills either - otherwise you wouldn't be here. You don't know why the poster filed for BK. I filed BK in 1997. Why? Becasue I couldn't pay my bills? And why couldn't I pay my bills? Maybe a friggin $10K funeral for my mother absent any life insurance. Before you start spouting off, maybe you ought to consider the myriad of reasons why someone would be forced into BK.
Did you apply online or instore?? Just curious. I have my *dead* laptop, which is a compaq (which I'll NEVER buy again) and could really use another one. I'm not sure about dell, I was thinking of a Sony, but it's good to know the option may be there for all of us other post bk'ers. Have you established any other credit since your bk? How many inquiries? Thanks for the info! My discharge was 7/01, so it's good to know who may give us a chance.
I picked up a laptop on an online auction for 1/5 the price of the exact same retail model last fall. Today, I could've gotten the same thing and had them pay me to take it off their hands! My point? I, for one, have learned from my credit fiascos that 1) Cash is king and I want to keep all of it I can, 2) Cash coupled with good credit will get you anywhere you want to go, and 3) I never use credit unless it will make me money. If a particular use of credit costs me to get, I pass. If using a particular line of credit will make me more than it costs, it's a go.
SEEMS LIKE I STEPPED ON SOME TOES...(1)MY COMMENT WAS NOT INTENDED TO SLAM THE POSTER. IF SOMEONE COULDN'T (NOTICE I DID NOT SAY WOULDN'T...THERE IS A DIFFERENCE) PAY THEIR BILLS (FOR WHATEVER THE REASON), THEN DECIDED TO FILE BANKRUPCY, THAT IS THEIR PEROGATIVE. BUT FROM MY EXPERIENCE (NO I HAVE NOT EVER FILED BANKRUPTCY), REBUILDING CREDIT DOES NOT MEAN GO OUT AND ACCRUE MORE DEBT IMMEDIATELY AFTER A BK. THINK ABOUT THIS...MR. Z FILES BK7 AND AFTER ONLY A FEW MONTHS, HE'S OUT APPLYING FOR NEW CREDIT. THIS WILL ONLY HURT IN THE LONG RUN. SAY TWO YEARS LATER MR. Z DECIDES TO APPLY FOR A MOTGAGE. THE LENDER IS GOING TO SEE THAT MR. Z NOT ONLY FILED BK7 (WHICH MEANS YOU CAN'T PAY YOUR BILLS EITHER BY CHOICE OR CIRCUMSTANCES, IT'S STILL A BK) BUT HE IMMEDIATELY SOUGHT NEW CREDIT. WHICH TELLS THE LENDER ONE THING...MR. Z DIDN'T LEARN HIS LESSON. MY POINT...STACKING CREDIT ON TOP OF A BK WILL ONLY HURT YOUR CREDIT NOT REBUILD IT. IF YOU DO THIS, YOU'LL GET STUCK WITH HIGH INTEREST RATES WHICH THE LENDER IS WAITING FOR YOU NOT TO PAY. WHY? BECAUSE IF YOU DON'T, YOU CAN'T HIDE BEHIND BK LEAVING THE BORROWER SLAVED TO THE LENDER. BOTTOM LINE...NO MATTER WHAT WE WANT TO BELIEVE ABOUT BK, IF IT IS ON YOUR CREDIT REPORT, YOU'RE A HIGH RISK TO POTENTIAL LENDERS...WHICH MEANS BOTTOM OF THE BARRELL RATES, FEES, APR's, ETC. (2)YES, MY CREDIT REPORT COULD USE SOME WORK, THAT'S WHY I READ THIS BOARD. I'VE COME ACROSS SOME INVALUABLE INFORMATION AND I'VE COME ACROSS SOME HORRIBLE INFORMATION. YOU GOTTA TAKE THE GOOD WITH THE BAD. SEEING THAT SOME OF US TAKE OFFENSE TO COMMENTS POSTED, TELLS ME NOT EVERYONE'S OPINION IS WELCOME HERE. JUST THOSE WHO BELIEVE YOU NEED TO HAVE CREDIT TO BE A FUNCTIONAL MEMBER OF SOCIETY. I BELIEVE ONE SHOULD HAVE CONCERN AS TO THE ACCURACY OF ONE'S OWN CREDIT REPORT (WHICH IS WHY I'M HERE) BUT I DON'T BELIVE IN BORROWING MONEY. I SHOULD NOT BE KNOCKED FOR THAT. I WANT MY CREDIT REPORT TO BE ACCURATE FOR ME, NOT FOR ANYONE ELSE. SINCE IT'S ABOUT ME, LET IT BE THE TRUTH, NOT A TOOL FOR SOME ONE ELSE TO MAKE MONEY. THE MORE OPEN ACCOUNTS ON YOUR REPORT, THE MORE MONEY THE REPORTING AGENCY MAKES OFF OF YOUR OPEN DEBT. THEY SELL THIS INFO REMEMBER. EVEN TO THE OWNER OF THE INFO.
In your opinion, then, how does one "rebuild" credit? At some point don't you have to take own new debt, and prove that you can handle this debt; therefore re-establishing the trust of credit providers?
Um, WRONGO Mr. SLOYAROLE FannieMae and FreddieMac BOTH require that any application indicating a BK filing MUST have positive trade references (credit). The normal underwriting guidelines are at least 2 positive trades aged for 2 years post-BK. Circumstances will vary (% down, reason for BK, income, ratios, etc.). Your logic is only applicable for "repeat filers" - people who run up debt, file, start over, run up debt, file, etc. Most folks (here, at least) have had an extenuating circumstance that caused them to lose their financial footings. The best thing most have found has been to keep some trades out of the BK so that they have continues positive references through the BK. Others immediately get a secured card and start rebuilding that way. Remember, our society is extremely difficult to live in without a major credit card (travel, internet purchases, etc.). -mj
PS .... BK doesn't necessarily mean "bottom of the barrel" credit. My scores are all damn close to 800, and since I filed Ch 7 in '95... Amex Blue - 9.9% - $19,300 Amex Gold Rewards Plus Diners Club (with $10k LOC, 12.15%) Amex Membership Banking LOC - 10.49% - $20,000 BankOne LOC - 10.9% - $10,000 Fleet Plat. MC - 9.5% - $11,000 Target Visa - 9.9% - $10,000 Chase Plat. Visa - 9.49% - $15,000 Chase Shell MC - 12.14% - $10,000 Sears Premier - 16.9% - $18,900 Macy's Pres. Club Visa - 13.49% - $7,500 B of A Visa - 9.9% - $12,000 NextCard - 9.9% - $12,000 FNANB Plat. Visa - 13.9% - $9,700 Home Depot - 15.74% - $15,600 plus ... Mortgage - 6.125% Home Equity LOC - 4.75% Audi Lease It all depends on the circumstances. Most lenders can see that an income of $150k, >30 positives, and a BK filing don't add up, and they ask (or let you tell them) what happened. In my case - a dying mother, nursing home, and estate expenses all came together and threatened to ruin my financial life - I fought back by filing BK and keeping all of my personal debt out of it. It's a good thing you aren't a credit risk analyst or underwriter. -mj
They used Experian, I live in Maryland, they advised me when I called to prove my ID (they do that for ID theft protection) that they only pull Experian.
Target did give me that message, and I was initially declined, b/c they originally pulled Equifax, and my file is off-line with them, and no creditors can see it b/c of my ongoing lawsuit against them, so I called,spoke to a supervisor, and asked if I could fax a copy of my Experian report, and she said ok, and manually overrode the comptuer and approved me for $200.00.
