OK, I search, but was left with a vague answer so here it is. I filed chapter 7. I basically knew this was comming down the pipe about a year and a half ago (or so). So I began planning for it. so now I am waiting for my discharge (already had 341 meeting). Up untill the point of filing, I had a ton of credit cards - most had zero balance, but eventually through transfers etc.. I consolidated all my debt on to 4 credit cards - citibank, chase, mellon, and one other. I should note that I was 48k in debt in 97 and reduced the debt to 25k(01/03) before I finally had to file. Some of the old credit cards were closed by the banks, but I have maybe 6 - 10 that have not been closed and have large credit balances available upto 23k is the largest. One or two cards balances were reduced by the banks. Now that I am starting to plan my credit score repair. What should I do. I have been on time with my 2000 chevy venture (GMAC)which I kept, and on time with my house (which I also kept (Countrywide)) In order to repair my credit, I think the general concensus is to use a credit card. The question is, Should I purchase a large ticket item 500 - 1000 and make routine payments (not a problem) or should I just charge movies once a month a pay off the next? Thanks
Wow. Well I've never filed for BK but then I've never owed what u owe. You seem to be taking this debt rather nonchalantly. But you asked for advice so here it is. Charge small items on your card and pay the balance down to about $5-10 every month. This way it will show up on your report as "paid as agreed" with a very small balance. After 6 months you should be okay and back on the road to recovery.
Im not sure I understand what you mean by "the general concensus is to use a credit card." I hardly ever use my credit cards now. I found that my lack of restraint had me maxing out cards right and left. And then getting into trouble with repaying that debt -- hence the reason I am here. I keep my credit cards in a drawer and away from my impulse buys. I don't think a person *has* to use them. I think a person can function on a cash basis and I have found that its in *my* best interest to do so. But that's just me. peace, delilah
Delilah, she was asking if she should use a credit card "in order to repair" her credit. Leaving her card in her drawer is not helping her situation. She needs to show a history of being able to manage her credit.
oooooohhhhhh! Now I see! told you I didn't understand what she meant! ) sorry for the hasty post! peace, delilah
thanks for the responses, I'll just charge movie rentals (or something similar) Now, next question, should I just use one card or two or three. FYI - We've been living on cash basis for years. Most of the debt was old. (lost 2 pt jobs which forced the filing) Still, living cash basis hurts you in the long run, and that will impact future plans. Its a sad state of a country that we are a debtor society..... ;(
