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Discussion in 'Credit Talk' started by 23, May 18, 2001.
What should be our next steps to rehabilitate her credit?
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My guess is that you won't be able to get anything new until her bk is discharged. But after that, get some good secured cards and NEVER be late. That should be a good direction to start.
Oh one more thing. Was it her only option? I personaly regret ever having filed and in retrospect would have gone without food or lights in order to make my minimum payments. It is just so hard to start over after bk and seven to ten years is no less than a prison sentence. If it is not yet discharged you may have rights to repeal your filing....i'm not sure of this so don't take it as gospel. Maybe something to look into. Also creditors would be very willing to negotiate if they thought you were willing to pay at this point.....all just food for thought. Best of luck!
I WOULD EAT AT A SOUP KITCHEN, get a second job, third job, do with-out food, before I would file BK, UNLESS IT WAS LIKE $500,000 OF MEDICAL BILLS AND THE INSURANCE REFUSED TO PAY FOR SOME REASON...
I would clean up your soup kitchen, sell my plasma/blood on a rotating weekly basis, give up smoking and the Scotch (which would improve the resale value of the aforementioned blood/plasma), get up two hours before I went to bed to work a fourth job--
Well, you get the idea--
But, that's me....
Depends on the situation.... I filed I'm going on five years right now. Paying cash for everything including the car was great the first three years. Fouth year made alot of purchases with the credit cards on the net and pay them right off. Year five I'm like $500 shy of 10k in limits on (subprime) unsecured cards. My Beacon was 675. On to the original question.
This is what I would do right after filing. 90days after the discharge date, order all three reports. Correct the items that should say Included in bankruptcy but don't. This make a difference in alot of cases because it's makes your amouts owed ZERO when they are not already. I think this helps with the score. Get some secured cards after you clean up your report. Providian and Capital One would be a good place to start. Your local bank even better. If it has a little limit max it out and pay it off repeatedly. Then wait for better offers to come. Build your saving also with all that money you save in bills. You would be surprised to how much you can save. Then you could put say $2000 + in a secured card and make it really usable.