I think I read a post that listed similiar subject matter, but grrrrrrrr, can't find it today. I'm interested in opening 2 or 3 secured cards so I can start building my secured balances and start making positive entries while I begin to tackle all the negatives. Is this a good thing to do at this time? I also read about having a gas card or a department store card.....a guy that looked at my credit said I'm "close to not being able to qualify for a gas card".....I thought, good grief, I could get one? And I don't think with scores this low I could even think about applying for a dept store card. TU- 447 EX- 516 EQ- 505 This was 6 months ago, and I know I've improved some, but haven't pulled my latest reports. Also, my income is pretty good and I've been thinking about purchasing a small car to use for driving to work (50 miles round trip Mon-Fri). I already have one vehicle (not in my name), and the extra payment/insurance wouldn't hurt me. Credit wise, do you think this would help/hurt me? I currently have no revolving accounts or vehicle/home in my name. Help! Jen
From looking at your scores even with a little improvement obtaining a cc (major, dept or gas) may very well be diffcult. As for a secured card, not all are created equally. Some have tougher standards than others. I started out with a Cap 1 secured (with a bk-13 on file). Others like BofA secured would not even look at me. What does the rest of your file look like? As for vehicle loans one can be obtained just about anywhere, all depends on APR and how much of a down payment. There are other posters here that can give you tips but my guess with you scores, some auto dealer credit manager will take advantage of you with very high APRs and other fees. I would wait that out if you can. Best regards, Mirage
Mirage- Thanks for your kind reply. The rest of my file is mainly unpaid medical bills, a few chargeoffs from my idiotic mid-20's, a vehicle repossession, past utility bills, and late payments on furniture and vehicle payments. I wish someone would have educated me and shook me until my eyeballs fell out about all this before I screwed it up in its entirety. My whole file screams, "this is a girl that thought sweeping things under the rug would make them go away, and she is not creditworthy. Everyone deserves a second chance, and I'm still trying to decide if Chapter 7 is a better route than rebuilding from this point. I don't want to drive anyone crazy on this board, but can you suggest someone I can talk to to make this decision? I realize that either way it will probably take at least 5 years to get my credit in the high 600's- low 700's. I really don't know which direction to take. Any words of advice from those who have been there or know someone with whom I can speak would be greatly appreciated. Thanks be to God I didn't go the consumer credit counseling route either. I hear this can be quite damaging. Jen
Jen, can't really tell you which way to go on this. We have some posters here that can give advice on how to dispute this and what other means are available to you. Also do a search here and you can find a ton of past posts giving you even more advice. As for the bk 7 or 13, some posters here can also give you insight (cons and pros). Mainly you should speak to a bk lawyer as this can effect your credit file either 7 years or 10 years. I myself filed a bk-13 in 1996 and it was tough not being able to get credit and living in a sub-prime world for pretty much the entire 7 years. I did manage to help my spouse obtain a mortgage but that did not occur until the 5th year of my bk. Posters here have obtained mortgages and cc right after being discharged. So do research and wait for the regulars here to chip in. Think of this forum as a support group as most of us here have gone through rough times and we understand. Best regards, Mirage
Long story short, filed bk7, post 1 year 4 months, our ficos, both DH and I were in 500s, are now in the 700s, his highest with Experian at 725. My lowest with Equifax at 677. This is with help for repair from law firm and credit rebuilding from this board and creditboards.com. etc..... We have an American Pacific Visa, secured, does NOT report as secured, to all 3 CB's, $300 to open, cash advance line, 17% interest, credit limit increases with deposits, insured by FDIC, www.apbank.com Had great luck with them. DO NOT pay all the hefty fees and interest to the sub primes, put your money in your account and start saving. Granted you are charged 17%, but look at the other options, 24%, 29% on yours if you could even get one. Annual fees, processing fees, etc... My feeling on Bk7 is that we sacrificed to file, could not, would not touch the amount we filed on to pay back. Did reaffirm with one account, store card, that had been gracious and accomodating, they will reissue once balance is paid in full. That should be 3 months from now. If you would care for any other info let me know. For us it was the right decision, not an easy decision, but the we now sleep, eat and pay the house and utilities, are rebuilding credit and thank the boards once again for the help........
Thank you, itsmymoney. This is a very personal decision, I know. My total amount (medical bills, one surgery included) I am responsible for is a little over 20K. I am single and feel that on the route I'm traveling I'll never get anywhere. The process of tackling all these debts by myself seems so daunting right now....I wonder is the BK option better for me. The only thing I've ever wanted is to own my own home.....so tired of renting....but it's the only available option at the time. I'm just looking for the best option to actually GET SOMEWHERE. I don't even know that I'd qualify to file ch7. Confusion abounds, but I'm leaning toward rebuilding since there is only one credit card (Lowe's) on my account which was opened in 1995 and should be falling off soon anyway. Wish me luck, either way I'm gonna need it. This board is the answer to my prayers....you are all outstanding individuals. Thank you again. I'm sure I'll have a lot of questions as I go!' Jen
Jen, Consult with at least 2-3 attorneys for an opinion of what could be an answer for you. They are normally free of charge. Also go to whopulledmycredit. There are some great links there that may help you out with your credit. Dont' use the CCC's though. There are several posts on nightmare stories and I am so glad we did not go that route. Most of all, and imperative, start rebuilding repairing right away. I thought that well, no credit available, and crappy credit to boot, however, I found out sooooooo differently 1 month after our discharge, and we are going to be just fine. I figure another year, give or take, both of our CR's will be clean. The biggest obstacle is getting the BK7 off of the CR's and I know this has been done both by posters here and elsewhere. Go to the library and check out "Life After Bankruptcy" by Stephen Snyder an informative and helpful read.
Thank you so much, itsmymoney. I'm gonna make appointments with several attorneys this week that are recommended by friends for bankruptcy cases...I have several friends who filed and were able to purchase houses and cars a year or so after discharge. However, I realize that just because you can purchase something doesn't mean it's the best thing for you! I never thought I'd actually be shopping around for interest rates, I always saw myself as just taking what came along for someone who'd screwed up as much as me. I still have sooooo much to learn but already I have more confidence and am excited to be able to have more control over my money. You made my day!
