I've been at this for 6 months. I have managed to get numerous charge offs and judgements removed from my CR - HOWEVER - things were REALLY bad when I started. I still have 3-5 judgements that just won't go away. A few will fall off in between now and Feb 04, but some will remain until 05. There are also a few stubborn charge offs that won't go away. EX and TU are my best reports so I've been concentrating on them. In the past two years, I have managed to get small loans at high interest rates and pay on time every month until paid off. I have a car loan, paid on time for the past 2 years, also a high interest rate - balance at $8000. A credit card with Premier that I pay off monthly. I have student loans totaling right at $50,000, in forebearance so it shows paid on time. I just refinanced them so I can now afford the payment (will start those payments in March 04) My FICO scores are terrible. Still low 500's. I can't get any credit cards, can't refinance my car - nothing. I have read numerous posts of those who are 6 months post BK and their scores are much higher than mine. I am starting to wonder if BK is the way to go. Any ideas?
If you file BK, you're looking at 7-10 more years of bad credit. Your judgements will fall off by 2005, so it seems wiser to wait it out.
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Don't BK unless it is a last resort. What is your total debt? If you have a short time to wait for most of this stuff to fall off, I'd wait. It's hard after a BK. That is on your reports for 10 yrs unless you luck out and get it removed What is the SOL on judgments in your state? Some stay valid for up to 21 years, and reported for just as long.
BK is a scarlet letter. I'm doing an amazing job of recovering from BK and I will not be able to get certain credit cards - like Citi - forever. I have a car loan w/Chase post BK but they won't give me any level of credit card. I've got another 7.5 years to go on being in the clear. Given my $500k+ debt to the IRS, it was a no-brainer. I'll echo the remarks of others - it is only a last resort.
Hmmm. Am I remembering correctly that student loans cannot be written off in BK? If that is your biggest problem ($50K worth) than it is unlikely that BK would be your best approach.
Thank you to all who posted responses. Student loan debt can not be written on in BK unless it can be proven a undue hardship to repay. That is not the case here. I make good money and the future financial situation looks great. I'm just fixated on this FICO score stuff. Mine will not go up. I have done much in the way of getting negative TL's off my report and acquiring positive ones - keeping balances paid down - but the student loans will not be paid down for years. I am assuming that that does not do my FICO scores much good. I'm tired of paying the high interest rate on my car and not being able to get a credit card except Premiere. They are TERRIBLE and if it weren't for being the only one I could get, I'd sock drawer it. I know that I did not ruin my credit in a day and that it takes time. Since posting this, I have read a post regarding FICO scores and mortgages and now feel a bit better understanding that mortgages are not mainly FICO driven. I will keep at it and I will win. Thank you all again for your help in aiding me to see the light.
