I realize this isn't directly related, but in a way it is. (If anyone has good places to look for info, please share.) In 1998 my wife and I applied for chapter 13 bankruptcy, in an attempt to keep our house. The first attempt was a failure, as I did not understand or properly follow procedure. We refiled correctly, but never showed up at the meeting of creditors. (The situation had changed, we had no hopes of keeping the house, and I was a few days into a new job.) Both cases were dismissed, with no relief granted. (Aside from the brief stopping of collection action while the case was pending.) Of course, they both show up as a bankruptcy on all three reports. The bad part is it seems not to matter that no relief was granted. Merely the fact of having applied for bankruptcy is just the same as having had all debts discharged? So, we lost our house AND get bad marks for the bankruptcy. Is there anything at all I can do short of waiting the seven years? (I should add that I was extremely stupid and let them foreclose instead of trying to sell or offer deed in lieu of foreclosure. At least it was redeemed.) I guess this is more of a rant than anything, but if it produces any useful advise it will not be a total waste )
Both bankruptcy filings will stay on your report for 10 years. The 7 year rule only applies to completed chapter 13 bankruptcies. All other bankruptcy situations will stay on a credit report for 10 years.
Really? That sucks even worse. I frankly don't understand why the person trying to get things back on track and also pay their debts (Chap13) is penalized while the person who tells his creditors to screw themselves (Chap7) seems to generally have it much easier. Then there is me, who got NOTHING in return for ten years of smear...
Yes, I agree the law is unfair in that it tends to favor chapter 7. If the bankruptcy reform bill goes through though, it will be a lot harder to file chapter 7. The good thing about your situation is that the damage from 4 years ago should not be to bad because you do not have any accounts included in the BK's. Do you have any credit cards? If you get 3 VISA cards and 2 store cards and keep them in good standing your FICO score should be OK. Erik.
Yeah, that's the problem, I didn't know that I should have gone out and gotten a secured card ASAP and went from there. So I am just now trying to rebuild...
Yes, in general, right after a bankruptcy a person should check all three of their credit reports and get at least one secured credit card. In general a person should try to have three accounts in good standing at all times. This does not mean that you have to use the cards, you just have to have them. Some people just don't like credit cards and for them I recommend getting a secured $250 card and keeping it in a small safety deposit box. Here are some secured credit card links: http://www.cardweb.com/cardtrak/surveys/secured.html http://www.cardoffers.com/reviews/c...9&apr2=9999&intro=9999&Submit.x=27&Submit.y=7 Good luck.
hmmm, I tend to disagree with the statement that you can have them, just don't use them. It won't help you get any higher limits with current creditors or potential creditors if you don't use them, neither will it if you pay them off every month. You should carry a small balance or you aren't helping yourself. If I pull a credit report and I see someone with a $250 credit limit and having NEVER had a high balance (ex. $210) on a known secured bank, then I obvioulsy wouldn't extend $1000.00 limit to them on an unsecured because they still haven't demonstrated the ability to pay a debt. Oh well, that is just my opinion.
Well, you are partly right. But what I was trying to say is that it is important to just have a credit card. But some people who are addicted to spending think that having a card is the same as charging a lot. If you get a card and run it up to 90% of the credit limit, pay it down to zero, and then charge $5.00 worth of gas on it every 6 months, it will improve your FICO score a lot as opposed to not having a credit card at all. The more money you move through a card each month the better, but the main thing is to trot the card out every once and a wile and use it. If you are paying an annual fee to have a secured card, the credit card will not take it away because of inactivity.
VERY GOOD clarification. It sounds simple enough but hard for some people. Usually a $6 a month fee on the card will keep the card open. I agree!
jambe, It does suck indeed, they should show as dismissed though, if it doesn't dispute them as inaccurate. Sassy
Re: They do... jambe, That's the double-suck :-(( You may get lucky and have it deleted though, stranger things have happened. Sassy
