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Discussion in 'Credit Talk' started by peeper, Aug 25, 2001.
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Yes it does matter. There are some really legitimate reasons for filing BK, and creditors know this, and most are understanding of those legitimate reasons (like medical reasons, failed businesses, divorce - sometimes, etc). Its the ones that file because they woke up one morning and realized that they are way over their head in debt because they were living beyond their means - those are the ones that it effects more negatively.
I would suggest adding a consumer statement to your report, and whenever you apply for something mention the bk and the reason on the app.
5 years is a long time to lenders.
What, specifically, are you having trouble obtaining?
Yes it does matter. But not to everybody.
I filed due to debts relating to a (late) ill family member. Long story, net-net was the nursing home came after me when they botched the medicaid application. Side note: BEWARE and read everything you sign- what you think allows you to make decisions regarding a person's living situation can also make you fiscally responsible should something go wrong with medicaid!)
Maybe the most help I can offer is to give you "my story" and maybe you can get some ideas from it:
I filed in 4/95. A majority of the credit applications I have filed since are automatically declined (with a few exceptions, VW Credit, NextCard, First N.A. National Bank, Providian, Amex corp. card). I have a "form letter' prepared that includes:
Statement of reasons
Copy of 1st meeting of creditors (showing what was filed - and more importantly what was not filed)
Listing of positive, compensating factors (long credit history of positives, high income, home ownership, job stability, etc).
Some companies cannot/will not override a BK:
Monogram/GE (many retail cards) - won't approve a new account if you apply, but I have received 6 pre-approvals and accepted 3 of them.
Other companies (after speaking with a supervisor) have been able to look at the "whole picture" and will accept the additional information and come to a positive decision:
Bank of America
BankBoston (merged with Fleet, that's how I got the Fleet card - they won't open any new accounts with me until the BK falls off ... but I have 1 card and 2 lines of credit now)
BankOne (lines of credit)
All of the companies that I had credit with prior to the BK (and didn't include in the BK) "stayed with me" and kept credit available & growing-
Dayton Hudson (Marshall Fields, Target)
Saks (Carson Pirie Scott)
In addition to what's above, I've been able to get a mortgage, re-fi it, home equity loans, car loans (GMAC and VW). It helps that I have everything well documented and strong financials otherwise.
Hopefully you can overcome the BK. There are good companies out there. That's why I list 'em every chance I get- I'm a firm believer in supporting companies that have worked with me.
Best of luck-
Thanks MJ for that informative post. I too had a BK 7 filed in 2000 due to medical reasons.
I had credit that I didn't file due to zero balances and just about all of them have remained open, in good status, and growing.
Right now I am currently working with Cap 1 negotiating better terms than the terms they extended me on an offer.
Cards that were not filed, but were automatically closed after the BK:
Cards I have received post BK:
FCNB MasterCard (Unsecured)
I have also obtained an auto loan and three secured installment loans.
Cards that have stuck with me (although I can't vouch for approval on new accounts if a BK was filed):
Carson Pirie Scott (My oldest currently open tradeline, open since 86) MJ are you from Chgo?
Elan Visa (they raised my rate a little, but nonetheless have stayed open, unsecured, & no fee)
Sears (orig. closed me when they found out & due to zero bal., but talked them into reinstating)
I only use these cards occasionally, but am keeping them for now to keep credit activity going. As the BK ages, I will probably close a few of them. I had a couple of horrendous car payments, a couple of credit cards I ended up filing, my property taxes doubled (which made my mortgage payment go up $300/month on a TH; when we got the bill & the adjusted payment I knew we were headed for BK), combine that with a drastic reduction in work hours due to my medical condition and you get our BK.
I would rather do without credit after what I went through, but in today's world it is a necessity. Down the road we will get another home (we will better research the area; want no more tax surprises & value reductions). So I push on rebuilding. Right now I am only looking to add a couple of Visa/MC tradelines. I do most of my purchasing on a cash basis and try to be frugal because as I have learned, you never know when your health will go south.
Yikes- sounds like a whole lot went wrong at once.
It also sounds like you've got a good idea of how to avoid the financial problems again.
Yup- I'm originally from Chicago - opened my Carson's in '87.
Carson's has always been stingy with limits with me, but Field's has always been generous- I think my limit is something like $18k now (scary). Too bad they don't report limits anymore.
First Chicago was one of the first banks to really work with me post-BK. I don't know if post-BankOne merger they're still able to look past the BK.
Best of luck to you-
MJ - I thougt so! Carson Pirie Scott gave it away!
You are lucky about First Chicago. I know someone that tried to open a savings account two years after BK and was denied. This was a savings account, not a credit card, not a checking account. I used to have a checking account with them, but got out when they started charging the $2.00 teller fee.
Granted my Carsons account has not significantly increased as far as credit line (started with $500 in 1986 and am up to $2500 today). Then again, there is not alot of stuff I can just walk in and buy there. I have used it mainly for furniture (I got at good prices on sale). The nice thing about Fields and Target is you can use them at each others store.
Yes been through a lot, but know better now and am better off than I was.
Good luck in your credit endeavors!