Hello all, I'm new here and have been reading the posts for about 2 weeks now and have a couple of questions. I just filed for chp. 7 BK and am waiting on my discharge letter. After that I will be looking to rebuild my credit. Problem is, every book I read gives different advice on how to do it. Some say don't get into any debt, while others say jump right back in. Any thoughts? All I really want is a motorcycle loan. I've already gotten 2 pre-approved car loans in the mail, but noone seems to want to loan me money for a bike. Why? Also, I want to change banks, but BofA had a derog. on my credit for some fees that I disputed with them when I had a checking account with them, but they of course are always right. I tried to change banks before the BK, but becase of BofA, they wouldn't open a checking/savins account for me. I want to go to Wachovia. Will the BK help me to do this? Also, what do you guys know about a mortgage after BK? How long should I wait? How much should I expect to put down, percentage wise? Sorry about the really long post, and thanks in advance for any help you can give
Once you get the Discharge get a couple of Subprime cards {Household-Orchard} seem to be the best at the moment pay on time and keep the balances low. The motorcycle loan is going to be tough it took me five years past bK to get one American Honda Finance will give you a Installment Loan with rebuilt credit 2 years strong most the others are credit cards offerd by HRSI Household Retail Services and they are tough to get no bk.Also maybe a credit union not sure there policy on bk The mortgage is also two years past bk and you need rebuilt credit and you can get a decent rate. Make sure you stay on top of your credit and start removing the negative items. Not a expert but hope this helps.
I'm firmly in the "jump right back in" contingent. Your FICO scores depend quite a bit on oldest credit line. So if you get a decent low-fee credit card or two as soon as possible, in two years you'll have a very favorable credit line. Well, as long as you use the card(s) responsibly, pay on time, keep utilization at 30% or below, etc. As far as a motorcycle loan, I'm not sure I'd do that right away ... from all I've read, the interest rates will be close to highway robbery. I'd lean towards building some good open end (cc) credit, cleaning up my credit reports by getting as many derogs deleted as possible, and saving a few bucks a month towards a good downpayment, and then get the motorcycle loan in the future when I could get lower interest rates. Depending on how diligently you work on your CRs, that could be just a short year or so.
OK, here's a loaded question: How do I get the stuff deleted from my CR? I mean, if I declared it on my BK, isn't that pretty much an admission that it's my debt? Or does that matter? Also, does the BK not remove all that stuff? About the oldest credit line: would it help to have someone add me as an AU to their CC? My mom said she'd be willing but needs assurance that my bad credit will not show up on her CR. (Hers is flawless). Finally, are CC's the best way to rebuild? Or would a car loan be better? I really don't want to get in that deep, but I do want a house in a year or two, so if that would help I would do it. Thanks again
I dont know alot about BK but I think I can answer your AU question.. Just give the card right back to her as soon as you get it.. As far as I know her credit history with that card will show up on your CR. Your credit history has nothing to do with it.
does the BK remove all that stuff? chopper180 ================== No ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
Declaring a debt in BK is not an admission that it is yours. I had CAs after me for debts that were NOT mine, but I declared them anyway to stop their harrassment.
