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Im going to go bk

The last post in this topic was posted 3323 days ago. 

 

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Will I ever be able to get into the 700's and buy a house? Or will I be relegated to second class for the entire time I have bk on my reports and public record?

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You can get a house 2 years after filing (3 years if you IIB'd a home loan). There's certain banks who won't give you a CC for 6.5-7 years following a BK (Chase, Citibank, Amex, Discover), but life does go on. I've only been discharged 11 months and have scores around 615-630 (with high utilization as we're moving to a new place and had some expenses). I've seen people just a bit over a year out get 700 scores. It's definitely possible within 2 years.

 

Right after discharge, the best thing you can do is get yourself a secured card (preferably from a credit union that graduates to unsecured after 12 months). An installment loan will help also, so if you need a car, go that route (you'll get a better rate if you hold off and let the CC report 3-6 months). After 6 months discharged, try a store card or another BK friendly card. Just be careful and don't start apping all over the place and ending up with a bunch of toy cards that sink your AAOA. Go from there.

 

As important as getting that first secured card is credit report clean-up. That will take a while.

Edited by Stanggt03

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I have never owned everyone that is IIB is state tax and consumer credit. The pisser is I am starting my own company and have to put it on hold while I do this bk thing, i cant all of a sudden have 20 or 30k fall into my lap even know thats what i was trying to have happen before this final turd fell on top of me.

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My TU FICO is over 700 and my EQ fico is almost 700 and I'm only 2 years out from my BK. It is quite possible if you manage your credit right and know where to get new credit. I also think how your credit looked before your filed plays a part in it as well.

 

I never had to get any secured credit after BK either. My first card post BK was about 2 months after discharge (my Hooters card).

Edited by cputrwz

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Seeing that i hadnt managed to break 660 on my best day in my adult life, anything would be an improvement especially over me probably at 300 right now.

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I was mid-700s four years out on all except EX, which still lags behind. I think I;m in year nine now, and the BK is pretty much irrelevant.

Last time I applied for anything credit-based was 2 years ago, but last time anyone mentioned it was, maybe, 6 or 7 years ago.

 

Can't speak about buying a house, we bought one in 2006, sold it in 2008 after a drop in value, and will not be doing that again. ever.

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I filed Bk in 2002. My house was included in the Bk, as well as numerous CC's, and a car. I have a car (financed new in 2007, almost pd off), bought a new house in 2005, and have numerous CC's (Discover, Alliant Cred Union, Nordstrom Signature, etc. with limits of 4k-10k). Current credit score is 723 (EQ)- 743 (TU). Have no idea what EX score is.

 

Your best bet is to get an account with your credit Union, and keep it in good standing, clean up your reports so they report correctly, and get 1 or 2 new CC's (no First Premier though) when you are able, and use them wisely until your score starts going up. Secured cards are good, or a card for those with less than stellar credit without a ton of fees. Search the boards for Bk friendly creditors. It will be OK.

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I am just about 8 yrs post BK7 Here is my progress along the way, hopefully this wil give you some perspective:

 

11/03 filed BK

2/04 BK D/C

5/04 - Opened 2 crappy rebuilder cards (Orchard and First premier - this was before CB was in my life), they served their purpose though. I would change this by opening a secured card at a good CU.

2/06 - received a Cap 1 card with $3k limit, by far and away my best

11/06 - received 6.9% financing on a new BMW with Cap1 (best rate they offered at the time was 6.35%)

2007-2008 added better cards to my portfolio, learned about the wonder that is credit unions. Used the knowledge here to learn who was BK friendly, etc.

2008 on - continued to add to portfolio, mostly CU cards, but a couple of others as well. Got TU to dump my BK 2.5 years early.

 

Fast forward to today. I have well over 100k in unsecured cards, even after culling some of my early cards. FICO is 740 on TU, 720 on EQ. Last FICO on EX was around 700 (right before they stopped doing EX). have been approved for T1 financing on a couple of new vehicles since. Below is my experience with the creditors I IIB.

 

AMEX - Just tried to get a card, have tried previously to be an AU - every time declined due to past history.

Barclays (juniper) - Was approved for a Virgin America Visa (2010), Ameriprise World MC (2008), and recently a Frontier World MC

Chase - Was approved for a Freedom in 2008, HOWEVER, Chase's policy according to an underwriter (when the 100k BA miles promo wasx going on which I think was 2009) I spoke to is they will not approve anyone with a BK on file.

BOA - Was declined the one card I applied for - was told by a credit analyst they will not approve with a BK on file.

Citi - Was declined the time I applied due to BK on file.

Cap One - Was approved for 2 cards after BK, however when I applied for a top tier card I was declined to to previous history...so odd

Discover - Was approved as a joint cardholder in 2010.

 

Hope this gives you some insight. If you need to file you can recover, fairly quickly.

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I filed in Feb, Discharged in May. My score was 467 when I filed, lates on mtg, a few on CC's, not open installment other than SL. I got 4 new cards and a car within 3.5 months after discharge. My score today is 604, but could be higher as I have somewhat high util right now. I easily see myself in the 700's in a year or so, where I never really got above 630 before.

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you recover quick if you had good history post BK

 

also maybe today you need to find a CU that will let you keep a card post BK..but i have no clue how to do that

 

PSECU didnt touch me and let me keep a 7/7 combo because they never lost a dime on me...i think that helped me tremendously..some old post BK scores are in my sig, yes are fako but still show an increase

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I have been with a cu for about 8 years now and spoke to them yesterday on what i have in mind. I have a total of 3 car loans with them 2 PIF 1 with a year left and 4 personal loans PIF and closed.

 

I have had a juniper card and they will be one of the ones to get burned but all my cards were low limit and never could get over the "hump".

 

I have

2 cap 1

1 barclays juniper

2 with hsbc

1 with cross country bank (scumbags)

1 store card from wells

Ge money/pp which used to be 1k then they dropped me to $100

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have they told you your personal lines will remain intact since the balances are zero?

 

 

I didnt ask because I just assumed they would because they were paid off

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