Filed bankruptcy.?

Question

I filed bankruptcy and it was dischrged in May of 2005. Since then i financed a vehicle (at a ridiculous interest rate) for which all payment have been on time for more than 18 months. I have joined to credit Unions, and have taken and paid off a loan without any late payments ffrom one of them. I have also obtained a secured credit card for which payments have been triple the minium payment and on time for more than 6 months.

After all of this my credit score is still not high enough to purchase a home, my score has only risen slightly.

I have also challenged and had some of the derrogatory credit removed with disputes to the three credit bureaus. Now what? Do I just need to maybe wait one more year and keep trying to build credit or should I call it quits for 8 more years?

Answer 1

Your bankruptcy will remain on your record until May 2015, and it is completely up to creditors whether they approve a credit application. Your score will go up after the bankruptcy is older, but it is still a major negative on your credit file. It takes longer that an 18 month period of paying on time to reverse the effect that bankruptcy has on your credit score. The best thing to do is to continue to pay on time to establish a pattern of good credit before applying for anything else. Your score will go up after time, but you need to be patient.

Answer 2

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RE Filed bankruptcy.?

I filed bankruptcy and it was dischrged in May of 2005. Since then i financed a vehicle (at a ridiculous interest rate) for which all payment have been on time for more than 18 months. I have joined to credit Unions, and have taken and paid off a loan without any late payments ffrom one of them. I have also obtained a secured credit card for which payments have been triple the minium payment and on time for more than 6 months.

After all of this my credit score is still not high enough to purchase a home, my score has only risen slightly.

I have also challenged and had some of the derrogatory credit removed with disputes to the three credit bureaus. Now what? Do I just need to maybe wait one more year and keep trying to build credit or should I call it quits for 8 more years?

Answer 3

You can usually get an FHA mortgage 2 yrs out of BK, so give your FICO score a little more time. Keep in mind, revolving debt is highly weighted in FICO scoring so if your balance isn't close to 0 you will want to bring it there shortly. Once your score reaches 580 or so you should be able to secure 100% financing.

Answer 4

Bankruptcy will always follow you...regardless of what anyone says. I woud say pay off your credit cards, but don't close them out due to the positive information that it will provide on recent credit history. This should help your FICO score rise significantly.

Answer 5

If you can't afford it, don't buy it. let me tell you, I drive a 10 year old car, I rent an appartment, I rent my place of business, but I don't owe anybody one red cent. don't buy the new car just because the joness have a new car, buy what you can afford and when somebody makes fun of you for what you drive, ask them what their payment is and walk away. A good book to read on this is Cash Flow Quadrant amungst other things, Robert T. Kiyosaki. after that, if your interested in that b quadrant, email me at anything at dave48858 dot com

Answer 6

properly, to respond to your initial question of no matter if you may report financial disaster or no longer is rather as a lot as you ultimately. i does no longer suggestion it in the adventure that your debt is below 10K as many times a consolidation ought to get you out of the hollow on that difficulty and also you may rebuild your credit. the subsequent difficulty because the guidelines have replaced, do you qualify depending on the income guidelines on your significant different and little ones? threat is, it appears that evidently you do, yet then i don't recognize what you're making or what percentage are on your significant different and little ones. Secondly, it truly is gonna value you a grip to report now as what develop into $three hundred-$500 to do a number of years in the past will actual value you $1500 or more beneficial. Plus you'll even could hunt credit counseling earlier you flow ahead contained in the approach. As on your reference with reference to the 7 yrs., it truly isn't any longer unavoidably computerized as they flow on the surprising date of activity on the account. it is how the lenders get you and characteristic the skill to advance that 7 yrs. to an eternity. Now, you may continuously dispute any topics you've on your credit record, so don't be afraid to attain this. they ought to deliver you an handle and communicate to style of the creditor interior a useful era of time or the credit bureau has to eliminate it out of your credit record. many human beings don't recognize this, in spite of the undeniable fact that it truly is how any such vast quantity of human beings are waiting to have some issues bumped off, because they fail to study the archives rapidly. this can be sturdy for you if it extremely is the case or you may be stuck with some issues on the record. i desire this helped. sturdy success!

Answer 7

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Answer 8

Bankruptcy is stuck on you for at least 8 years and 10 years before it will get off your record.