My credit score is not that good (between 584-624 for each bureau), and I was wondering if I should get a credit card to raise my score, or if it will go up substantially when my brankruptcy goes off of my report (in 2008)?
2007-07-18 01:18:48 · 7 answers · asked by utopian_wildfire 1 in Business & Finance ➔ Personal Finance
A bankruptcy isn't going to disappear in 2008. Bankruptcies are normally retained in a credit file for ten years from the date of filing/discharge, as allowed under law. Certain debts, including bankruptcies and tax liens are exempt from the seven year elimination requirement.
2007-07-18 01:36:49 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
7 most important things about bankruptcy will help you get an answer.
1. Bankruptcy is process adopted by federal court process catering to individuals and businesses repay their debts or clear their debts under the protection of bankruptcy court. Also known as "reorganizations " or "liquidations", bankruptcy is often the last recourse to get out of any debt.
2. When the property of the debtor is sold to recover and pay off the debt it is called Chapter 7 bankruptcy. Contrary to popular belief, all the property owned by a debtor is not sold, some part of it is left with him to allow him to start afresh.
3. When there is no sale of property but the debt are reorganized so as the debtors, are able to repay them over a long period it is called Chapter 13 bankruptcy.
4. Both these types of bankruptcy have a large number of rules, and exceptions, suited to different kind of debts, individuals and other concerns.
5. The "ticket in" is counseling session that everyone who wishes to file a bankruptcy must attend. This session must be attended at least six months prior to filing for bankruptcy. This term was adopted in the new bankruptcy law. Read more from: http://www.credit-card-gallery.com/article/226,7_most_important_things_about_bankruptcy
2007-07-19 05:44:23 · answer #2 · answered by alexa dion 3 · 0⤊ 0⤋
You're going to be hard pressed to receive a credit card with a low 600 FICO score. You're FICO will not raise after the discharge of the BK. It can be even worse. If you have "no credit" you're a bigger risk than someone who has shown they are a risk. Not knowing is more frightful to your credit score, as they don't know what you're going to do. Wait until the discharge of the BK, then try for a credit card. Good luck.
2007-07-18 08:28:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It will get better after 2008. If you do decide to get a credit card you will probably have a very high interest rate because of the low score.
2007-07-18 08:27:50 · answer #4 · answered by lcplyr7 5 · 0⤊ 0⤋
If you have 2000.00 in a savings, convert it into a 24 month loan and pay it off in 12. If you do not have any funds available, perhaps a friend or family member can put up the money.
2007-07-18 13:21:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Good luck with that..we filed chapter 7 in 1996 and it's still on our reports..
2007-07-18 10:44:33 · answer #6 · answered by happyfacemommy 4 · 0⤊ 0⤋
chapt 7 stays on your report for 10 years....
2007-07-18 09:09:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋