scot1759

5 Contributions 24 People Helped

Member Since: May 2011

Most Helpful Contribution

Point increase once bankruptcy is removed from my report?

Feb 21, 2016
Helpful to 13 out of 15 people

The reason your credit score may go down after your chapter7/13 is removed.

1-While under chapt7/13 creditors can count that you can not file again and they are a little more secure

2-Not enough established credit while in the 10 year chapter relief

3-Too high credit balances after the chapter has expired. "note" any credit cards with balances higher than 30% of limit starts to drag your score down regardless what tier your credit is at.

Activity (5 Total Contributions)

Point increase once bankruptcy is removed from my report?

Feb 21, 2016
Helpful to 13 out of 15 people

The reason your credit score may go down after your chapter7/13 is removed.

1-While under chapt7/13 creditors can count that you can not file again and they are a little more secure

2-Not enough established credit while in the 10 year chapter relief

3-Too high credit balances after the chapter has expired. "note" any credit cards with balances higher than 30% of limit starts to drag your score down regardless what tier your credit is at.

I need better credit!

Jul 08, 2015
Cut the strings
Helpful to 1 out of 1 people

You really need to get those bills off your name. There is no other choice but to shut those ultilities off. They wont really do anything however you will have pay off the balances unless you involve the police. If they have those in your name then they have ruined there own credit and certainly will yours. You can go to your bank and ask them for a secured loan. At a 446 you wont get an unsecured so you will have to pull $500 out your account and use it to secure a $500 signiture loan. This will build your credit up as long as you dont default on anything along the repayment.

Point increase once bankruptcy is removed from my report?

Feb 21, 2016
Helpful to 8 out of 13 people

In most cases yes I was actually able to get a brand new car 6 months after i filed the first time. At 21% interest but hey i needed a car. The 2nd time i was able to buy a new home after 26 months. The difference was my credit was well established the 2nd time and my score was much higher at time of discharge. I can say this site was the closest in the actual scoring than any of the paid sites i used. This is how I built my credit after discharge. Got a car and 2 high interest credit cards. I maxed 1 of the cards out and paid min payments on it for 22 months the other i left vertually untouched. At 22 months I knew i was wanting a home. So knowing you have to keep your oldest acct open with a balance i paid it down to 30% use. My score went from 590 to a 643. I only needed a 640 to get the home loan. So everything has to do with planning and on time payment getting your score back up dont worry so much about maintaining a particular score until you need that score to get what you want. Life it too short to worry about a number all the time. Plan out your 5 year goals in credit and dont stray when it comes time to implement.

how can i raise my crdit score 100 points in 6 months

Feb 17, 2014

I raised my score almost 100pts in 60 days to buy a new home. I had a 781 credit score before I had to file chapt7. We lost everything in the bankruptcy including both cars and the house we owned 12 years. My score dropped to about a 550. Now the trick is to establish good credit ASAP even high interest loans/credit cards you can pay regular. Now I had already built some credit up with Capt One and a cpl small personal loans. The trick with credit cards is to get the balance to 30-40% of max. Before going for any new loan ALWAYS make sure your usage amounts on cards are less than 50%. Go to this site and look for anything you can fix. I pulled a tri-score and battled old accts or errors those 60 days before we went for the new mortgage. If the acct is 7 years old "other than federal money owed or bankruptcy the credit reporting agency HAS TO REMOVE. Its the law under the fair credit act. I found they had errors on closed acct dates which lingered showing bad. Went from a 553 to a 644 in 60 days. Got 3 offers for the loan took one of the local banks under a VA loan. Now here is something most dont know ALL banks use a little different way of scoring your credit worthyness. You can go into same bank and get a completely different score for a car than a home. I found CreditKarma was the closest score to the formula Regions Bank used for my home loan. They were about 20pt lower than Regions but thats pretty good. My tri-score I paid for was over 40 points off. You will NEVER get an exact same score from any credit monitoring system or even the 3 major credit reporting agencys. Again because each bank/credit lender uses a different formula. However this site was closest for me. The tools here have got me from very poor to fair credit over last 18 months. Be diligent with the reporting agencys dont be afraid of submitting dispute one after another until its right. It is your score you are responcible for it.

what can i do about public records

Oct 07, 2015
Public records
Helpful to 2 out of 4 people

Public records including child support debt can only be reported for 7 years. Bankrupt 10 years and Ive never seen them remove a bankrupt any chapter before 10 years.

You cant do much but wait them out unless you want to go to court and dispute them before those times frames. Medical bills are not looked at as closely by creditors and after 3-5 years some banks will take a letter of reason for a chapt 7-11 when applying for a home loan as long as all your other credit since then is good. To remove a public file against you that is 7 years old you just a file a complaint with the reporting agency explaining that the debt is older than 7 years. I personally have never had an issue with them complying.