munchkin130
Anonymous
Posts: n/a
Credits: 48,894


Sub: #1 Bankruptcy about to come off - better interest rates possible?
Replied on 11-03-2009, 05:02 AM
Reply With Quote

Do creditors give a better rate to those whose bankruptcy is about to come off credit report as opposed to one who more recently filed bankruptcy?
My bankruptcy will be off in a year. I have 3 small credit cards in good standing - never late. Negative marks are 10 small med/dr. bills that my ex was supposed to help pay but did not, and a car repo from 2003. I plan to pay off (w/pay for delete letters) the Dr. bills one by one to help improve my score. The repo was due to a huge financial crisis - job loss, no child support coming in due to ex husband's illness, and expensive car repairs that began occuring every 2-3 months - being a sub-prime loan (got car after bankruptcy) they repo'd the minute I was 2 months behind in payments.
My credit score is about 593, so I'm still getting high interest rates on car loans - 18%. Any chance of negotiationg since my bankruptcy is about to come off and I have a good cc history now, or not even worth because of my history?


Moderator

Posts: 2,294
Credits: 26,294


Send message to DebtCruncher
Sub: #2
Replied on 11-03-2009, 04:56 PM
Reply With Quote

I'm sorry to say that I don't think your rates will get much lower until that BK actually comes off your credit report.

The reasoning is due to the fact that many people are repeat-filers -- once they go bankrupt the first time, they keep doing it every 7-10 years. You are right in that time frame where you could/might file again. Also given the medical collections and repo, a lender would see that as cause for you to file again, and so you are still considered a high risk to them.




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump



All times are GMT -8. The time now is 01:45 AM.





* Disclosures:
  • By signing up for counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
  • Some creditors and collection agencies refuse to lower the pay off amount, interest rate, and fees owed by the consumer.
  • Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  • Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
  • The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.052 seconds.