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life after bankruptcy

Date: Fri, 01/19/2007 - 07:16
Submitted by KYSIDE38 on Fri, 01/19/2007 - 07:16
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Just wanted to ask a few questions to see if any of you all know which I am sure you will. LOL How long does it take to go from 590 credit score to 650? Is it possible in a year? With a prior bankruptcy that is over a year old? I am basically debt free except for car payment and one cc with small balance that I pay in full each month. Sold my home and will be looking for another one within 1 year need to find out if I can get an interest rate thats not 10.75 . KYSIDE38


You are doing right by keeping your payments current. This is the fastest way to improve credit scores. Get a copy of your credit report and see if it's updated. Often credit bureaus report some items that were already discharged in bankruptcy. Check it and make sure you do it often. Good credit is round the corner. If you are getting new credit card offers, just throw it away. Perhaps, this is the not the right time to accept everything coming your way.


Submitted by orake on Fri, 01/19/2007 - 09:29

orake

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Thanks Orake, I took Roadwarriors advice and called GMAC mortgage. Guess what I found out? My credit score is good. The other company flat out lied to me. My score was 650 midline not too bad. It will go up further after my house closes because I basically have no debt. I just have to decide do I want to buy verses rent? It will be the same payment. Decisions Yuck. Thanks for your reply and help. KYSIDE38


Submitted by KYSIDE38 on Fri, 01/19/2007 - 17:40

KYSIDE38

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Kyside, I began working for my current employer in September 2004 and my credit score then was 418. Two years later, my credit score is 613. Keep paying your bills on time and don't have a late payment. It helps also not to have too many people prying into your credit. I filed bankruptcy in 2000.

By the way, did you know that some of your creditors will eventually fall off of your credit report as early as five years after you have filed. Two or three of my creditors have already fallen off my credit report. And that's the best thing that could have happened to me.


Submitted by Alexandra on Fri, 01/19/2007 - 18:18

Alexandra

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Kyside, if it is possible, definitely go for ownership rather than wasting money in a rented apartment. Besides, the property value is going to rise higher in the future. The house will be an investment for the future and with a good credit score, you will get a variety of better deals to shop. Money gone in rent is only going to be wasted. Just my thoughts!


Submitted by orake on Sat, 01/20/2007 - 09:37

orake

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