Just out of Chp 7 Bankruptcy 8 posts by 7 users

Posted: 12/21/2007 at 06:27AM

8 months ago I would have told you that getting a loan wouldn't be a problem, now it's going to be a real issue. All you can do at this point is start rebuilding your credit. You need to get a credit card. Capitol One seems to be pretty flexible, but you will pay for it. My discharge was over 3 years ago and up until the credit crunch I was able to get loans. Now it is much more difficult for anyone who has less then a 700 FICO.

Posted: 03/16/2008 at 01:45AM

The great thing about bankruptcy is that you get put into the same category as others who have filed for bankruptcy. Therefore if you were to lets say take out a small car loan and have someone co-sign with you and you repay the loan back on time every month. This should boost your credit score way high because again, you are competing with others who have gone bankrupt. I have a friend who filed banruptcy last year, did the same thing and has a better credit score over 700!

Posted: 04/16/2008 at 10:06AM

I see it everyday. there are plenty of people who are over 700 with a BK.
I am currently doing a loan for a individual who has a 680 score with a Bk and a forclosure on his credit report.
Iy you understand credit and how it works then you can rebuild your credit back up. You need to make all payments on time, and you also need to have at least one credit card with a balance on it, runinng at about 50% or less of the available credit line. pay it on time every month with more than the minimum due. and that will be a good start, this alone should allow you to jump 50 pt in 6 months to a year. Happens everyday to people everywhere who use this method.

Posted: 06/23/2008 at 04:52PM

I (mortgage broker), too, see some people attain 700 scores relatively soon out of bankruptcy. They may have to massage their report quite a bit, but it can and does happen.

I'll post some encouragement in a little bit.