Discharged Bankruptcies..

[UptempoDro]

Quick question fam..

In 2003 I made the DUMBEST decision in the world after I made several DUMB decisions with credit cards.. I filed Chapter 7. Five years later Im at a great point in my life.. the only thing that hovers over me is that chapter 7. My credit report shows it wont be removed until 2013!?! Is there any legal and LEGIT way to clear this any faster??

 

[bgbtylvr]

No. 5 more years. It wont hurt you as much since so many people have filed. You just need to get your credit score in the high 600s, like 690 and above and you will be fine. Don't let anybody run your credit for anything, it lowers your score. dont apply for any new credit cards, cars, payday loans, furniture same as cash, and dont even rent a car with your debit card, they run your credit on that shit at most rental companies. all you have to do is pay your debt down to where you debt to income is less than 30 percent. So, if you credit card has a limit of 1000, but you charged more than 500 or so, you are about the limit, pay it down or off.
Overall, if you dont make any moves for a while, your score should creep up about 20 points every 6-12 months of inactivity and timely payments. Could go from 650 to 690 in a year if you just dont buy shit on credit or charge anything big.

 

[greygoose]

that's assuming the OP has debt. and credit cards.

the best way to improve credit score is to pay off debt/cards over time the longer you have an account in good standing the better. if OP has no debt, its time to open some shit up and start paying it off.
yeah i would stay away from anyone running your card repeatedly.

a bankruptcy 5 years ago aint shit. what's important is what you've been doing the past 5 years. have you been paying things off? have you been late? if you've repeatedly been late, after the bankruptcy, you're fucked. if you've had a clean record since the bankruptcy you're good to go.

question is, whats your credit repot looking like right now?

 

[UptempoDro]

I just did the free annual credit report and everything is good. The accounts that I do have now showed regular payments for years without gaps. I had a few inquiries that didnt affect my score and 2 that did. One of those inquiries is what made me wonder why I cant get credit and I have been doing well for so long. I didnt actually get my credit score because I only got the free report from all the agencies.

I have been planning a small business venture for years now and I am now ready to put it into play but I think getting a small business loan with that on my report will hurt me. Most people tell me to try to use my credit union (PFCU - Pentagon Federal Credit Union). I dont do my normal banking (Checking acct) with them but I do have savings accounts with them.

that's assuming the OP has debt. and credit cards.

the best way to improve credit score is to pay off debt/cards over time the longer you have an account in good standing the better. if OP has no debt, its time to open some shit up and start paying it off.
yeah i would stay away from anyone running your card repeatedly.

a bankruptcy 5 years ago aint shit. what's important is what you've been doing the past 5 years. have you been paying things off? have you been late? if you've repeatedly been late, after the bankruptcy, you're fucked. if you've had a clean record since the bankruptcy you're good to go.

question is, whats your credit repot looking like right now?

 

[greygoose]

I just did the free annual credit report and everything is good. The accounts that I do have now showed regular payments for years without gaps. I had a few inquiries that didnt affect my score and 2 that did. One of those inquiries is what made me wonder why I cant get credit and I have been doing well for so long. I didnt actually get my credit score because I only got the free report from all the agencies.

I have been planning a small business venture for years now and I am now ready to put it into play but I think getting a small business loan with that on my report will hurt me. Most people tell me to try to use my credit union (PFCU - Pentagon Federal Credit Union). I dont do my normal banking (Checking acct) with them but I do have savings accounts with them.

waht do you mean get credit? explain more about that...

 

[UptempoDro]

Well I was buying a TV and spent a little more than I expected due to the warranty. They store was offering no interest for 24 months with their card.. I had the money to make the purchase minus about 350 for the warranty so I was just going to get the card, then pay what I had planned on coming in to the store to spend once I got the billed. Long story short, I was declined.

The above portion was way off topic. After doing a little research and understanding my reports better I found that what is hurting me the most is my debt-credit (not debt to income) ratio.. it was somewhere around 60%. Which basically means the couple of credit accounts I do have, although they are not high balances.. I have used up half if not more of the credit limit. I was told its usually good to have that number <30%.

waht do you mean get credit? explain more about that...

 

[TheDynasty]

No. 5 more years. It wont hurt you as much since so many people have filed. You just need to get your credit score in the high 600s, like 690 and above and you will be fine. Don't let anybody run your credit for anything, it lowers your score. dont apply for any new credit cards, cars, payday loans, furniture same as cash, and dont even rent a car with your debit card, they run your credit on that shit at most rental companies. all you have to do is pay your debt down to where you debt to income is less than 30 percent. So, if you credit card has a limit of 1000, but you charged more than 500 or so, you are about the limit, pay it down or off.
Overall, if you dont make any moves for a while, your score should creep up about 20 points every 6-12 months of inactivity and timely payments. Could go from 650 to 690 in a year if you just dont buy shit on credit or charge anything big.

Exactly.