2 and a half years bk discharged and credit still bad???

[MikeDz4]

I filed for bankruptcy in february of 2003 through my union. The union paid
for the attorney and eveything. In may of 2003 I had my hearing and
supposedly 60 days later it was supposed to be discharged. I received the
letter in the mail and everything. Funny thing is on my credit reports they
all say something different. Equifax has it as pending, transunion has it as
discharged and experian has it as filed and seperately discharged. I already
contacted equifax and told them it was discharged. Equifax also has some
accounts that were supposed to be included in my bankruptcy as not only NOT in my bankruptcy but closed because of non-payment. I also told them of this error. Would this afftect my credit score and cause it to be lower than what it should? Cause me not to be able to get credit cards or car or house
loans? Also did I make a mistake by not keeping my circuit city card when
they wanted me to reaffirm before the hearing? I did what they wanted me to
and returned my xbox to them, but for some reason they put on my credit
reports that it wasn't closed due to bankruptcy but because of non-payment.

Also how long before I can start getting credit cards with decent interest
rates and credit limits and a home loan? I have two credit cards (one $1250 and one $250)which i pay on time
every month but it's not seeming to help my score that much at all.

thanks for the replies

[bkfiler]

the pending bk should get fixed. work on that first. it could be causing you the problems.

the curcuit city card should be listed as bk as well if you listed it on you rbk petition. them getting the stuff back was a trick. the account should still show $0 bal and IIB (included in bankruptcy)

read the threads on this site as to how to dispute bad data and get started.

[StaciMM]

Anything that was included in BK should show $0 balance owed, and should not have any negative info reported after your BK.

Of course, creditors don't necessarily report correctly. Make a list for each report, noting the errors. You should be able to get those things either fixed or removed by notifying the bureaus of the errors. Getting the mistakes fixed will help your credit score.

You should be able to apply for accounts-just be careful what you apply for. Orchard Bank, or a secured card, might be your best bet. It is a good idea to work on getting things fixed first though.

[MikeDz4]

I want to get a decent laptop that's why I want a credit card. I know capital one gave me a $1250 card cause that's what i use but it's maxxed out as is my capital one $250 card. I paid off my orchard card a few months ago and closed the account. Where can I get a instant approval card with enough credit to get a decent laptop with my credit (545)?

Oh and I already contacted equifax about all of the errors. I am waiting to hear what they have to say. How long should i expect to wait to hear what they find out?

[Lightning]

Don't finance a computer. Save your money, and pay for it in full.

[StaciMM]

MikeDZ-I don't know if your posts are for real. I'll give you the benefit of the doubt and assume you are, and even if you're not, the post may benefit someone down the line. The little bit you've posted states the following:

1. You are 2 1/2 years post BK
2. You have an income of $1500/mo
3. The credit cards you have acquired since BK are maxed out
4. You want to buy a car in the $23,000-25,000 range ($450-550/mo depending on terms)
5. You want to buy a computer but need credit as you can't afford to do so

Have you considered the thought that you are not being reasonable in your expectations? Simply put, you are a bad credit risk. You have limited income on a new job, a bankruptcy, and the credit you have obtained since is maxed out. If you can't afford it, you have to find a way to increase your income so that you can, or do without. Find a part time job, or find a better paying fulltime job.

[StaciMM]

PS-

The general rule is 30-45 days on disputes with the credit bureaus, depending on the type of report you used. And, there are 3 bureaus. In addition to Equifax, there is Transunion and Experian. You will have to file disputes with each one. Fixing things at Equifax will not impact the others.

[Genenco]

MikeDZ-I don't know if your posts are for real. I'll give you the benefit of the doubt and assume you are, and even if you're not, the post may benefit someone down the line. The little bit you've posted states the following:

1. You are 2 1/2 years post BK
2. You have an income of $1500/mo
3. The credit cards you have acquired since BK are maxed out
4. You want to buy a car in the $23,000-25,000 range ($450-550/mo depending on terms)
5. You want to buy a computer but need credit as you can't afford to do so

Have you considered the thought that you are not being reasonable in your expectations? Simply put, you are a bad credit risk. You have limited income on a new job, a bankruptcy, and the credit you have obtained since is maxed out. If you can't afford it, you have to find a way to increase your income so that you can, or do without. Find a part time job, or find a better paying fulltime job.

I have to fully agree with Staci here...$1500 a month? Man, you so need to get a better paying job, or another one...That looks like $318 a week after taxes...

Paying rent? Elect? GAs? MAn they add up!

[MikeDz4]

see i don't see it that way. I live with my parents still (yes i'm 24 but im still in college so i live at home til i graduate and then i'll move out) so I don't have gas,electric, or anything like that. All I pay is DirecTV, Cingular, and my 2 cards each month. I get $570 every two weeks after taxes. Yes it's only $8.40 an hour at 40 hours a week but i live in west virginia and work in pittsburgh. I can't get any better paying job because i'm still in college plus I need a job where they will work around school so I can still have income while i'm attend school full time. In 4 months in may though when i graduate I'll start either looking for a job in my field at wal mart or look elsewhere (im thinking columbus or cincinatti are good places for people with a Cisco Certification plus CIT associates degree).

[StaciMM]

You've made some good points Mike-if you expect it to work (getting the car now) how do you see yourself paying for it?. Putting 1/2 your take home pay into a car payment, and still having to pay higher insurance, not to mention gas to & from work, means you're putting almost every dollar you earn into it. If you're graduating soon, perhaps wait until your income increases to try for the car of your dreams. In the meantime, pay down your credit cards. Since they are maxed out, that is one thing that is hurting your credit score. Paying down your balances & fixing anything that is not reporting correctly from the bankruptcy will make a big improvement to your credit score. That, in turn, will help you get a better rate on a car loan.

Try to look at your credit risk from the other side. From a potential creditor's angle, you accumulated debt & filed BK within 4 years (from age 18 to 22) and now, 2 1/2 years later are heading down the same path. That would be a realistic conclusion based on your maxed credit cards. There is nothing in your credit past to say that you know how to handle credit-everything says you don't. Paying your cards down, on the other hand, will do a lot to show that you are able to handle them responsibly and make other potential creditors more willing to work with you.

From what you said, I assume you work for Walmart now? If you take a job elsewhere, perhaps keep Walmart on a part time basis for a little longer. Applying for a car on a brand new job will be rough-unless your credit is stellar. Having a longer record, even on a part time job, and extra income from a new fulltime job, would look better-in my opinion.

[MikeDz4]

I figure if I'm making $65,000+ a year in my cisco technologies related job then I won't have a problem buying almost anything I want. Especially once I get my feet wet and get a few years under my belt as the sky is the limit right now. Hopefully the bottom doesn't fall out on the CISCO technologies field as it has with so many other technologies lately.

[bkfiler]

how did you go from 18K to 65K+ a year. guess i stopped following the whole thread so i am missing something.

i would say that if you can make 65 then wait until then and get what you want then. in the meantime, live cheap.

[StaciMM]

BKfiler, are your eyes giving you problems? Here is a quick update. He'll be graduating college in the spring, and going from working a basic job that cooperates w/ his school schedule to working a full time job based on his degree and therefore making more money.

how did you go from 18K to 65K+ a year. guess i stopped following the whole thread so i am missing something.

i would say that if you can make 65 then wait until then and get what you want then. in the meantime, live cheap.

Mike-I agree that things will go better for you once you have the better income. That also gives you time to work on your credit report & pay down your balances. (Depnding on when they report, it could take 1-2 months after you pay them before the new info reports.)

[MikeDz4]

ok. here's what i don't get. If I pay the minimum payment for a year my credit score goes up more than if i i pay it all off tomorrow? Why is that? I did the differerent credit scenarios on citi credit watch and that's what i found out. Makes no sense. I figured that if I were to pay off my debts tomorrow my credit would go through the roof but it's showing that it would actually go DOWN 5 points while if I pay just the minimum payments for 12 months i will go up 30 points.

[StaciMM]

The score calculators don't take into consideration other changes, I think.

Making on time payments (regardless of paying the minimum or more) will help but having your cards maxed out will limit the progress that you can acheive. The best scenario is to get the balance down and keep the accounts paid as agreed.

ok. here's what i don't get. If I pay the minimum payment for a year my credit score goes up more than if i i pay it all off tomorrow? Why is that? I did the differerent credit scenarios on citi credit watch and that's what i found out. Makes no sense. I figured that if I were to pay off my debts tomorrow my credit would go through the roof but it's showing that it would actually go DOWN 5 points while if I pay just the minimum payments for 12 months i will go up 30 points.