Time to rebuild after dismissed case.

[jimbo367]

Going back a way in July of 2003 my chapter 11 was dismissed after filing 45 days before then.

Since then I checked my reports and they showed the bankruptcy and 2 IRS tax liens,

I have the satisfactions on both going back to 2003 as paid.

I need to get copies to all 3 to take off and since it's over 7 years I think they should disappear.

There is nothing else on the report at all, my credit score must be like 400.

Now reading all these threads it will be time to soon get 2 or 3 credit cards.

I guess Orchard Bank, Public Savings Bank, Open Sky and Addison Avenue Federal Credit Union . . . which is now First Tech.

Any particular order of which ones to apply for or all the same day.

Any other ideas?


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[jimbo367]

Which of these credit reporting are you using

See this list

[BankruptinNJ]

Going back a way in July of 2003 my chapter 11 was dismissed after filing 45 days before then.

Since then I checked my reports and they showed the bankruptcy and 2 IRS tax liens,

I have the satisfactions on both going back to 2003 as paid.

I need to get copies to all 3 to take off and since it's over 7 years I think they should disappear.

There is nothing else on the report at all, my credit score must be like 400.

Now reading all these threads it will be time to soon get 2 or 3 credit cards.

I guess Orchard Bank, Public Savings Bank, Open Sky and Addison Avenue Federal Credit Union . . . which is now First Tech.

Any particular order of which ones to apply for or all the same day.

Any other ideas?


.

Public Bank was just closed by the FDIC.

[TBA]

Tax liens dont go away at the 7 year mark. Federal tax liens can remain on your report indefinitely. I recommend sending copies of your releases to the credit bureaus and request to have them reported properly. I also think that they will remain on your file (showing satisfied) for ten years after the satisfaction date, not the filing date. Moral of the story, Uncle Sam really wants to be paid, and he usually plays by his own set of rules.

[jimbo367]

Ok now only Trans Union shows the tax liens, I sent off certified copies of the 2003 releases to them.

I the mean time the other two credit agencies have me down for a credit score of ZERO!!!!!

How the heck can it be zero?

How can I build that up not sure if I can get any kind of credit now.

[TBA]

Not having a score means you do not have any "activity" or trade line history within the last 6 months to two years. This is the double edged sword...

You need credit to get credit, but you cant get credit to build credit.

My recommendation is to apply for a low fee secured credit card, maybe try your local credit union (make sure they report to all of the bureaus though). Use that card to buy gas and underwear. Thats it (be disciplined. if you cannot control yourself, try getting a gas card). Pay it off each month. Contrary to popular belief, you do not need to carry a balance to build a credit score, you only need to show activity and payment history.

DO NOT miss a payment. A derog (delinquency) after BK will kill your chances of rebuilding your credit.

After 6-12 months of activity, check your credit again. If you have a score, congrats, you are on your way. Consider applying for another card and now put only gas on each card.

It takes time, and good payment history after a bk to rebuild, but you will get there.

(feel free to visit the CREDIT EDUCATION section of myfico.com for lots of good info about how your score is calculated, and what does and doesnt go into your score. its one of my favorite websites for credit education, and it is coming directly from the horses mouth, so to speak. I just dont recommend using their score service - its expensive.)