I have been following our Credit Karma scores since we filed in September and was always surprised that they were in the 600s. I didn't give it too much weight because I knew they were FAKOs. I checked our scores on MyFico Thursday and DH's EQ is 653 and mine is 634! We each had 10+ years of mortgages (8 of them, I was in real estate) and other installment loans that were paid perfectly and I think that's what is helping our scores. We also have old credit accounts that are still listed as open. It says my available credit is $11,900 when in reality it's $650.
3 weeks ago we got pre-approved offers from CreditOne. We each got $400 limits with a $75 fee and 23.9% interest. I then did the retail card trick and we each got a $250 Victoria's Secret. I remember from years ago that they sell gum. So we will each buy a pack a month and pay it off (I can't afford $15 panties)
After opening those cards our Credit Karma scores went up and they are within a few points of our EQ scores.
We are also thinking of surrendering our car. We tried to reaffirm but never heard from the bank so we continued to pay. They sent a letter last week asking us to surrender it. It's underwater and it seems like we find a new issue with it every day (it's currently burning oil, 2k to repair it and when DH went to the store earlier he said it feels like the transmission is slipping) so I wish I wouldn't have kept current with the payments. Oh well.
I have read success stories from people getting great lease/finance rates directly from the dealer with scores in the 650s. We are looking at trying to lease a Honda Odyssey. It seems for what we pay in much higher interest rates on a used car we could lease and have payments $100 less than we are paying now. If we save that $100 a month for the 36 month lease - we would only be a few thousand off from the buyout. We still have 3.5 years on our current car. I would rather owe $6,000 on a 3 year old Odyssey that's worth $16,000 in 3 years then have a paid off 8 year old Grand Caravan worth $3,000 (for the same amount in payments). I hope and pray that we will be approved!
We also have had success with our home! We were 18 months without paying when we got our judgement (12/19 - first judgement was vacated). The bank sold our mortgage right after they got a judgement and the new bank is working with us on a loan mod. The sale was going to be on 2/4/13 but it was canceled by the bank! The person in loss mitigation has been very helpful. She even said she might be able to get our payments around $900 (the old loan mod from 2010 was for $1275, original payment was $1433). We really hate where we live but to move to our desirable area will cost at least $1300 a month and it would be a huge downgrade. We have no intentions on staying here forever - but it will give us time to save and prepare for a move.
DH made $10,000 less in 2012 than in 2011. But I am starting a small business from home and hope that I can make up that loss with some income.
I am so thankful that we finally took our heads out of the sand and filed bankruptcy. Everything seems to be looking up....it's going to be a long road before we really feel secure again, but I don't feel like I'm suffocating anymore.
I used to have credit limits of $30,000 and now I'm "excited" that I was approved for an unsecured $400 card that charges interest DAILY. It's amazing how financial ruin changes your outlook. I hope that we can get both of our scores to 700 within the next 11 months. I haven't posted much but I have read a lot. These threads have been so helpful in helping me realize that bankruptcy isn't the end of the world. Thank you!
3 weeks ago we got pre-approved offers from CreditOne. We each got $400 limits with a $75 fee and 23.9% interest. I then did the retail card trick and we each got a $250 Victoria's Secret. I remember from years ago that they sell gum. So we will each buy a pack a month and pay it off (I can't afford $15 panties)
After opening those cards our Credit Karma scores went up and they are within a few points of our EQ scores.
We are also thinking of surrendering our car. We tried to reaffirm but never heard from the bank so we continued to pay. They sent a letter last week asking us to surrender it. It's underwater and it seems like we find a new issue with it every day (it's currently burning oil, 2k to repair it and when DH went to the store earlier he said it feels like the transmission is slipping) so I wish I wouldn't have kept current with the payments. Oh well.
I have read success stories from people getting great lease/finance rates directly from the dealer with scores in the 650s. We are looking at trying to lease a Honda Odyssey. It seems for what we pay in much higher interest rates on a used car we could lease and have payments $100 less than we are paying now. If we save that $100 a month for the 36 month lease - we would only be a few thousand off from the buyout. We still have 3.5 years on our current car. I would rather owe $6,000 on a 3 year old Odyssey that's worth $16,000 in 3 years then have a paid off 8 year old Grand Caravan worth $3,000 (for the same amount in payments). I hope and pray that we will be approved!
We also have had success with our home! We were 18 months without paying when we got our judgement (12/19 - first judgement was vacated). The bank sold our mortgage right after they got a judgement and the new bank is working with us on a loan mod. The sale was going to be on 2/4/13 but it was canceled by the bank! The person in loss mitigation has been very helpful. She even said she might be able to get our payments around $900 (the old loan mod from 2010 was for $1275, original payment was $1433). We really hate where we live but to move to our desirable area will cost at least $1300 a month and it would be a huge downgrade. We have no intentions on staying here forever - but it will give us time to save and prepare for a move.
DH made $10,000 less in 2012 than in 2011. But I am starting a small business from home and hope that I can make up that loss with some income.
I am so thankful that we finally took our heads out of the sand and filed bankruptcy. Everything seems to be looking up....it's going to be a long road before we really feel secure again, but I don't feel like I'm suffocating anymore.
I used to have credit limits of $30,000 and now I'm "excited" that I was approved for an unsecured $400 card that charges interest DAILY. It's amazing how financial ruin changes your outlook. I hope that we can get both of our scores to 700 within the next 11 months. I haven't posted much but I have read a lot. These threads have been so helpful in helping me realize that bankruptcy isn't the end of the world. Thank you!
Comment