When/How to start rebuilding credit?

[Anassa613]

I agree with roadrunner. Leave aspire alone and go with Orchard.

[nessa30]

Do anyone know anything about First Premier Credit Card? Is it OK like Orchard Bank?

[tinroofrusted]

Do anyone know anything about First Premier Credit Card? Is it OK like Orchard Bank?

Lots of fees.

THe only problem that I had with them, is when I closed the account, they tried to charge me a monthly maintenance fee, even though the account was completely paid off...

they reversed the charge immediately and took care of it.

[mike9302]

I am glad to see some people are learning that it is important after bankruptcy to learn to live on cash and experience the life and freedom of no credit cards. Paying with cash is awesome and you really think about what your buying and if you really need it or not. Way to go for the people learning to live on cash and not credit. Remember the borrower is always slave to the lender.

[nessa30]

First Premier Card

I was approved for a First Premier Card in july and I check my credit report with transunion&experian and it's reporting. The fees they charged sucks but you have to start somewhere. I dont start paying my student loans til October. I applied for a Hooters card also so we'll see if i can get that card too!! There is hope after bk!!!

[CATCHMEIFYOUCAN]

Hmmm, I kept my car from being included in the payment plan (that has yet to be confirmed), simply because I think it looks good to some extent that I'm paying on it. Whereas if it were mixed into the payment plan, it doesn't show monthly payments on your credit report, does that count for anything in the end?

Catchmeifyoucan

[Jansinnet]

Also get business credit started. It is very easy & does not take long to get established.
It took me only a few months to get a business credit card.

[6ftladycop]

Is My Interest Rate Too High? Was I taken Advantage of?

The Cadillac Man Did Me In

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I am so mad with myself, but being unfamiliar with the process and having filed a Chapter 7 two years ago, well....I guess I will have to live with what has happen to me. For the last two years, I have been able to pay my car note on time with no problems to GM. I was leasing a car and had A-1 credit in 05 when I got it, however my children being diagnosed with autism caused our family major financial problems and I had to file.

Since that time, I have been saving, watching my pennies, not being late on any bill and since I had nothing to pay except rent, car note, car insurance, light, gas and phone, I paid these on time and really thought I was doing good at rebuilding my credit and my credit score. Last year when I heard that the car companies were going under, I was under the impression that researching and checking to see if this problem would be of a benefit to me as an American person, imagine my surprise when my lease was up and I had to return my vehicle to Cadillac and was told that nobody was leasing a lot anymore because the car companies had lost loads of money on leases. Of course I believed this because this was GM and the Cadillac dealer. Why would they try and use me since I had never missed my car note.

But of course them about to go under(GM) and helping people do not go hand in hand. I should have known better. Well, let me tell you guys what happen to me and maybe I am in the toilet and maybe I can do something to help myself as this issue is only 2 weeks old. I returned my Cadillac leased vehicle to Cadillac in Chicago two weeks ago. While in the dealership, I came across the nicest or what appeared to be salesman and he insisted that they were working on trying to keep me from being without a car since leasing was not in the cards as they said. I did the paperwork to return the lease and waited until they "crunched some numbers" as the salesman said.

After being in the dealership all day(8)hrs and many phone calls and cups of coffee later, I was sold a 2006 Cadillac with 8772 miles on it. The car cost 25,000 dollars. At first since my car turned in was a 2005 with 38,000 miles on it, I thought I was getting a pretty fair deal. But the interest on the car was unbelievable. Not only that, but the salesman told me that GM would not finance me again for another lease, but if I was able to buy a used car, how come they could not finance me for that?

Also, my old interest rate was 10 percent and of course I did not expect that again, but I never thought I would end up with 20 percent interest rate. Is this what bankruptcy filers should expect from car dealerships. This Cadillac dealership has a good rating with BBB. Nothing but rave reviews. However I still feel I was ripped off unless you guys can convince me that there was no other way. Also, by the time the finance guy at Cadillac came back in to talk to me, he also told me that Capital One was the only people who would take the deal and since I know that I was in to them for 8,000 dollars, somehow I just know that they tacked that amount on to my car deal. I can not prove it, but I know it deep down in my gut. So two things will happen here since the final amount I pay back over 72 months in interest is more than the car is worth, I am either going to the local investigative television stations and have them check my story for the legalities involved, or I will listen to you guys if you say that in these 2 weeks and I.m not satisified with this deal, there is absoultely nothing I can do. Somebody please talk to me. I am stressed out. They would not even make the car certified used, just pre-owned used and the difference between those two is the warranty. That was the most inportant thing I needed.

[chad9162]

6ftladycop....I'm not following your logic here. Aren't you a cop? The only reason I ask is that you should be good at smelling BS!. If you didn't like the deal then why did you sign the contract?? If you go to an investigative news agency you'll going to embarrass yourself. From my understanding leasing requires a good to excellent credit. If Capital One was the only one that wanted your business then obviously your credit isn't very good.

Also car dealers do make $$ on leases or the wouldn't do them. The only downside to leases is they can create large inventory. Obviously if the cars are just sitting around they're not making any money. Sounds like you believed the salesman a little too much. Salesman are full of sh*t....they tell you whatever you want to hear or what ever is going to make you buy! There's no such thing as a "nice" salesman! Instead we'd call him a great salesman, they're supposed to be nice, its called building rapport!

Also 20% for a BK isn't high. I pay almost 17% with Capital One and I'm not even BK'd yet! I have good credit but high revolving debt and like you Capital One was my only choice. When you need a car sometimes you have to sacrifice. I'm only financing 8,000 so 17% is nothing. I'm going to pay for a year and then try to refinance. Lastly, everyone pays more than the car is worth unless you pay cash, that's the whole point of credit and financing, they're trying to make money. Sorry if I was harsh but not seeing your view point.

[Inthestorm]

this is 2009

Ok...anticipating filing...and just wondering how all this has changed in the last few years since the economy is in such a nasty mess. Has the stigma of bankruptcy changed any? Is anybody lending at all or will life come to an end?
I'd prefer to get everywhere on a horse, but I realize they're just not safe on the highways...

[LeelaSeville]

I think it is so sad that once someone applies for bankruptcy, they're immediately drawn to obtain more credit to start all over. Then they pretty much end up in the same mess as before. Pretty crazy when you think about it!

However, I agree with what HRx has mentioned. Educating yourself on how to better your credit score without the use of excessive lines of credit is key. What I plan on doing (and going by what others have taught me), is attending workshops and researching ways to better my credit without the use of credit cards specifically. I've heard "Bill Me Later" can be nice to have on minimal purchases.

[prettyobk]

So how soon after discharge of filing does Hooter's give credit cards?

[NHC]

I think it is so sad that once someone applies for bankruptcy, they're immediately drawn to obtain more credit to start all over. Then they pretty much end up in the same mess as before. Pretty crazy when you think about it!

.

This is no joke....actually in a sad way, it's kind of funny....I have now had 3 offers for credit cards (took one for 300 bucks with 0 interest for a year)...and 2 idiots have called me wanting to inform me that I'm pre-approved for car loans!!! Holy crap...I was discharged only 90 days ago!!! (I told both of the car loan places to go pound sand and that they had better not have left an inquiry on my bureau either!)

[prettyobk]

A lot of people had botched credit from when they were younger, college debt, early marriages etc. For some people who were not educated about money and credit like moi, you learn over the years how it works, how to keep it, and how to maintain it. I for one was handed a Gold Visa with a $5,000 limit at 18 with no explanation. Credit cards were practically handed to me on a silver platter up until I turned 21.

So for those who experienced similar fate, having credit re-established in our 30s or even 40s and getting credit cards is not a bad thing, especially if you've learned a valuable lesson about using them.

I think it is so sad that once someone applies for bankruptcy, they're immediately drawn to obtain more credit to start all over. Then they pretty much end up in the same mess as before. Pretty crazy when you think about it!

However, I agree with what HRx has mentioned. Educating yourself on how to better your credit score without the use of excessive lines of credit is key. What I plan on doing (and going by what others have taught me), is attending workshops and researching ways to better my credit without the use of credit cards specifically. I've heard "Bill Me Later" can be nice to have on minimal purchases.

[maynard59]

Why rebuild credit

Our BK was finalized Oct 2009, and we filed due to our business failing. We are paying on two student loans, and a car loan, so that should be enough to rebuild our credit. But, to be honest, we could care less about rebuilding our credit. We moved from the suburbs to the city, live cheaper in a smaller, but just as nice home, and enjoy life much more. It is nice to have savings again, and to live well, but to be able to do so with cash is awesome. Our goal is never to have another credit card, car loan, or mortgage. If we can't pay cash, then we don't need it. Our consumer driven society has made us believe we need credit, but you only need credit if you are cash poor. We both walk to work now, our two children walk to school, and we can get everything we need within a mile of our house. Learn to live on cash for a year before you get caught up in rebuilding your credit, and you may realize you don't want credit.