Hello everyone!
I've been reading and reading all weekend regarding rebuilding credit. There is another forum regarding credit, but there is so much information, I find it overwhelming. I found this forum and since I am one month post BK7 and this board seems smaller and friendlier I thought I would post my question here. I hope someone can help.
My spouse and I were discharged in our BK7 about 5 weeks ago. Both have Orchard Bank Credit Cards and our scores are (averaged from all 3 CRA): 583 & 593. When I first saw them I thought they were terrible, but after reading so much information I realize they aren't too bad for one month post BK. (Is that true??)
Anyway, I've got some cleaning up to do on the reports. Two of my OC's are reporting a balance due and past due post BK. The rest say balance 0, IIB, but they all also say CO (should they???)
Also, we let our house go back in our BK and it is still in the foreclosure process, although the Mortgage Lender is reporting a 0 balance & IBB, but they had the Stay lifted during the process so they do show a 30, 60, 90 late, then RF (foreclosure) and have stopped reporting as of the RF.
Does all of that sound right as far as the way it's being reported? Do I have more clean up work to do than I thought?
How soon should I start applying for credit? Should I clean up first, then apply or do both at the same time? Is it too soon after discharge to expect to get credit? The Orchard cards are almost 1 year old.
Should I be waiting for the foreclosure process to finish before applying for credit? Will the reporting of the Mortgage loan be different once the foreclosure process is finished?
Sorry for all the questions and thank you, in advance, for any help or insight!
Jillian
I've been reading and reading all weekend regarding rebuilding credit. There is another forum regarding credit, but there is so much information, I find it overwhelming. I found this forum and since I am one month post BK7 and this board seems smaller and friendlier I thought I would post my question here. I hope someone can help.
My spouse and I were discharged in our BK7 about 5 weeks ago. Both have Orchard Bank Credit Cards and our scores are (averaged from all 3 CRA): 583 & 593. When I first saw them I thought they were terrible, but after reading so much information I realize they aren't too bad for one month post BK. (Is that true??)
Anyway, I've got some cleaning up to do on the reports. Two of my OC's are reporting a balance due and past due post BK. The rest say balance 0, IIB, but they all also say CO (should they???)
Also, we let our house go back in our BK and it is still in the foreclosure process, although the Mortgage Lender is reporting a 0 balance & IBB, but they had the Stay lifted during the process so they do show a 30, 60, 90 late, then RF (foreclosure) and have stopped reporting as of the RF.
Does all of that sound right as far as the way it's being reported? Do I have more clean up work to do than I thought?
How soon should I start applying for credit? Should I clean up first, then apply or do both at the same time? Is it too soon after discharge to expect to get credit? The Orchard cards are almost 1 year old.
Should I be waiting for the foreclosure process to finish before applying for credit? Will the reporting of the Mortgage loan be different once the foreclosure process is finished?
Sorry for all the questions and thank you, in advance, for any help or insight!
Jillian
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