can anyone tell me about life post bk #2

[Logan]

The other thread was hijacked so I started this one. (please stay out of this if you're not going to contribute to the title).

Veggirl,

I have only had good experiences since BK and I contribute it to having a plan going into BK. Everyone will be different based on their credit history regardless of the BK.

I'm less than 2 years out of discharge and I have 5 credit cards, I have been approved for 2 car loans with single digit interest rates and I've been approved for a home loan (I'll post in the mortgage section my experiences on that).

I think your credit prior to BK will determine the pace to reestablish credit. Some of us were never late prior to BK while other have many derogatory accounts and while they're all discharged in the end they do affect your overall score.

Good Luck and stay away from that other thread.

Logan

[Tom_Mi]

We're discharged, but not out of the woods yet...because our house is still over-mortgaged and I haven't found a clean way out of it.

Looks like all roads point to dragging my wife (and 3 kids and a dog and a gecko) into a less-than-desired rental situation for several years.

Other debts will be resolved, but make sure you have a 5-year housing plan figured out ahead of time.

[JenR]

Logan - post BK credit is a major concern for my DH. We've spent years building the credit rating we have now (currently in the high 700's each). When you know you have to file BK... do you skip payments for a while and then file when the threats come in, or file right away (so going from on time payments one month, BK the next)?

[Logan]

Logan - post BK credit is a major concern for my DH. We've spent years building the credit rating we have now (currently in the high 700's each). When you know you have to file BK... do you skip payments for a while and then file when the threats come in, or file right away (so going from on time payments one month, BK the next)?

I paid my minimum payments right up to filing. You don't need to be missing payments to file for BK. There are people on this forum who will tell you to stop paying and your lawyer will most likely say the same thing. I had been in the mtg business so I had seen different credit reports from clients after BK and I knew it would make a difference.

It is a valid point that you are throwing money away if you continue to make payments to a creditor you will include in BK.

Logan

[keepmine]

I'm coming up on the 4 year mark of my bk filing and life has been good post bk.
The first thing you have to do is fix the issues that created the bk. In my case, champange taste on a beer budget.
I created a budget that provided for savings every month and then, got a better job. A few months later I picked up a pt job.
Credit wise, I've had few problems. I've 2 HSBC cards. One Cap1 card and one Juniper {Barnes and Noble rewards}. I use them every month and pay in full .
The only glitch I had was, about 6 weeks before the 2 year mark of my bk, my wife's car died and we needed a new one. I got turned down by a bank where I'd had a positive relationship for more than 10 years and, a local credit union. They both cited "recent bankruptcy" in the adverse action letter.
My wife {she didn't file} and I applied jointly for a used car loan with the CAp1 blankcheck and were approved for a $12,500 loan at 8.2% for 48 months.
I put down 15% and we financed $10K. I'm listed as the primary borrower and they used my bank account to setup the automatic withdrawals.
I've had no need for a mortgage since, we have attractive financing in place before I filed and no desire for a HELOC.
Got no idea what my credit score is.
I'll just say go into this thing with a plan to emerge from bk in better shape than you entered. Be the "glass is half full" kinda person. Yes, some employers will discrimnate against people who have filed but, some don't. Some insurance companies will raise your rate but, some won't. Some lenders won't touch you but, some will. All you need is one person or business to say yes-so what if you have to make a few more contacts or phone calls. Just stay focused on a goal which is, a better life.

[Bandit]

They do look at your credit prior to the BK and not just after. I have 3 credit cards again and have been offered 6 car loans post BK. That is not a big deal to me.

Good Luck and stay away from that other thread.

Logan

There is nothing wrong with posting on the other thread.

[MichiganMan]

I did as well

I paid my minimum payments right up to filing. You don't need to be missing payments to file for BK. There are people on this forum who will tell you to stop paying and your lawyer will most likely say the same thing. I had been in the mtg business so I had seen different credit reports from clients after BK and I knew it would make a difference.

It is a valid point that you are throwing money away if you continue to make payments to a creditor you will include in BK.

Logan

I paid right up to the date of filing. Only a few calls between the filing and notice to creditors. I gave the creditors that called the info and they went away.

Except best Buy of course! Idiots! They will never go away.

My credit report shows great with every creditor, then shows the BK creditors. The good ones are the same creditors as the BK plus some. Overall anyone looking at my credit report will see more good then bad I hope. We are looking forward to doing things better post BK. Cash is King.

[Bandit]

I paid right up to the date of filing. Only a few calls between the filing and notice to creditors. I gave the creditors that called the info and they went away.

Except best Buy of course! Idiots! They will never go away.

My credit report shows great with every creditor, then shows the BK creditors. The good ones are the same creditors as the BK plus some. Overall anyone looking at my credit report will see more good then bad I hope. We are looking forward to doing things better post BK. Cash is King.

There are pros to paying up to the time you file if you can. This will help your credit score not to bottom out as low as it will when you file and for some that is important and makes the climb back up easier and quicker. There is your score and then there is your ability to get credit. I also paid minimums clear up to filing for that reason alone and I am glad that I did. You also bypass all the stress of phone calls, collections, threats and law suits, which would have been the con for me, and I was not going to deal with that if I did not have to.

[Mi Bankruptcy]

I also paid right up to the month I filed BK.. It was nice not have a bunch of calls. When we did get some of those call we gave them our attorney information. If you ignore them they call neighbors, family or friends.

[JRScott]

Well life's good

However I have never gotten another credit card or car loan. Not because they don't send them to me, but because I never fill them out and never return them.

Instead I do a cash and carry policy. I've found that life is pretty good, yeah you don't get the latest gadget or whatnot, but you didn't really need it either I've found out. I have a nice emergency fund. So all in all life is good.

[OhioFiler]

I paid my minimum payments right up to filing. You don't need to be missing payments to file for BK. There are people on this forum who will tell you to stop paying and your lawyer will most likely say the same thing. I had been in the mtg business so I had seen different credit reports from clients after BK and I knew it would make a difference.

It is a valid point that you are throwing money away if you continue to make payments to a creditor you will include in BK.

Logan

Uh...this post is off topic relative to the title of the thread. May I remind you what the OP asked?

The other thread was hijacked so I started this one. (please stay out of this if you're not going to contribute to the title).

[OhioFiler]

Well life's good

However I have never gotten another credit card or car loan. Not because they don't send them to me, but because I never fill them out and never return them.

Instead I do a cash and carry policy. I've found that life is pretty good, yeah you don't get the latest gadget or whatnot, but you didn't really need it either I've found out. I have a nice emergency fund. So all in all life is good.

You have mastered the concept of a fresh start! Congrats!!

Too many leave bk and think their fresh start includes living the same way that led them into bk in the first place. It's the classic case of not learning from one's mistake. I would put forth that anyone who thinks bk was not a fresh start clearly fell into this category.

[AngelinaCatHub]

Well life's good

However I have never gotten another credit card or car loan. Not because they don't send them to me, but because I never fill them out and never return them.

Instead I do a cash and carry policy. I've found that life is pretty good, yeah you don't get the latest gadget or whatnot, but you didn't really need it either I've found out. I have a nice emergency fund. So all in all life is good.

JR, as my signature shows, I do not do credit cards and am on a cash only idea. I have not renewed check orders as a temptation to beat the check to the bank costs $30+ bucks when a 45 cent M.O. is so much better. We have never been happier as we are actually putting to use our "new start" and as many of you know, we had a terrible time with everything that could go wrong, we did. 'Hub

[AngelinaCatHub]

Uh...this post is off topic relative to the title of the thread. May I remind you what the OP asked?

Good point but may I add, there are times for certain diversions of the OP's question (this being an example). Some examples are, if another contributor voices pain, it is fine to give "first aid" in encouraging words even though the original question was not the subject.

In the last thread as I saw it, not only did it stray a little, but it was totally destroyed and no one was getting any constructive guidance or encouragement. It became a flame-mail situation and the Mod was right to close it.

Now that I am guilty of a small infraction of going off the subject, my reasons are that if someone is aided in doing so, this is not bad and the thread usually flows back to the original subject. Not every question needs a direct answer. There are times whn you can see that the person needs some empathy if not sympathy in knowing there are still good people out there that CARE.

We are all caring people or we would not be tapping our time away on a keyboard for a total stranger. There truly are no strangers here. We are all kindred spirits attempting to correct our lives.

To all the Forum; GBWY 'Hub

[Bandit]

JR, as my signature shows, I do not do credit cards and am on a cash only idea. I have not renewed check orders as a temptation to beat the check to the bank costs $30+ bucks when a 45 cent M.O. is so much better. We have never been happier as we are actually putting to use our "new start" and as many of you know, we had a terrible time with everything that could go wrong, we did. 'Hub

You did. You guys have been through hell and high waters for a long time.