Removing a bankruptcy

[JollyGG]

lrprn - what you say in your previous post sounds accurate, but how do you know that after 1-2 years, the effect of a bk will be minimal?

We all have been educated by your many posts in the last couple of years, and the concept of being basically 'recovered' from this credit hit in only 2 years, without removing any negative items from our credit reports, it quite exciting.

Can you provide some details? Or anyone else? I intend on posting my evolving credit situation as it unfolds. I have been cleaning up my credit report while in bk, and hopefully this week I get the discharge so I can ramp up my efforts going forward.

My credit score is already mid 600 and I have not even hit the one year anniversary of my BK. I'm just starting the cleaning up my credit report. I have one credit card that has high usage on it right now and I expect that once I pay that one off my score will increase to the high 600s.

[keepmine]

According to FHA guidelines with 2 years of ontime paying post bk, you qulify for FHA loans at conventional rates. As the bk ages you'll qualify for more conventional products.
Also, you'll find some lenders who will not do busness with you as long as the bk is showing on your report-regaqrdless of your credit score.

[Boscoe]

Exactly. I am not so concerned with qualifying for a mtg, even if I was looking to move (which I am not). The car loan in a couple of years and credit cards sooner than that is what I want to be in good position for.

Like I said before, a 'fresh start' should not have to wait 10 years. After a year or two (tops), with good payment history, we are NOT much of a credit risk at all and should not have to pay for the bk being on our record that long.

[Bandit]

Exactly. I am not so concerned with qualifying for a mtg, even if I was looking to move (which I am not). The car loan in a couple of years and credit cards sooner than that is what I want to be in good position for..

You will. If your credit is good now & file before it gets too bad, you will be getting credit in less than two years. Even a house & a car.

Like I said before, a 'fresh start' should not have to wait 10 years. After a year or two (tops), with good payment history, we are NOT much of a credit risk at all and should not have to pay for the bk being on our record that long.

I know what you are saying. You could always hire that attorney for 60.oo a month to take the Bk off. I wonder how many months that takes?

It wont take 10 years but I tend to agree that it would be nice if it were not shown on the credit records themselves for 10 years. The whole thing I have come to realize about the BK thing is, they forgive us, but they do NOT forget us & that is why the fresh start philosophy does not seem all that fresh.
After all, we did not make the rule to have to file against all our creditors, someone else made that up. Most people would appreciate just being blackballed for life from one creditor (say the medical bills) while being allowed to move forward with the ones we have always been faithful to. Unfortunately they would prefer to forgive but not forget & some of them will continue to view us as a risk.....that is not very fresh to me either.

BUT! it will be 'fresher' than when were in debt up to our ears