I know there is a 10 year history for the most part, that's not really what I mean.
What I mean is, prior to September 2005, my credit was stellar. At 25 I had a credit rating over 700. THen, unemployment and underemployment happened and as a result, 2 years later we will file for bk and surrender the house. I pulled my credit report and I have 25 accounts in "good standing" (most of those are cards I had but cancelled and haven't used in years, but they show up on the report anyway), there are about 10 accounts in bad standing, which of course will all be wiped clean with the bk. Assuming we get back on our feet here, we will have a good rental history post bk, we are keeping the car, and payments on that have never been late. It's my 3rd lease through GMAC and in 7 years there has never been a late payment, so assuming we keep payments on that current and then eventually get a small credit card and use monthly and pay off monthly our scores should improve, right? Additionally, we have student loan payments that are current and will continue to be they are a high priority payment for us.
I guess what I'm wondering is if creditors will see that 2 year period for what it is - a snapshot, a period of hardship, and not something that was normal... or a good reflection of how I handle credit in general.
Thoughts?
What I mean is, prior to September 2005, my credit was stellar. At 25 I had a credit rating over 700. THen, unemployment and underemployment happened and as a result, 2 years later we will file for bk and surrender the house. I pulled my credit report and I have 25 accounts in "good standing" (most of those are cards I had but cancelled and haven't used in years, but they show up on the report anyway), there are about 10 accounts in bad standing, which of course will all be wiped clean with the bk. Assuming we get back on our feet here, we will have a good rental history post bk, we are keeping the car, and payments on that have never been late. It's my 3rd lease through GMAC and in 7 years there has never been a late payment, so assuming we keep payments on that current and then eventually get a small credit card and use monthly and pay off monthly our scores should improve, right? Additionally, we have student loan payments that are current and will continue to be they are a high priority payment for us.
I guess what I'm wondering is if creditors will see that 2 year period for what it is - a snapshot, a period of hardship, and not something that was normal... or a good reflection of how I handle credit in general.
Thoughts?
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