When does it go away..the bad credit?

[broderp]

I files bankruptcy years ago (discharged in 1990-1991 I cant remember exactly) It was a LIFETIME ago. 15 years goes by, I pay my rent, don't get further in debt (can't, no credit cards) I get secured CC for a few years, they turn into unsecured. My credit limit goes up. I graduate college, I buy a HOUSE at the prime rate....sounds good huh?

Well if you look at my credit, compared to colleges or even my parents, I see major differences. I have about 30K of total credit, but it's over 15 different credit cards. Those I compare to, have (by choice) the same amount of credit or more and it's on 2-4 credit cards. They also have much lower interest rates, like 7-9% vs my 9-29% rates.

I've paid my debts, learned from my bankruptcy, but still I'm treated like a second class citizen. It's part of the reason I'm in debt so much now. Those higher interest rates really effect how quick my balances are going down!

I can never help myself it seems. I have bought 2 cars in my mothers name and paid them off and it helped her credit, not mine. Why? Cause I didn't qualify for a loan 5 years after I filed bankrupcy.

Now my credit score is so low because of my debt to available credit ratio is pretty bad.

All the nice "happy" things you guys say just doesn't always happen, at least not in my neck of the woods. Bankruptcy can hurt you MUCH LONGER THAN 10 YEARS!

[HHM]

Point taken, but when you filed bankruptcy, did you really have any other options.

Also, if you are able to get a home loan at prime rates, what exactly are you complaining about.

At this point, the bankruptcy shouldn't even be reflected on your credit report

[StaciMM]

It is my understanding that having alot of open accounts on your report is not a good thing. Having 1-3 accounts is better than having 15. Close out some of your accounts.

I files bankruptcy years ago (discharged in 1990-1991 I cant remember exactly) It was a LIFETIME ago. 15 years goes by, I pay my rent, don't get further in debt (can't, no credit cards) I get secured CC for a few years, they turn into unsecured. My credit limit goes up. I graduate college, I buy a HOUSE at the prime rate....sounds good huh?

Well if you look at my credit, compared to colleges or even my parents, I see major differences. I have about 30K of total credit, but it's over 15 different credit cards. Those I compare to, have (by choice) the same amount of credit or more and it's on 2-4 credit cards. They also have much lower interest rates, like 7-9% vs my 9-29% rates.

I've paid my debts, learned from my bankruptcy, but still I'm treated like a second class citizen. It's part of the reason I'm in debt so much now. Those higher interest rates really effect how quick my balances are going down!

I can never help myself it seems. I have bought 2 cars in my mothers name and paid them off and it helped her credit, not mine. Why? Cause I didn't qualify for a loan 5 years after I filed bankrupcy.

Now my credit score is so low because of my debt to available credit ratio is pretty bad.

All the nice "happy" things you guys say just doesn't always happen, at least not in my neck of the woods. Bankruptcy can hurt you MUCH LONGER THAN 10 YEARS!

[HHM]

I will grant you this, what bankruptcy makes hard to recover is a "long" credit history. Having a handful of open accounts that are 20 years old is better than having a handful of accounts that are only 5-7 years. Bankruptcy tends to shorten your credit history becaue all your old accounts were discharged and closed in the bankruptcy.

It sounds like your at the point where you need to rebuild your credit, AGAIN. As staci suggested, consider closing some of the accounts, but try to keep open the accounts you have had the longest time. If the problem is your debt to balance ratio, there is no easy fix for that except paying down your debt.

[tinroofrusted]

I am wondering when the last time was that you personally looked at your own credit report.

After having filed THAT long ago, not only should the Bankruptcy be removed, but any negative entries from that period should be long gone as well.

If I were you, I would start with our credit cleanup thread, and go from there, and start disputing. It sounds as if you just have some negs that should have been removed, and haven't been.

However, there were some discrepancies with your post, and allow me to point those out if you will.

First of all, if your mother co-signed with you, a bank should have been willing to sign her off after six months to a year and let you refinance your car. That seems a little strange that you had to pay off about 10 years of car payments without being able to get a loan on your own. SOMEONE, somewhere should have been able to get you financed on your own. AND especially now... nearly 15 years after you filed! It makes me wonder about your job history, and current payment history.

Secondly, your debt to income ratio.... that should have been a lesson that you learned previously! This is how people get bankrupt... by spending more than they have coming in. You need to get that paid down, and close some of the cards like these people suggested.

I am more than 8 months out of bankruptcy now. I haven't been able to get financed on a car because I don't have enough time on a job. However, I do have a credit card that I pay more than the min. balance on each month, and I don't spend more than I have coming in.

I am going to suggest again that you pull your credit report (www.annualcreditreport.com) and start seeing what's on there that should/shouldn't be. You'd be surprised at what these companies get away with!