Just filed chapter 7 on 10/13. We haven't been paying our credit cards for the last 2-3 months, so my credit scores have been plummeting. 341 meeting won't be til 12/8 and that puts discharge (if everything goes perfectly) at Feb. 8, 2006. Will my "non-payment" of cc's keep lowering my scores until then and them take another after the discharge of my bankruptcy, or can I get the BK listed on the credit reports now and get a 4 month head start on rebuilding, plus prob. not losing another 100 points for "late - non-payment" plus the penalty for filing?
When does the BK appear on your credit reports and does the automatic stay prevent your scores from going further down while you're waiting on discharge?
My plan is to start a savings acct. with the little we can save and as it builds up to make a small secured loan against it at the bank, pay it off and repeat every 3-6 months, until I qulify for a decent cc and then use it for something like my DSL bill and pay it off every month. Then 6 months later request an increase limit and apply for another card.
My understanding is that every time there is a "hard inquiry" at the credit reporting sources, that your credit scores go down, but all that are made in a 14 day period are counted as one.
BTW, we are re-affirming our cars and have gotten a month ahead so we will be sure not to be a day or two late. We have excellent reporting on these.
"hard inquiry" = someone checking your credit for something for which you applied.
"soft inquiry" = you personally checking or any company checking for "pre-approval status, insurance, etc.
Thanks, Art
When does the BK appear on your credit reports and does the automatic stay prevent your scores from going further down while you're waiting on discharge?
My plan is to start a savings acct. with the little we can save and as it builds up to make a small secured loan against it at the bank, pay it off and repeat every 3-6 months, until I qulify for a decent cc and then use it for something like my DSL bill and pay it off every month. Then 6 months later request an increase limit and apply for another card.
My understanding is that every time there is a "hard inquiry" at the credit reporting sources, that your credit scores go down, but all that are made in a 14 day period are counted as one.
BTW, we are re-affirming our cars and have gotten a month ahead so we will be sure not to be a day or two late. We have excellent reporting on these.
"hard inquiry" = someone checking your credit for something for which you applied.
"soft inquiry" = you personally checking or any company checking for "pre-approval status, insurance, etc.
Thanks, Art
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