had good credit before ch7.......

[seafresh]

i had good credit history before filing ch7. paid off students, few personal loans, even 3 yrs of mortage payments before divorce, 2 lease cars on time, few credit cards... but due to business situations, i filed ch7.. now after the dust settles, do i stand to better chance of getting car loan( nothing luxury but simple.. japanese car???


thx

sea

[Boscoe]

When did you get discharged?
And have you checked your 3 credit reports to ensure they are all correct, with no charge offs listed, and everything you included in the bk reporting as zero balances with no past dues for the periods after you filed?

[JRScott]

He's not discharged yet, he wouldn't discharge until at least January based on his sig.

If you had good credit before the bankruptcy then it should recover more quickly than someone that had bad credit. Most people gain about the same credit rating within 2 years of their closing.

So it is possible. I would wait a few months after closing before trying though.

[Logan]

Seafresh,

I was in a similar situation and my FICO's dropped to the high 500's and quickly rebounded into the 600's. I have a new job with good income and I'm finding it easier than others on this board to get credit. I do not know for sure the reasons but I'd imagine it's because of my FICO and income.

Logan

[seafresh]

Seafresh,

I was in a similar situation and my FICO's dropped to the high 500's and quickly rebounded into the 600's. I have a new job with good income and I'm finding it easier than others on this board to get credit. I do not know for sure the reasons but I'd imagine it's because of my FICO and income.

Logan

hey folks good to know and the positive side..
meantime.. stay clean for few months after the discharge..

thx

[biotechsolution]

seafresh:

If before you filed all your accounts were current. No lates, no charge-offs the bankruptcy notation probabaly won't effect your scores all that much.

what really decreases scores is lates and charge-offs. Especially lates. If all your accounts were current (no lates) and your utilization was high, your score may look better after filing and discharge.

My accounts were current. Only had 1 credit card that I filed on. Don't know my FICO before filing but checked after discharge and it the 3 reports average 650. TU hasn't even reported the BK and 3 months later they are all above 700 and even though TU isn't reporting it it's nly 10 points higher.