Update on myself

[bankruptsaluki]

Wasn't very active here but I remember what I was going through and I wanted to update all that might be struggling right now.

I went into bankrupcty 2 days before the law change and was discharged in April of 2006. Since then I have a Capital One credit card with a $500 limit (started at $300 limit) and a Hooters Credit Card with a 1,000 limit (I think a $79 fee). I was just financed with ZERO down payment for a 20,800 vehicle (out the door) at 10% interest (approx 2.5% above norm, not bad considering my history). I am hoping with a year of on-time payments will get that interest rate down to 7.5%.

Keep in mind that all of this is with minimal credit report monitoring or fixing, which I plan on working on in the coming month as I am hoping to have this vehicle paid off by April of 2008 so then I can start shopping for my first home.

All will be fine. I recommend talking to your friends about it, it makes you feel better instead of holding it in. So many people are uneasy about bankruptcy and for good reason, but it isn't the end of the world, and you fight back.

[bige1030]

Your car loan rate is better than what I got about a year before bankruptcy. I'm paying 11.84% on my car...and I reaffed it. I'm hoping I can refinance with the credit union I just joined...probably in a year or two.

It's sad to see that Hooters is charging you $79. I got my Hooters card shortly after discharge (yeah...sounds like I'm rushing, but I want to rebuild ASAP so I can refi the car), and they're only charging me $36. Well, I guess you've got the better end of the deal...you paying a little more per year on the Hooters card and me paying 1.84% more on my car!

[AMISLANDER]

Your car loan rate is better than what I got about a year before bankruptcy. I'm paying 11.84% on my car...and I reaffed it. I'm hoping I can refinance with the credit union I just joined...probably in a year or two.

It's sad to see that Hooters is charging you $79. I got my Hooters card shortly after discharge (yeah...sounds like I'm rushing, but I want to rebuild ASAP so I can refi the car), and they're only charging me $36. Well, I guess you've got the better end of the deal...you paying a little more per year on the Hooters card and me paying 1.84% more on my car!

My hooters was $79 too...no biggie, if they don't drop the rate when you renew, drop them...Congrats on the car! That rocks!

[bankruptsaluki]

My hooters was $79 too...no biggie, if they don't drop the rate when you renew, drop them...Congrats on the car! That rocks!

I won't be dropping any credit cards until I purchase my townhome, which should be in April of 2008 (2 years after Bankruptcy). Two credit cards and a car loan should improve my credit ten fold after a year of payments. I could probably do before that but I am hoping to have this car paid off by then so I only have one large payment

I do want to thank everyone for sharing their experiences, it can only help people on here that might not want to post a whole lot, which is why I posted this. Good luck to all.

[Hopeless]

Thank you, 'saluki'! Great to hear about people REBUILDING and how life CAN go on!

[HopefulInOhio]

Thanks all! I love seeing posts such as these. Makes me feel that each time a letter comes or a phone call that there IS an end to it.

Now if I can just see an end to this divorce too....

[CAB in CA]

BKSaluki, congrats on your rebuilding and many good wishes for a great future. Sounds like things are going your way!


HopefulInOhio, I wish you the best having to deal with financial issues and divorce at the same time... pretty rugged on your moral.

The reason for my BK was debt left from a divorce in 1999, plus the fact that my income was cut by more than half due to having to retire on SSD in 2001. I was left with CC debit of over $50,000. when my husband left. I was awarded a judgment against him for over $25,000. plus at 19.9% interest. of which he never paid a dime. He was suppose to pay me $200. a month, until paid in full, which would have really helped with the CC debt.

My husband's credit was terrible when we married so he was unable to borrow. He worked at keeping his one man long-haul trucking company running for several years and I borrowed money to keep him going, plus paid for a new to him used truck, until he finally gave up and went to work for a trucking company that supplied the over-the-road truck. I was buried in debt from which I never was able to recover.

I struggled for nine years while married working two jobs so I could pay all of the bills. I then had to quit the part time job in 1999 due to health issues and quit paying on many of the bills in 10-2002. My health caused me to go onto SSD in 10-2001 and I filed BK in 10-2005. Our divorce was final 12-1999.

I barely have enough money now to pay for house (I will inherit from my mother) and the utilities with my SSD, two small pensions from my deceased first husband and a little bit of money that I saved while my mother was still alive, as we had the two incomes then.

I pray every night that I will find a way to continue to exist without having to sell the home as the payment is only $500. a month and I could not rent for that amount of money.

I am working on cleaning up my CR after BK. I have five new credit cards in the last year, two with under $1,000. CL, one with $2500. CL, one with a $2,900. CL and one I just got last week with a $3,250. CL, terrible interest on that one!

When I use them, I PIF each month after the statement is issued, so I do not have to pay any interest. My mother added me as an AU on three of her BOA credit cards, one with a 40 year history, two with no balance and one with a CL of $20,200 had 10% utilization. That card I will pay off in the next two months. She past away last August and I have been working at getting her account paid off before I call to report her death and close the three accounts.

My FICO scores have improved dramatically over the past year, so there is a rosier picture in the end.

Just hang in there... things will get better. I wish you the very best in your future.

CAB in CA

FICO Scores

2-5-06 2-2-07
TU 528 686
EQ 566 677
EX 611 702