Cassandra
“Dear Steve,
My debt was discharged is 2003. Recently I have had 6 negative accounts and 1 negative public record (Child support) deleted from all three credit reporting agencies. I do have four installment loans (federal, private school loans) and one fashion store card both being paid on time and in good standing. My credit score is 660 and they are still reporting the bankruptcy (10 yrs = 2013) and two negative accounts. They are also reporting closed accounts/loans that were paid in full. We need to move due to the house making a sick and our income is fixed and limited.
What are my chances for getting a major Mastercard to use for a moving truck/ professional movers? In two years time?
Cassandra”
Dear Cassandra,
If these are items on your credit report that are still showing open but they were included in your bankruptcy, that can be ended right now. Just get a copy of your consolidated credit report that has all three credit bureaus on it. Look at each credit report and notify the credit bureau reporting that specific items were included in your bankruptcy and are closed.
That should bring your credit score up.
Also, the biggest mistake people make after bankruptcy is not getting back into the credit game. If you don’t have some new good credit reported then your credit report goes from bad to bankruptcy to nothing. How can your score increase if you don’t have new stuff reported?
The way you do this is by applying for a secured card. You can do that right now. With a secured card you put down a deposit equal to your credit line. The creditor will hold your money in an interest bearing savings account. Make sure the secured card company is reporting to all three credit bureaus. The secured card will be a Visa or MasterCard.
Let me cut you off at the pass If your argument is going to be that you want an unsecured card to put down as a deposit. If that’s the case then you can’t afford to have and pay an unsecured credit card. Remember, a credit card is a safe way to make consumer financial transactions but it is a horrible way to borrow money. If you want to borrow, see LendingClub.com instead.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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