Search the Community

Hello all! Thanks in advance for any help. It's nice to find a public place like this to seek advice. I am curious how to best go about taking the next step in repairing my credit. Four years ago I went through a period of financial difficulty after closing my own business. I managed to settle a $2000 charge off with my debt collector thinking I was doing the right thing for my record. I now have this sizable black mark on my report I have been struggling to get out from under. I've had the good fortune in the ensuing years of learning a lot and becoming very gainfully employed. I opened a secured credit card with capital one and paid faithfully in the hopes of restoring my credit. I've now had this account in good standing for two years. Over the past year I've managed to raise my rating by 100 points by maintaing this account very carefully. If relevant, before the charge off four years ago I also had an auto loan paid in full over 3 years with no late payments. What's frustrating is I still seem to be unable to earn the trust of new creditors. I must admit that I'm a little sore that even my own bank, which can see my regular bi-weekly direct deposits, seems unwilling to extend even a higher interest card to help me establish more of a credit history. I have stressed to them in person that my desire to open an account is only to continue my efforts rehabilitating my credit, and I maintain a sizable deposit with said bank. Is this a common thing, to have present income and credit worthiness completely ignored in favor of older events? I ask because I am trying to determine if I have good cause to take my deposits elsewhere. What's more, I'd rather keep my good progress with my credit score and avoid further hits from hard inquiries if I'm just going to get denied in the future anyway. Would it make sense to wait for the older negative events to become even staler before applying for newer accounts? I was under the impression that adding to ones credit history is a good thing after restoring some good standing, but I could be mistaken. Has anyone encountered a similar situation? Thanks!

Here is an excellent website where you can do your own Means Test to see if you can qualify for Chapter 7 BK. http://www.nolo.com/legal-encyclopedia/chapter-7-bankruptcy-means-test-eligibility-29907.html