Should BK be an option in my case?

[Drew]

For the past few weeks, I've really been trying hard to get my credit straight. I've paid off 4,000 on a store card, on time, and it only raised my FICO score 13 points. My utilization for that card was under 50% almost since the first month I've had it. The other thing I've done is send goodwill letters to original creditors and attempt to get negative information removed from my reports. I've had absolutely no luck with doing that.

I'm really feeling frustrated because my scores are in the high 400's. In a lot of cases, I've noticed people who filed BK came out in better shape with scores in the low 500's. I admit, I have 8 charge offs but have taken care of 5 already, within a year's time. Am I missing something here because I feel like filing BK would actually make more sense. Does anyone have any thoughts on this?

[blondie813]

This is *strictly* an opinion, as I don't know your whole situation but I would recommend avoiding BK if at all possible. I did after a nasty divorce and it has been discharged since 2002. If I had the knowledge then that I do now...I never would have done it. It's like a heavy brick tethered to my ankle....anyone I deal with for credit I have to give the big "preamble" of how I have a discharged bankruptcy.

It's easy to get discouraged if you only measure your success by your score. The key is that your credit repair journey is going to take time. It didn't get bad overnight and it's not going to be fixed overnight either. I'm a terribly impatient person and I struggle with this daily....sometimes it feels like I get one thing knocked out just to have another one pop up in it's place. But I am making progress....and you are too. Time and rebuilding your credit will raise your score.

Just remember that there are a lot of people here for you to support and help. Many have walked in your shoes and have come out on the other side and changed their fate.

just my .02 best of luck with whatever you decide.

[direred]

If you've been able to take care of most of your chargeoffs within a year, it's possible you won't meet the means test for BK anyway.

Also, one of the things you've got to do is repair. Without repair, you're probably not going to see the same kind of score increases. Do you have currently-open tradelines without recent lates?

[Drew]

If you've been able to take care of most of your chargeoffs within a year, it's possible you won't meet the means test for BK anyway.

Also, one of the things you've got to do is repair. Without repair, you're probably not going to see the same kind of score increases. Do you have currently-open tradelines without recent lates?

I applied for a secured Orchard card and got "approved" for a $200 credit line. The only other card I have is a store charge with a high credit limit and no balance. And when I say I took care of those charged off accounts, they were really settled and it seems like the OC's are going to keep it that way.