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john
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Subject: remove bankruptcy
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Fri May 29, 2009 7:06 am
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I ran into debt few years back while in college, and had to file for bankruptcy. Now I have a stable job, and want get off all the baddies on my report and rebuild my credit score. Is it possible to remove bankruptcy before the 10 years time?
Also is it possible to get a secured card with a poor credit score? Will it help to raise the score? |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Fri May 29, 2009 8:05 am
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Basically how credit repair like this works is you, or attorneys you hire, challenge negative marks on your credit report. The Fair Credit Reporting Act - - gives you the right to dispute anything on your credit report. Once the credit reporting agency contacts the creditor to verify the account they have 30 days to respond with verification. If they do not respond the mark is removed. If they do respond you can challenge again and ask for real proof. I don't know the details of what is required but it can get to the point where they have to provide signed contracts, a list of all payments and bills, etc. What usually happens is the creditor does not respond and it is removed. The same is true of a bankruptcy, often the court does not get the information to the credit reporting agency so the bankruptcy is removed.
That doesn't mean they can definitely remove a bankruptcy, or anything else. They may or may not. Obviously if the mark on your credit is not accurate it is a lot easier to have taken care of. I had credit issues caused by id theft that I was unable to do much about, but a credit repair agency quickly removed all the negative items and increased my score over 200 points. I know others who had legitimate bad marks, they seem to be able to get most of them removed but not all.
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Fri May 29, 2009 8:22 am
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Hi john,
Unfortunately, bankruptcy cannot be removed from your credit report, until the State of Limitation of 10 years is over. But it is possible to raise your credit score, even after bankruptcy. Here you can find a few tips to raise credit score after bankruptcy. Once you have improved your credit records, bankruptcy will have a lesser impact on your score.
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| Also is it possible to get a secured card with a poor credit score? Will it help to raise the score? |
It is possible to get a secured credit card, with a poor credit score. A secured credit card is one, where you deposit a certain amount of money to the card issuer. The amount you deposit is your credit limit. By using a secured credit card and making timely payments for the it, will surely help to improve your credit history. It is also best to pay off the full amount and not leave balances remaining. Paying before the due date can sometimes help to improve the credit records.
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Looking forward to a debt-free life. |
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Arthur Haynesworth
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Subject: Bankruptcy Filed but never Activated
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Wed Jun 17, 2009 5:25 am
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I filed a bankruptcy in February,2008. However; I decided to not
act. I was too late to have it withdrawn before the documents
were sent to the creditors. I never started the wage program and
the court dismissed it immediately in March, 2009 before any money was received. Is it hard to have this Bankruptcy removed? |
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