| Fixing credit and getting on the right path |
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AngieB
New Member
Cash: $ 0.65
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Joined: 12 Dec 2007
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| Fixing credit and getting on the right path |
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I am learning about the world of money after I fell on my face 2 years ago.
I use to have a good credit score. I was never late on bills. In 2001 I was laid off and didn't make enough money at my new job to make my ends meet. I had put groceries and most of my other living expenses on Credit Cards for months. Next thing I knew I was in debt.
It got so bad I had to move in with my parents. I paid off the debt slowly but never got rid of it. In 2004 again was laid off from another computer company. This time I couldn't catch up felt so depressed, I didn't know what to do.
My credit score was a 720 and in about 3 months time I gave up and filed Bankruptcy. Something I thought I would never do.
My mother said if I filed she wouldn't talk to me anymore. So to this day my family does not know about it, I can't go to them to get advice. So I figure I will ask my questions here.
I am finally in a position where I have no debt just a student loan but that's almost all paid off.
It's been two years since I filled and I want to fix my credit score and get a secured credit card. So i have been reading about how to do this. I have two questions:
Is there light at the end of the tunnel for me before the 10 years is up. Will I be able to someday buy a house with a decent interest rate? Any tips.
My other question is: Is there an occupation that help fix peoples credit scores? If so, how does an average person like me learn more about doing this as a career?
I would like to help other people who are in my shoes get the help to improve their situation.
How could I go about learning more about this?
Thanks
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Wed Dec 12, 2007 9:20 am |
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AngieB
New Member
Cash: $ 0.65
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Joined: 12 Dec 2007
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Hello Tim! Thank you for the encouragement. It's a nice warm welcome to this forum.
Hope someone will answer soon. I will check back in later.
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Wed Dec 12, 2007 8:10 pm |
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pf101
Senior Member
Cash: $ 62.25
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Joined: 12 Sep 2007
Location: Portland, OR
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| Re: Fixing credit and getting on the right path |
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quote:
Originally posted by AngieB
Is there light at the end of the tunnel for me before the 10 years is up. Will I be able to someday buy a house with a decent interest rate? Any tips.
Absolutely. BK is not what it once was (which is both good and bad). Your plan of getting a secured card is a good first step. Get the secured card and make steady payments (I suggest setting up one bill to be automatically paid by that card each month then setting that card up to automatically pay in full each month. That way you will never be late and won't be spending any extra money.) and after 6-12 months it should go unsecured. At that time, apply for a 2nd card and do build that up. After a year or two your score should be fairly decent.
Yes, you'll be able to get a mortgage but the rate may be higher than it would have been. One thing I would focus on is really saving up a down payment. That goes a long way with lenders.
If you want really good info on credit repair, I highly recommend the forums at creditboards.com. They're free and the amount of info on that site is amazing. It's where I refer people who need credit help. There's also a forum specific to rebuilding credit after BK which will probably be helpful.
quote:
My other question is: Is there an occupation that help fix peoples credit scores? If so, how does an average person like me learn more about doing this as a career?
I would like to help other people who are in my shoes get the help to improve their situation.
How could I go about learning more about this?
Thanks
Well, there is always becoming a financial planner. There are all different types of FPs. There are ones like me who work with people like yourself who are either just getting started or are recovering from past mistakes all the way to FPs who manage investment portfolios. You can really make it into what you want it to be.
Good luck and congrats on getting back on track![/quote]
Personal Finance 101
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Thu Dec 13, 2007 3:09 am |
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Shawpiro
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Cash: $ 3.15
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Joined: 30 Dec 2007
Location: Austin Tx.
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| Restoring your credit! |
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These are all good suggestions and if you follow this advice you will see you credit score slowly over a few years shoot right up. What you need to do to get faster results is challenge all the negatives and keep challenging them with the bureaus until they are removed. If you do this yourself you may see results in as little as 3-6 mos. You will see your credit score rise substancially as they are removed. Read the skinney on the credit bureaus that I wrote.
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Mon Dec 31, 2007 9:51 pm |
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AngieB
New Member
Cash: $ 0.65
Posts: 3
Joined: 12 Dec 2007
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Thank you everyone for your help and response.
Coaster you are a great help. I have read many of your posts here on this forum and thanks for your kind help.
Thank you also to Shawpiro for the tip.
I just checked my Credit report and had two things on their that were mysteries. I just sent letters about this. I think those problems will be fixed hopefully. After that the real stuff is what I need to work on and get my self back on track.
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Thu Jan 03, 2008 7:17 am |
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