Update, Credit After Bankruptcy Seminar

What is the name of your state? Maryland

The seminar was comic relief, interesting, informative and FREE. You learned how to get higher FICO scores, who will be there for you after BK, since we are becoming more marketable, and need credit.

LOL Facts, in Canada you can file BK as often as you want! In Germany your debt stays for 30 years and is passed to your heirs!

The first catch is to start to work on the FICO scores. The jest of it is, VALIDATE, VALIDATE, VALIDATE!!! Validate everything, including inquiries. The more you validate the more the scores become higher by reported debts being deleted when validation is not made within 30 days, and they can't be resubmitted. Remember each credit bureau person has a quota to make and answer calls, they make BIG mistakes, such as mailing validations to you. Don’t answer anything for the credit bureau. Don’t give up on the first validation, try again later, yes they must validate each and every time you ask, not just pull the files and say lookie here. The real kicker is you can get your BK dropped off the credit report if they can’t validate it (yes they MUST validate it if you ask!)!! You would never lie about your BK, but it’s nice for it not to show when jobs or insurance pull your credit report and see nothing there. Never answer anything from the credit bureau, such as DO NOT SEND THEM YOUR BK, hence validating
your own inquiry. Do contact each credit bureau (3) while validating this tho.

When ever you get a loan ask which credit bureau they will be using and know your scores with that bureau. Stay away from Credit Unions that don’t report to all 3 bureaus, Your good banking will increase your credit score.

Some of our friends after BK:

Ford, Ford Motor Company will finance BK’ers at cheaper rates. BUT you must know how to approach the dealership. First you interview the finance mgr (your buying the finance). Ask questions, How many BK’s have you financed at a good rate, when was the last loan made to a BK person, etc. You must give them your story of where you are, and ask questions. All the Ford dealers are not running the same and will not help all. And Ford uses a point system on whether or not your qualified (own or rent, have phone, have job/time on job, checking savings, have you ever filed BK, have you reestablished credit) before pulling the credit report (know which one their using and what it looks like). If you can go into finance with these questions already answered while interviewing them then it’s a plus. If you get turned down by one ford dealer another one can not
give you credit, that’s why you must be prepared. Some states have better leasing deals than others, so lease may be an option. Also when purchasing get a car with the most incentives as far as cash back, it will give you the $’s as down payment. If you don’t qualify the first time, lookem in the eyes and ask “so what do I need to do, what would you do?” They’ll tell you what you need if their working for and with you.

Shell for gas cards.

Prism (bought by RBC) for mortgages, same deal be ready to interview. But they will be willing to work with you and tell you the truth as to where you stand and if you didn’t qualify, they will
tell you what you need and when to try again. They also told you the differences in conventional, non-conforming, FHA, and so on. They showed what you would need and how long after BK you could qualify and the FICO scores and whatever else needed. FHA doesn’t use FICO scoring.

And a no BS bank card (see it’s BANK with a “K”, stay away from “BANC’s”), Secured American Pacific Bank. You will need a security deposit, show good standing, then it becomes
unsecured. But NO extra fees that other banks charge. 1-800-610-1201 ask for secured application. Otherwise us BK’s will always get sucked into high rates and fee’s that we wouldn’t
need to pay otherwise.

There is soo much more that was brought up and plenty to read about in the book “Credit after Bankruptcy”, so you say what was the catch??? They had an attorney’s office there that would
do your validations for you at $50 a month, hmmm not bad I thought. Until I asked about the way they would go about it. It would be done in piece mill work, some this month, some next
month (they pick what to go after first), the whole idea was to get a costumer for a year (their thinking). The other drawback was 2 ways to get it done was to hire and wait for the 3 reports to come to you and then mail to them or have their hired mortgage co pull reports ($29), and send the reports to the attorney and you get your FICO scores, they start work. Then the do piece mill and you get the credit stuff from bureaus and mail back to the attorny's. You can cancel at anytime, and their deal was cheaper thru the seminar.

They sold their book if you wanted, $30, and $28 is a tax write off. I’m guessing because their a Foundation?? Dunno, just have a receipt that has the terms of a $28 write off. And of course
Ford was there, LOL (I laugh cause I said I never would drive another Ford, what goods a car without service?!?!?) The mortagage co was there. Check the library, read the book it’s informative and get those FICO scores up. It may take some time, but there’s 7 to 10 years riding with some of us, if nothing else, we have time~

[MidnightSwinga]

Thanks for posting this information.

Where did you find out about the seminar coming to your area? Do they have a schedule posted on a web site somewhere?

They mailed it too me, LOL I guess they sweep the court records, it's been a few years since my BK, But they have a website

[url]www.afterbankruptcy.org[/url]

They go into alot about mainstream credit and not good credit (what will help your scores), who's going to be there after BK, how they got started, and very good about giving factual advice. I mean who's going to buy the book if it doesn't work, who will show up for the seminar if it's a pooper??? I guess his kick-back must be from the attorney's office?? Oh and he's easy on the eyes

Your better than State Farm dude(like a good neighbor....) anyway, thanks for the info....I stand humbly corrected when I told you if it looked to good to be true.....(a few posts ago) Glad to see that something good actually came out of it....this information is gold to me and many others...thanks for posting it. Now I wish they would make an appearance in Albany NY. So anyway how do you make a CRA validate a debt??? Just fill out a dispute form via certified mail???? and how do you prove that you actually asked them remove something when push comes to shove??? Did they give this info also?
Thanks again!

Everyone thinks I'm a DUDE???? creditnet.com, creditinfocenter, and cardreport.com are some good sites for the language for the letters, and info on time limits and replys. They have to send you a response letter, in 30 in days! They used his samples, it showed what was verified and what was deleted! They showed the sample of the guy's validation letter sent to him instead of the credit reporter. They also went into tax problems.

First you have to find out who has you listed with the credit bureaus. Another catch 22, is every time you make an inquiry to the bureau it's 12 points (each report) deducted. So if your going for #'s stay away from pulling your reports. The book gives guidance on when and how long to get your reports before attempting to get some credit (like for a house/car/whatever). The rule is it won't hit your credit report for I think it's 30 days! It stays 2 years recorded for everyone to see, a credit inquiry that results in approved credit is OK. But to start you'll need to see who has reported you as an inquiry.

In the book it says for $24 you can get all three thru them and no inquiry mark? 1-317-578-7118 (main #) Ext 221. Dunno how that works??? Write [email]maryanne@afterbankruptcy.org[/email], see when they come to NY, their like flies on poop, they seem to be all over, LOL

Also, start a new credit file, show all the things removed and keep records in order so that way you'll know where you are and at what time. So when you do need to pull a report, you'll have an idea that what's there and not.

The best story is when they went to a city that has the bureau there (forgot which one), and their were people from the bureau there, and of course he got names and #'s and wanted info. For 2 years the lady dodged him and wouldn't meet with him. Right before returning to her state she called him, she had been laid off, and ready to squeeellll!!!

thanks for the info! I did find the site though at [url]www.after[/url] bankrupcy.com just in case anyone else had trouble finding it. Sounds like a great seminar to go to! Thanks again!

This seminar is based on a book by Stephen Snyder called "Credit After Bankruptcy." I bought this book not too long after I filed and I found it very helpful for my credit rebuilding plan once I receive my discharge. It also gives you the hope that you need that filing for bankruptcy is not the end of the world. You will get credit again...you will get car loans and you will qualify for a mortgage...all at decent rates. I definitely recommend this book.

I'm glad that it worked for someone else. The seminar was not only a hoot, but very informative. Things I would have never thought about. In fact when the old debts were showing on my CR's my attorney told me to mail my BK to the CB's to have them deleted, LOL Now I find out that is a very wrong move if your cleaning up your CR.

I would LUV to hear about some up-dates as to any deleted items, mostly removing the BK. I plan to beat the horse until I can't on my own then I may try their attorney route, we'll see.

I plan to hit a few car lots with sparkle in my eyes, and try and find out why only Ford is the only one working with BK's, as far as decent interest rates goes. I have one dealership that offered a lower interest rate with a higher down payment. But I don't consider 19-20% a good rate

[MidnightSwinga]

The closest seminar to me is about 3 hours away in September. Do you think it's worth the 3 hour car trip?

I guess it depends on what you plan to gain? If there are other things you can do on the ride home, stop place's, or what ever, I would do it.

Most everything, other than the credit bureau info is in the book. They do have handouts they give that you won't find in the book, and of course their attorney's that you can hire to do the grunt work at a cheaper price. You still walk away with the paper work that is $10 more than the seminar, that you can use later.

Oh BTW, I'm starting to hound the lenders for cars as to why they don't cut BKers any breaks. I'm telling them I'm doing research on predatory leanders and ask "why is FORD the only ones cutting these people a break?" I'm trying to get someone to wake up that were out to get a new way of life, not to be suckered just because of our needs So far I can't get a straight answer.

[MidnightSwinga]

I have a feeling with BK's at an all time record high this year, we might see some changes in the way lenders view this risk.

I was told by one (remains nmaeless), "then go buy a Ford!"

I thought I already left a post on this but I didn't see it here so, if anyone is interested in the book that neighbor mentioned you can go to [url]www.buy.com[/url] and get if for $18.86 with free shipping, I just ordered it and it's on it's way. Save yourself a few bucks if you really want this book.

The book is a great resource, got it about a week ago and have read and reread it. I would recommend it to anyone on this forum that has declared bankruptcy or is considering it.

The only part I disagreed with is when he explains on how to cut expenses, he suggests getting rid of pets. No way, no how, I realize these mutts are a huge chunk of change every year, But I couldn't do it,