Credit Repair

[Isis]

Merry Meet,

I've got a question for everyone. Is it better to repair your credit, or to file for bankruptcy?

Myself and friend have been working on repairing our credit. She applied for an auto loan, and the best interest rate that the bank would give her was 29% !!!!!!!!! Yes, I'm very serious!

She told me that her friend filed for bankruptcy and one week after it was discharged she was offered auto loans for about 12-15% interest. Although its very high, after six months you can refinance and get a better deal as long as all of your payments are on time.

My brother filed and he's been offered excellent credit terms for a new car loan. WTF is up with that, what do ya'll think.


Nikki

[mol]

If at all possible....repair your credit. It takes a little longer and a little more work, but you will be happier and more financially secure in the long run.

[Autumn]

You could try here for help getting started fixing your credit

http://www.debtadvice.org/

I wish you luck!

[Semele]

However, sometimes bankruptcy is the answer if you need a quicker solution...and yes you do get all kinds of pre-approved credit offers once you have filed, because they know you can't file again for a while so you will have to pay them. It doesn't ruin you to the point of no repair, but it is best if it can be avoided.

Credit is a crazy thing that I have never understood. We got approved for $130K house just three years after filing bankruptcy, yet to this day we can't get approved for the financing needed to buy a bowflex....go figure! The bowflex folks are pretty picky, so if you wanna get one of those buy it first...then file!!:D