Thursday, May 20, 2010

Chickening Out For Right Now

One goal I had post BK was to qualify for credit again. Why many of you may ask when you filed Bankruptcy?  Well, for a couple reasons.  The big one is if I can get credit at reasonable rates and not have issues again, it's one of my ways that I will have bounced back.  I was able to get a car loan, albeit at a slightly higher (well much higher) rate than I would have liked and I do now have a credit card. 

I've been waffling in my decision to go forth with the application for the FHA rehab loan.  I have all my paperwork that I know they will need, but I have not yet made that final leap.  Why, well I'm not 100% sure. The lender is either going to say yes or say no.  I guess it's because I'm going through one of my I- doubt -myself- phases.   I'm feeling a bit down about life, work, both full and part time~ things just feel so stagnant and not like all is good and smooth, but all is sludgy. Is sludgy a word?  And when I feel this way, I don't take rejection well at all.  Right now I don't want to get "rejected" even though I know it is a possibility with the FHA loan.

Sooo what is Betty to do?  Well I'm going to allow myself a few more days of self pity and then I am going to take out that extensive to do list of home repairs and remind myself that I simply can not do them by my lonesome or even do many of them with a friend or helper bee.  These are home repairs that really can't be put aside much longer. I'm hoping this will motivate me to put in the application, cross my fingers, light a candle and hope for the best!

14 comments:

Patrick said...

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Bankruptcy advice said...

Hi

These days new laws for bankruptcy are developed. According to which people who are planning to file bankruptcy, they must get credit counseling from a government-approved organization and it should be 180 days before they file bankruptcy.

Ethel said...

When I received my first credit card, I was so excited on shopping. I've bought a lot of stuff because I thought a credit card's ability is very powerful and worry-free. Unconsciously, I didn't think about that my account can be bankrupt because of too much spending. In my case, debt settlement solution and my lawyer who's good in negotiating debt settlement issues saved me from bankruptcy. I've learned my lesson that I shouldn't spend too much, and I've learned to be thrifty.

Asset Tracing said...

It is important to understand the advantages and disadvantages of credit card bankruptcy. This option should only be used as a last resort. Thanks for sharing!

bankruptcy lawyers in chicago said...

Bankruptcy is the last option one should go for in order to get rid of secured and unsecured debts. Once you file bankruptcy, it will reduce your score by more than 200 points. Once you bankruptcy filing is discharged, you should make sure that you take steps in order to improve your credit scores.

Fiona Sharp said...

I am leaning towards bankruptcy but I'm not sure if it's the best route to take. What would you suggest? I am at the end of my rope!

Skyden Dredge said...

Bankruptcy helps you eliminate or reorganize your debts. If you are indeed facing tough times to repay your debts and do not have any other option left, then you can think of considering bankruptcy. Chapter 7 bankruptcy or straight bankruptcy helps you wipe out a portion of your debts and Chapter 13 bankruptcy offers you a debt repayment plan. Anyways, bankruptcy has serious deleterious effects on your credit score. This reduces your credit score by 200 points or more. The waiting period to get approved for a mortgage loan after bankruptcy is 2 to 3 years. It is better to wait and put in efforts to improve your score in the meanwhile.

QUALITY STOCKS UNDER 5 DOLLARS said...

Nice and a little funny the post that is.

faillite personnelle said...

Filing bankruptcy is not the devastating catastrophe that creditors want people to believe, but actually a blessing to those that are in a financial crisis. Of course creditors don't want people to know this which is why they perpetuate the myth that filing bankruptcy is shameful, irresponsible, and something that one can never recover from.

Anonymous said...

This article was awesome!! Thank you. Being fairly new to the bankruptcy arena I am constantly trying to gather as much information as possible to try and keep myself headed in the right general direction. Spending some time on this post has actually given me a lot of great points to think about. In my recent research I have also been able to find some pretty useful information related to this topic when I Googled the credit locker university. Thanks again!

Anonymous said...

Here is the link to the University I was talking about, they have a bunch of information on credit. http://mycreditlocker.com/blog/7-Credit-Locker-University

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Roy Bush said...

I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.

Lance Tankman said...

This has really helped me out during my bankruptcy in Toronto. Please continue to post, you are an inspiration!