Get an uptodate copy of your credit report just to make sure it has not gone. Update yourself of the DOJ manditory terms of credit reporting to make sure it is still 7 years. (I think its 10 myself) and do some home work behind the scenes. You can challenge the credit bureaus to maintain the listing. If it is to come off it must come off.

Some times what we want to do and what we need to do are two very diffenent things. With your excellent credit you can perhaps apply for a credit line to help pay for your insurances etal at a better interest rate than the cards.

The refianance may be your only option. By relieving yourself of your cash flow problems, doing up and living to an Expense Plan and byusing good judgement and prudent restraint on your purchases and decisions you may just make it out. Look at a Chapter 13 wager earners pay back and keep the house likely.

Good Luck

You are involved because either the Credit Card was of joint nature, meaning both of you applied and both signed on the dotted line. OR You applied either knowingly or unknowingly and your wife was assigned as an authorized user.

Either way you are pretty much on the hook. On the first situation, because it is a shared responsibility not dealt with with your seperation agreement. The second.. Because regardless of seperation or marriage, your name is on the account as principle account holder.

I suggest you contact an approved Credit Counselling agency as per the Dept of Justice establish list and do your pre bankruptcy counselling to establish your situation better and with that do your Needs Assessment at that time to see where you stand. If you do the Bankrutpcy then those two preliminary tasks are out of the way, If not you will know where you stand and go from there.

Credit is an identity in this world. Without some sort of referrence we do not exist.

Credit allows for individuals to improve our standard of living while paying just a bit at a time over a long period of time. OK it comes down to needs vs wants. We all need certain comforts known as Creature Comforts. Food, Shelter and Clothing.

We want usually the best of those comforts and credit is the way to get what we want.

Many times a mature individual (senior) will apply for a car loan rather than break up a long time investment and be refused because they have no credit referrence because of paying cash for 50 years. They do not have any debts and therefore do not have any identity.

Note that this is a dwindling population but it is hoped that the the pragmatic and prudent use of money and credit does not die with them. So go out and get a credit card and the identity it creates, but how you use it is up to you.

This establishes a credit reference on the bureaus and allows you to purchase goods with you card and pay as per the card holder agreement. Once an individual has demonstrated a responsible use of the card then they can apply to have the security amount reduced or returned while maintaining the credit limit.

Make sure that if you obtain a secured credit card that the company will pay you interest on your deposit and that it is not just a fee.

Share Loans basically take your money and match it with an equivelent amount lent to you by your institution. For instance. If you need $2000.00 for a used car. By having $1000.00 of your money left in a saving account and not touch it, the lending institution will offer you $1000.00 against your savings amount. As you make payments against the $1000.00 you can use the equivelent amount out of your savings.

Its a one to one match and it is a great way to show credit worthiness and responsibility. It is a great way to re establish or just establish credit for a youth just starting out.

The idea was first established by the Credit Union and Co-operative lending institutions.