DCU credit builder loan?

[Timesaves]

Hi.  Is the DCU credit builder loan the right way to start?  I will list my scores below. I'm 10 months post Ch 7, but thought my credit scores would be further along.

EQ: 660

TU: 640

EX: 625

USAA secured: $500 limit/ $22 bal

BFCU secured $500 limit/ $0 bal

VS $500 limit/ $0 bal

Cap 1 $200 limit/ $0 bal

Barclay's Visa unsecured $500/ $0 bal

Fingerhut $300 limit/ $67 bal

Gettington $400 limit/ $95 bal

Thanks for any advice and help to improve my scores. 

Timesaves

[TRC_WA]

I'd say your scores are fine.

If you don't already have an installment loan then yes, a credit builder loan will help in the credit mix of your profile.  Don't expect huge gains with it though... revolving credit cards are the best way to build a solid profile and scores and it appears you have plenty of those.

Rebuilding is a marathon... I'm 2 years post discharge... 6+ years post filing and I'm stuck in the 660-680 range till my derogs fall off later this year.  You shouldn't expect 700 scores anytime soon... the people you see with those scores so soon after a Ch 7 have a reason for their scores being that high... like IIB derogs falling off.

As long as you have IIB accounts and a PR on your report you can expect to be stuck in the upper 600's.  You are low to mid 600's... 10 months after a Ch 7.  I don't see an issue.

[Timesaves]

Thanks for the information shared TRC_WA. Does this mean it will be 10 yrs before my IIB accounts fall off my credit reports?

You seem well on your way,

Continued success,

Timesaves

[Scupra]

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@Timesaves wrote:

Thanks for the information shared TRC_WA. Does this mean it will be 10 yrs before my IIB accounts fall off my credit reports?

You seem well on your way,

Continued success,

Timesaves

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7 years from DoFD

[TRC_WA]

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@Scupra wrote:

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@Timesaves wrote:

Thanks for the information shared TRC_WA. Does this mean it will be 10 yrs before my IIB accounts fall off my credit reports?

You seem well on your way,

Continued success,

Timesaves

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7 years from DoFD

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That.  ^

Then you'll have the PR on your report for an additional 3 years.

A discharged Ch 13 is 7 years for the PR removal (instead of 10 years with a Ch 7) so that means my IIB accounts and PR fall off at the same time.

[pizza1]

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@TRC_WA wrote:

I'd say your scores are fine.

If you don't already have an installment loan then yes, a credit builder loan will help in the credit mix of your profile.  Don't expect huge gains with it though... revolving credit cards are the best way to build a solid profile and scores and it appears you have plenty of those.

Rebuilding is a marathon... I'm 2 years post discharge... 6+ years post filing and I'm stuck in the 660-680 range till my derogs fall off later this year.  You shouldn't expect 700 scores anytime soon... the people you see with those scores so soon after a Ch 7 have a reason for their scores being that high... like IIB derogs falling off.

As long as you have IIB accounts and a PR on your report you can expect to be stuck in the upper 600's.  You are low to mid 600's... 10 months after a Ch 7.  I don't see an issue.

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OP....^ this...

The highest your scores will ever be with the BK showing in PR will be 700-750 MAX..., andthat depends on a lot... how soon you started your rebuild, good mix of credit, overall util, etc... most BK7 peeps see there scores on average 700-730 later down the road. Might as well get use to it...Once your BK falls off 10 yrs from filing date, then your scores will take a major jump!!! 

[Timesaves]

Thanks for the insightful information.