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HOW TO: From BK7 discharge to 700 in 24 months or less!

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Scupra
Super Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Simply closing a card does not hurt your score, what hurts you score is what it can potentially do to your utilization.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 671 of 1,877
Desiflavour101
Established Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

My limit is $800. It is my 3rd lowest limit other than my 2 Cap One credit cards.

 

My utilization across the cards in total is 60%. By closing this account, it increases the utilization but keeping it open with only annual fee will be < 60%.

**Gardening until Sept. 2016...**
BK 7: Filed March 2013/Discharged June 2013
FICO Score: 580 at the start
Barclay Rewards VISA $2,500, Barclay Rewards MC $2,300, Capital One Quicksilver One $1,750, Capital One Quicksilver One $1,500, Care Credit $2,000, Fortiva $4,000, & Walmart $1,200.
Message 672 of 1,877
Scupra
Super Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I would recommend to work at lowering your utilization, you will see the best gains from that. Then look at closing/opening cards.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 673 of 1,877
Desiflavour101
Established Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I am working on lowering the utilization.

 

Thanks for your suggestion.

**Gardening until Sept. 2016...**
BK 7: Filed March 2013/Discharged June 2013
FICO Score: 580 at the start
Barclay Rewards VISA $2,500, Barclay Rewards MC $2,300, Capital One Quicksilver One $1,750, Capital One Quicksilver One $1,500, Care Credit $2,000, Fortiva $4,000, & Walmart $1,200.
Message 674 of 1,877
misssararae
Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I was going through the first step after I pulled my 3 credit scores...

 

I was just discharged 08/25 and now I'm being foreclosed on.  I did not reaffirm my mortgage so we are not liable for the property.  Is my mortgage now supposed to say "discharged in bankruptcy" on my report?  It just says pending foreclosure on my reports that I pulled today.  Does it make a difference?

Filed BK7: 05/05/14 Discharged: 08/25/14
FICO Scores 09/16/14: EQ 566
Message 675 of 1,877
0REDSOX7
Valued Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Yes, all accounts with the exception of reaffirmed loans should read a zero balance and show the account as Included In Bankruptcy.

Talk to your attorney if you retained one. He should send a letter.

Even if your are "foreclosed on" - you would not be held liable for any deficiency balance and your credit report should still say IIB and a $0 balance no matter what.
BK Discharge 2/11/14

Currently in the garden.
Message 676 of 1,877
misssararae
Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Thanks for the reply!  It was only Experian so I emailed my lawyer about it.  It did say discharged on my Trans & Equifax.

 

Another question... for CreditOne I was just told my address is out of the service area.  Has anyone else had that issue?  Which card should I try instead?

 

http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-friendly-credit-cards/td-p/963456  I found this Smiley Very Happy

Filed BK7: 05/05/14 Discharged: 08/25/14
FICO Scores 09/16/14: EQ 566
Message 677 of 1,877
misssararae
Member

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Well.... no luck with Capital One or Barclay's.  I might just have to go the secured route.

Filed BK7: 05/05/14 Discharged: 08/25/14
FICO Scores 09/16/14: EQ 566
Message 678 of 1,877
Broke_Triathlete
Valued Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

I was under the impression that Discover isn't BR friendly? They weren't included in mine but I got denied.

Personal:

Business:


Message 679 of 1,877
Broke_Triathlete
Valued Contributor

Re: HOW TO: From BK7 discharge to 700 in 24 months or less!

Also, out of curiosity, why is Tuesday or Wednesday at noon the best times to apply for credit?

Personal:

Business:


Message 680 of 1,877
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