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

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bunga7
Regular Contributor

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


@0REDSOX7 wrote:
Focus on building a robust credit profile instead of driving yourself crazy over what to pay what when.

If you let your statement cut with 60% utilization, don't worry about it. It will impact your score a bit, but if you're not apply for credit that month, it doesn't matter.

Get the credit profile - which looks like you are on your way - and the score will follow.

I would add...a month with a higher util is not that bad a thing. I had to replace a computer and charged in on my card and paid it off over two months. I took a score hit the first month, but the next month it was paid off and I regained the points plus about ten points. I woudln't do it regularly, but a higher utilization for a month is not going to hurt unless our applying for credit during that month. I like to think it shows you can handle large purchases as well as small ones.


Starting Score 12/2013: 547 EQ; 529 EX; 540 TU
Current Score: 3/8/16 711 EQ Fico; 710 EX (CU hard pull); 701 TU Fico
Goal Score: 700


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Message 771 of 1,877

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

I Came across this post and thought I'd ask about the secured nRewards with NFCU. 

If you apply for the nRewards unsecured and there's no counter for the secured version, 

Is this a really bad sign?

Message 772 of 1,877
Scupra
Super Contributor

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


@Phoenixrising28 wrote:

I Came across this post and thought I'd ask about the secured nRewards with NFCU. 

If you apply for the nRewards unsecured and there's no counter for the secured version, 

Is this a really bad sign?


No, just ask if they will offer you the secured nRewards. Very few reason why they would decline the secured card. Good luck!

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 773 of 1,877
Anonymous
Not applicable

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

The myFICO monitoring tool is really great -- loving it so far.

 

Except I do have one question.. Difference between Equifax and Experian is 75 points! Seems like something isn't right. Thoughts?

Message 774 of 1,877
grassfeeder
Frequent Contributor

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


@Anonymous wrote:

The myFICO monitoring tool is really great -- loving it so far.

 

Except I do have one question.. Difference between Equifax and Experian is 75 points! Seems like something isn't right. Thoughts?


Have you made sure all reports are clean?  It's certainly not out of the question for a large difference.  My TU score will barely move....

Fico 8 Scores 5/1/22 :
799 EQ | 793 TU | 809 EX
Message 775 of 1,877
ShellyxBaby
Established Member

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

So im keeping my fingers crossed I just opened a Langley Credit Union account and applied for a 1000/ 1yr Credit Builder Loan. I ended up closing my PenFed account because When I called to ask about their credit building products. I was told that they didnt have anything to offer for people who filed for bankruptcy and also on top of that they had a lot of restrictions. So im prepping to start my farming in Dec.  Since  Sept I havent applied for anything just paying everything off. 

Filed BK7: 11/2013 Discharge 03/2014 Starting Score 562
634 EQ FICO 03/2015
607 TU FICO 03/2015
605 EX FICO 03/2015
Message 776 of 1,877
Creditwiser
Valued Contributor

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


@Anonymous wrote:

The myFICO monitoring tool is really great -- loving it so far.

 

Except I do have one question.. Difference between Equifax and Experian is 75 points! Seems like something isn't right. Thoughts?


Your scores can vary between CRA's.  While most people dont see that much of a spread, it does happen and there are many variables that can cause and affect it.  Its likely you have accounts that may report to 2 of the 3 CRA's.  That is the usual reason for a large split. Especially if there are derogatory accounts listed on 1 or 2 but not the other.  You really need to see an updated report from all 3 to really know whats going on.

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 777 of 1,877
Anonymous
Not applicable

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

Does anyone know if "Special financing" offers hurt your credit?

 

Let's say for example I have a store card with a 4,000 credit limit and take a 12 months no interest offer for $2,000 (over the 30% threshold) 

 

Is that not a good idea to finance over 30% in this case?

Message 778 of 1,877
0REDSOX7
Valued Contributor

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

It only will impact your score for the utilization.

As far as impacting your score because it's a store card. There is some debate as to whether a store card itself hurts your score. I know when I refinanced my cars in September, the LO went over my CR with me and at the top, there was a summary of account type, total balances and credit limit. One of those was "Consumer Finance Accounts" - mine was zero because I had none at the time, but, lenders look at them. Again, what impact to score, if any, is probably lender specific, but in your case, I say go for it. Just be sure to pay in full before the promotional period ends... Or all that interest comes back...
BK Discharge 2/11/14

Currently in the garden.
Message 779 of 1,877
Anonymous
Not applicable

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

Thank you for this thread!

 

By following instructions posted here, I was able to dispute and remove 14 negative accounts from all three credit reports.

I was also approved for Capone QS card with a limit of $3000.

 

I do have a questions, my wife has American Express card, if she puts me as authorized user.. Would that help me? Or just get my own accounts established?

 

Thanks

Message 780 of 1,877
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