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Established Member
flowerutah
Posts: 38
Registered: ‎01-18-2011

Re: How many of the secured visa cards should I get to get my credit score up ?

equifax was 458, experian 463, transunion 448 was a month before our  filed chapter 13 Now all of them are in the 550's now

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gadixie
Posts: 95
Registered: ‎03-27-2009

Re: How many of the secured visa cards should I get to get my credit score up ?

You will have to be out of your chapter 13 before you can buy a house. Most leanders will not touch you until you have been out of it for 3yrs so it depends on how quickly you pay off the debts and it is finalized. I would take the money you are saving and put it toward getting everything paid off so it can close. With todays economy I am not sure anyone would finace you right now. You need to get finished with the repayment plan and start re-establishing and If you have several "secured credit cards" then the terms of your bk may change because they see you have money that you are using for more credit regardless if it is secured or not. It reports to the credit bearu as a credit card not a secured card. If you default the bank dont care that it is secured and take you deposit, it is still reported as a default to the credit bearu.

We all want things but there is also reasons we had to file and that is because our debt got out of control for whatever reason. I would not be studing how I could buy a house right away but how I can change what I am doing in order to make sure it dosnt happen again and how quickly I can get the bk paid and closed.

 

 

 

Established Member
flowerutah
Posts: 38
Registered: ‎01-18-2011

Re: How many of the secured visa cards should I get to get my credit score up ?

Thank you :smileyhappy: but I did find a lender that is the underwritter in my city and she said she has worked with people in our same boat and she got them approved with 0 down all they need is a 620 credit score, all bills paid on time, which is lights and gas and trustee paid on time each month, I talked to my lawyer about buying a house and they said that would be alright to do i would just have to run it through with the trustee but my lawyer said there is people that is in the middle of a chapter 13 that has bought a house instead of renting a house ,  and If we got the secured cards its our bill money we would be taking each month and putting towards it, gas,lights,phone bill all that stuff that was in my budgeting plan with the trustee.. I already asked my lawyer if I could pay extra each month to the trustee sence I have extra money a month from saving so much money a month from couponing shopping but they said I cant put anymore towards my bankrupsty sence the new law is you have to go the whole 3 years on the bankrupsty.... I would be more then happy to wait for a house, but I am getting sick of having to move my kids from house to house because either the landlord wants to sell or raise up the rent ... Our probelm right now is the landlord wants to sell this house were in right now in two months, Its depressing to have to move my kids to a new place away from there current friends, so if i can get the trustee to approve our house thing plus get a lender to take me, I think it would be the best thing in my life to do, I wouldnt get into a house payment if I couldnt afford it, But We can :smileyhappy: I'm 40 to 60 points away from getting our credit up, It may take 6 months to a year but I would be happy waiting, Just means I will have more money saved up for a house

Established Member
flowerutah
Posts: 38
Registered: ‎01-18-2011

Re: How many of the secured visa cards should I get to get my credit score up ?

I wish I could take a extra $400.00 a month that I'm saving on food each month and pay extra on our bankrupsty case but they said we are not allowed to make extra amounts, has anyone heard of this ?

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008

Re: How many of the secured visa cards should I get to get my credit score up ?


flowerutah wrote:

I wish I could take a extra $400.00 a month that I'm saving on food each month and pay extra on our bankrupsty case but they said we are not allowed to make extra amounts, has anyone heard of this ?


Under old Chapter 13 BK laws, you could pay more on your BK, but couldn't shorten your BK less than 3 years.  For example, if you were on a 5 year BK plan, you could pay extra to reduce it to 3 years instead of 5, but couldn't go less than the 3 years.  That may have changed with the "new" bk laws.  Your atty would be the best person to ask.  Or look at your Plan and see if it allows you to pay extra.  The provisions I mentioned were specifically layed out in our plan.  And yes, you can get a mortgage during a Ch 13 BK, with trustee approval of course. 

 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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Regular Contributor
sewmuchdebt
Posts: 162
Registered: ‎05-14-2009

Re: How many of the secured visa cards should I get to get my credit score up ?

i have also heard ppl in chapt 13 buying houses 1 yr into payment plan.(much different from the 2 yr wait after chapt 7) as for the credit cards maybe attny is suggesting this to have new tradelines reporting positve payments. i believe lenders like to see @ least 1 yr payment history and @ least 2 tradelines. since OP tradelines are all IIB


Starting Score: EQ 505 jul09
Current Score: EQ 702 TU 693 EX 692 apr12
Goal Score: 700+


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Valued Member
RebelSon
Posts: 46
Registered: ‎03-19-2008

Re: How many of the secured visa cards should I get to get my credit score up ?

You're at 560. When the $500 card reports you should see an increase of 20+ points. (You have to utilize it, but under 10%)

If you open another one, then that's another 20+ points. (Same utilization as the first one)

 

That puts you at 600 after this month. Pay in full for 2 months and your score will "DEFINITELY" go up.

I don't think one card will be enough in a 3 months frame.

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: How many of the secured visa cards should I get to get my credit score up ?


RebelSon wrote:

You're at 560. When the $500 card reports you should see an increase of 20+ points. (You have to utilize it, but under 10%)

If you open another one, then that's another 20+ points. (Same utilization as the first one)

 

That puts you at 600 after this month. Pay in full for 2 months and your score will "DEFINITELY" go up.

I don't think one card will be enough in a 3 months frame.


If you have no open revolving accounts, most folks will see a significant increase in their FICO scores when they do open that first revolver.  Often somewhere in the 20 points range if it's a bank/national cc revolving account.  That's because FICO looks to see if you have any open revolving accounts (that's one reason code).  They also look to see if you have any open bank/national cc revolving accounts (that's another reason code).  So, if your first open revolver is a bank/national cc you will see the maximum number of points - you are hitting two birds (Reason Codes) with one stone. 

 

Once the Reason Codes are satisfied, you will not see such significant score impacts.  YMMV, of course, but if I remember correctly, I saw 0 points with my second revolver; DH saw 5 points.  And then, at some point, you will start to lose more points than you gain when you open new accounts.  You'll lose AAofA, and you'll see point dings for new accounts and inquiries. 

 

I wish we always gained significant points when we opened a new account, but the unfortunate truth is that after that first rush of points, things slow down immediately and then, in short order, new accounts will begin to cause more damage than they did in the first stages of rebuilding.

 

Hope that's helpful info.

Just puttin' syrup on something, don't make it pancakes.
Established Member
flowerutah
Posts: 38
Registered: ‎01-18-2011

Re: How many of the secured visa cards should I get to get my credit score up ?

[ Edited ]

I love everyones advice... We got our card a few weeks ago, I used it to pay a payment, We will be paying it off This friday way before its due, then reusing it again to pay bills then paying off again

 

But I checked my credit today on truecredit "I know scores are fake but I want something i can check each month to see if scores are going up, and with true credit they went up  +38 trans,+30 exper,+25equifax.. So Im hoping It made a diffrence with the fico scores... But seing our scores with true credit in the 600's was awesome, a year ago they were all in the 400's...  

 

Established Member
flowerutah
Posts: 38
Registered: ‎01-18-2011

Re: How many of the secured visa cards should I get to get my credit score up ?

beamMEup, So do you think it would be a good choice to get 2 cards or just stick with the one? I dont want to mess anything up..My underwritter told me to get 2 cards to make it go up faster... She will be pulling our fico score tomorrow I hope its higher from two months ago


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