Interesting BK filing

[Anonymous]

I filed for BK 7 in the spring of 2013, with a discharge in fall of 2013. At the time of filing, I had a 800 FICO and never been late on any payments, including 9 mortgages over a period of years. All paid off now. I filed due to legal costs debts, no collections on it, just could not keep up with business related legal fees (learned it's not a good idea to do invest in business with family)

My credit score dropped to around 700 1 year post BK.  Seeing that, and wanting to increase the score, I took out a secured LOC with Wells, and a secured CC. Used it for a couple of months, then let lie fallow for 6 months and closed it off. I also got a 6 month car refinance with them just for the credt, now paid off. Everything was paid off around 6-9 months ago.  Last inquiries on my report were in May 2014

Unfortunately, my score has dropped since last year another 50 points after doing all that, very surprising and disappointing.

Equifax is at 676 TU 630 Experian 650

I have no credit cards. I am showing as an authorized user on my fiancees Amex.

I saw SoulMaster suggest not using secured cards.

Here are my questions:

Did my strategy with the secured LOC and credit cards backfire?

If they do help, should I reopen them like before, or are there better strategies?

The FICO simulator said my best chance of increasing my score, by 25 points,  was to get a credit card with a limit of a minimum of $2600 available credit. I can get that secured,but if not, recommendations?

I would like to buy a house, if possible, in a couple of years and would like to build up my credit. Suggestions? I have read to have two C cards at 0 balance, PIF each month, and keep a third one with a balance of less than 10%. If this is so, anything else?

On the subject of a decent mortgage, anyone know typically how long post BK 7 and what FICO score (my mortgage lender FICO score is higher, 725)  they are generally looking for?

Thanks.

[TRC_WA]

Not having any revolving CCs is most definitely not helping your score.

You need a minimum of 3 revolving accounts... I'd start with Capital One.

[Anonymous]

Thanks, can those credit cards you suggested by secured ones, like Wells fargo?

[bstone]

Why secured?  Apply for unsecured and see what happens.  There are people getting unsecured cards days after their discharge, you're 18 months post discharge.

I wouldn't tie up money in a secured card unless you absolutely have to.  JMTC.

[DaveInAZ]

+1 With your loan payment history you don't need a secured card. Don't be afraid of credit, you don't have to use it. Well, use a little of it, under 10% of credit line, let it report & then pay in full, and it will help your credit score alot. Try Capital One's pre-qualifier:

http://www.capitalone.com/credit-cards/

It does what's called a "soft pull", it doesn't pull your credit report & place an inquiry on it until you actually apply for the card. If it recommends a card of you with a specific interest rate your chances are very good your will be approved. I recommend the Quicksilver cash rewards, 1.5% cash back on every purchase.

[Anonymous]

Thanks, folks, I went to Capital and got approved on two credit cards. A question: I now have two credit cards with my name only. I am on 3 other credit cards as an authorized users. So that's a total of five credit cards, but only two of them directly mine. It was mentioned that  some banks like chase do not look at authorized users. How many credit cards that are directly mine, assuming most of them have 0 balance and one has  10% or less running balance, is best to maximize the score?  Thanks again for your knowledge.

[Scupra]

To optimize FICO you need three revolving TL's. Congrats on your approvals

[Anonymous]

Thanks, Scupra. Do the 3 have to be under my name directly, and not as an authorized user?

[Pway]

I agree with Scupra and TRC_WA here.  You need at least 3 cards for maximum scoring. 

[Anonymous]

thanks. 3 cards minimum. Do more cards help, assuming low or no balance? If so, how many in total before it tilts the other way?