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Less than 2 months post bk, scores soar!

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Anonymous
Not applicable

Re: Less than 2 months post bk, scores soar!

Absolutely start rebuilding your credit the day of your discharge.( provided your trustee has not put any limits on you.... It can void your bankruptcy.) Ask you attorney. I cried my self to sleep thinking about filing..then I cried my self to sleep asking why I didn't do it earlier.
Credit on Sept 2013 the day of discharge.
Eq 589 / TU 569 / Ex 585
Today
EQ 761 / TU 756 / Ex 752

Be smart.. Never carry a balance of $0.
If your card closes on the 18th. It will be due on the 12th. It reports on the 7th then you pay on the 8th. This way you carry a "reporting" balance but still never pay interest. I always report 7% balance. Nothing more. Nothing less!!!!! It is a pain but it has worked for me. I hope this helps someone. BK is absolutely frightening. Im 6'3" 235lbs. It brought me to my knees!!! But there is hope. Hang in there!!! Just remember this one thing. Your Fico is a credit score..not a debt score.. If you don't show how you manage credit your score will see very little movement. USE your cards and let it show. $0 reported balance means 0 activity to the computing formula. Good luck. YOU CAN DO THIS!!!
Message 11 of 15
Anonymous
Not applicable

Re: Less than 2 months post bk, scores soar!

I have read on here by other posters to switch between cards every 3 months, so use 1 card for 3 months of course paying it off each month, then put in a drawer then use a diff card the same way etc. So your saying to never have cards with a $0 balance at all?

Message 12 of 15
Anonymous
Not applicable

Re: Less than 2 months post bk, scores soar!

Correct luv2. I carry 7%. When I applied I got all my card due dates changed. They all close 15th-to18th. I wit for them to report. Usually 2nd-6th of the following month. I pay them all on the 8th. This way never late and never pay interest. Also I get a 7% utilization ratio for points. You can do it your way but you will only get length of credit history points. The banks don't know wether you are "managing" your credit or not using it if your report shows a $0 balance all the time.
Just my approach. It works well.
Message 13 of 15
Cjinpink
Established Member

Re: Less than 2 months post bk, scores soar!

Way to go!!!!!

6/15 Starting My Fico: 602 EQ 582 TU 588 EX
Current My Fico: 619 EQ 606 TU 591 EX

Goal: 700+ across the board!

Message 14 of 15
Anonymous
Not applicable

Re: Less than 2 months post bk, scores soar!


@Anonymous wrote:
Absolutely start rebuilding your credit the day of your discharge.( provided your trustee has not put any limits on you.... It can void your bankruptcy.) Ask you attorney. I cried my self to sleep thinking about filing..then I cried my self to sleep asking why I didn't do it earlier.
Credit on Sept 2013 the day of discharge.
Eq 589 / TU 569 / Ex 585
Today
EQ 761 / TU 756 / Ex 752

Be smart.. Never carry a balance of $0.
If your card closes on the 18th. It will be due on the 12th. It reports on the 7th then you pay on the 8th. This way you carry a "reporting" balance but still never pay interest. I always report 7% balance. Nothing more. Nothing less!!!!! It is a pain but it has worked for me. I hope this helps someone. BK is absolutely frightening. Im 6'3" 235lbs. It brought me to my knees!!! But there is hope. Hang in there!!! Just remember this one thing. Your Fico is a credit score..not a debt score.. If you don't show how you manage credit your score will see very little movement. USE your cards and let it show. $0 reported balance means 0 activity to the computing formula. Good luck. YOU CAN DO THIS!!!

This, by far, has to be the best and still a little hard, tip to date for repairing credit! Thank you! I am trying to get all of my due dates the same or very close together. In the interim, I am using this method of using maybe 3 cards, then rotating. 

Message 15 of 15
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