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I am writing this because, it appears that I may be too anxious to rebuild. After a gruelling 60 month Chapter 13 I've finally been discharged. I received my discharge on Aug 30, 2016 and since then I've received a Credit One Visa Credit Card with a $300 limit and a First Premier Bank Mastercard with a $500 limit and also a loan from Springleaf financial for $2000 this is all done in an attempt to re- establish credit but, in haste I applied for an account with Synchrony Bank and was denied and penalized with a 39 point drop in my Experian score also I've employed the service of Credit Repair.com is this really needed? I haven't seen anything included in the bankruptcy come off yet. I'm also a member of Navy Federal with a secured card with a $1000 limit that's currently maxed out. Please help me with any advice.
Pre Discharge
Equifax 560, Experian 580, Transunion 555
Post Discharge
Equifax 569, Experian 545, Transunion 570
Credit One Credit card $300, First Premier Credit card $500, Springleaf financial loan $2000
Rebuilding your credit is a marathon, not a race. Take a deep breath and relax There is nothing that the credit repair company can do that you can't do, kick them to the curb. Most important thing right now is to stop applying for things and get your NFCU card paid off/down. If it is maxed out THAT is why your score is so low. I doubt one inquiry made a 39 point decrease.. You have 3 revolving lines and 1 installment loan which is all you need to optimize your FICO. You need to get your utilization in check and garden for a while. Good luck
@Scupra wrote:Rebuilding your credit is a marathon, not a race. Take a deep breath and relax There is nothing that the credit repair company can do that you can't do, kick them to the curb. Most important thing right now is to stop applying for things and get your NFCU card paid off/down. If it is maxed out THAT is why your score is so low. I doubt one inquiry made a 39 point decrease.. You have 3 revolving lines and 1 installment loan which is all you need to optimize your FICO. You need to get your utilization in check and garden for a while. Good luck
I agree with what Scupra wrote. That NavyFed account is dragging you down! Pay it of or pay it down. Keep your utilization on CCs under 10%. The reason your credit is in the pits is due to high utilization. If you pay off or down items, you'll see the increase. Also, once you have good utilization and stop applying for things for a few months you could go back to NavyFed and ask them to do a CLI which will assist you. No point in applying for more CCs etc elsewhere, when NavyFed should be your one stop shop for loan products. I assume your APR on SpringLeaf is not the best either, possibly get your utilization down on the NavyFed card, and inquire about a personal loan with them to pay off the springleaf one since I'm betting they'll give you a better APR.