I filed a Chap 7 BK last year and it was discharged in Dec 09. I reafermed with the one auto loan that I had, because I was never late on it. I have since gotten another auto loan, so now I have to 2. I also have 2 credit cards. 300CL and a 500CL. My scores are still in the 500's. I need to be able to get the score up to mid 600's by december. I make good money, so is there anything that I can do to bounce the score up there by end of Dec.
After my Ch. 7 I worked hard to fix up my credit reports and raise my score. I still have a ways to go, but my goal is to have mid- to high-600s so I can get a home loan next year or in 2012. In addition to obtaining new credit cards, I have also disputed inaccurate information off of my reports. You can see the progress of my scores below. Good luck.
FICO® 8 Scores: 10/16: TU 592 -- EQ 579 -- EX 573; 11/16: TU 626 -- EQ 614 -- EX 605; 12/16: TU 606 -- EQ 589 -- EX 594 FICO® Mortgage Scores: 10/16: TU 588 -- EQ 567 -- EX 566 10/16: Negatives: 10 charge-offs; 7 collections (one "closed"); 1 Ch. 7 BK (filed 12/2008) Positives: 2 Cap1s; Nordstrom; 4 Comenity store cards; Amazon store card, Care Credit, 76 gas card, and F21 Visa; 2 student loans
What kind of accounts are showing up negatively on your CR's? I filed in Sept' 07, discharged in May'08. You wouldn't believe all the mistakes I found after BK. Have you combed through everything? I also make sure to show less than 9% UTI on the 5 CC's I've obtained post BK. If you look in my siggy you will see my current scores, as of yesterday. You can bounce back, it just takes time..
I am still showing a Open Porsche FS account on Exp, NFCU, GE Money Bank, On Eq, The BK is showing, and State Farm Bank, on TU State Farm Bank, EMC Mortage
Other than that I have been working hard to get everything removed and replaced with good positive credit.
Need to know which CC is good to get that will help with the score.
Any card will help with the rebuilding process, as long as they are managed properly. Which cards do you have already? Do you leave a balance showing on them? I started off going to my local CU and opening up a secured VISA with a 1000k limit. 6 months later they matched my 1k to 2k. Now over a year later it is at 5k totally unsecured. That might be an option for you. CU's often give people second chances. I also have a Unionplus CC, CapitalOne, Best Buy RWZMC, and Hooters (lol). I only got the Hooters because they pull TU, which is my highest score, so I thought I could get a decent CL. WRONG! $300, with a 677 TU at the time. So, I don't recomend them at all. They all serve their purpose. I only let 2 report balances every month and it's usually at around 7%
I currently have the HSBC Platium Card, I just got a Secured card with my CU. I opened it with $500. As for leaving a balance no I apy them off every month. Should I be leaving a small balance on them?
I would like to get a Best buy card since I buy a great deal of apple items.
IMO, I would leave one with a very small balance and the other at $0. That's just my opinion though. The BB RWZMC is fairly easy to get IMO. They pulled EQ for me, which was 580 right after BK. Did you ask your CU about graduating to unsecured in the future? What if you added another $500 to make a CL of 1k? That would help with UTI. FICO likes to see a mix and since you already have 2 revolving and 2 installment, I think you are on the right track. It just takes time. I play around with my cards, leaving balances, not leaving balances, etc. So what I said before is what I found works best for my situation. If you fell like you need another CC you might want to try Best Buy. Just know your scores will take a hit, but recover after a couple months. Can I be nosy and ask why you need your scores higher by Dec?
Thanks for the input. Yes I will graduate to Unsecured after a year. I can ask about adding another $500.00 on. As for getting my scores back up there is in Dec I want to buy a new car, and the new car is $134k. I make good money just dont want to be paying through the nose in interest. I put 9500 on the car that I have now, and I still got a 20% interest rate.
