Rebuilding after Chapter 7 Bankruptcy

[TSM10]

Rebuilding after Chapter 7 Bankruptcy

My Chapter 7 Bankruptcy was discharged at the end of October so here is what I've done so far:

During my bankruptcy I financed a car (yes the interest rate was outrageous etc) but I had already talked to my local credit union and new they would refinance it after the Chapter 7 was discharged.

Since that time they have refinanced it took my interested rate from 20% down to 9.49% My balance on the car is now $16,100.

I have a personal loan at that same credit union (this is being used to rebuild credit $1750.00 financed over 2 years (hoping I can pay it off in 1 year)

I have a personal loan through a finance company $1000 for one year. (I was recommend to let it stay for a year (interest is high but loan amount is small so they recommend leaving it for a year to rebuild the paying history.)

I have another personal loan through a different credit Union for $1000. (I was recommend to let it stay for a year they recommend leaving it for a year to rebuild the paying history.)

I was approved for a Target Card credit limit $300 no balance

I was approved for a Marathon Gas Card Credit limit $ 250 no balance

I was approved for a Credit One Unsecured Card limit $300 no balance

I was approved for a first Premier Credit Card limit $300 I have used the card but do I pay off completely on the 15th of Dec. or let it hold a balance?

I was denied Capital One (I filed them as a creditor in my bankruptcy with a car, and outstanding credit cards)

My score is already 598. What would you suggest I do in order to continue making my credit go up. All of the above stated items are paid directly from my check twice a month therefore NO LATE PAYMENTS EVER!

I make good money and have had the same job 9.5 years just went through a divorce etc so I am completely starting over ....

I've never been more ready to prove to myself that I can do this but everyone else too.

Do you recommend I do anything different?

[starry1]

You should get your credit reports and make sure everything is reporting $0/iib. You should also try to keep utilization low on your new credit lines. Otherwise you have a great start rebuilding. I suggest you garden a minimum of six months as well.

[Scupra]

I couldn't agree with Starry1 more.. Run on over to the garden as fast as you can! Haha, let those TL's age a bit and your score will start climbing!

[lizz01]

Wow, congratulations on your discharge and the credit you've already established!!

[TSM10]

Thank you all I really appreciate it! But do you know if it's best to have all credit cards at a 0 balance or carry a small balance?

[Scupra]

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@TSM10 wrote:

Thank you all I really appreciate it! But do you know if it's best to have all credit cards at a 0 balance or carry a small balance?

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You want all reporting a $0 balance besides one. You want one to report at 9% utilization, or lower, to maximize your FICO score. Hope that helps.