I was discharged from Ch. 13 2/08, filed in 10/04. All payments were made and the plan paid off. During the BK, I actually incurred additional debts, including two student loans, a small unsecured credit card, and an account with Dell. I also have two unsecured installment loans with Prosper.com. So, over the past 3 years, I have made on time payments to all these accounts -- the student loans (opened 2/06), an unsecured credit card (opened 9/05) that has since been raised from a starting credit line of $300 to $1000, Dell account (opened 3/07) with a $2000 LOC, Prosper installment loans created 4/07 and 12/07. I recently obtained a LOC with a credit union for $1,000. My car was included in the BK plan, and all payments were made on time to GMAC through the trustee, so the loan is paid in full (2003 Saturn). I have multiple checking and savings accounts -- one with a major bank and one with a credit union, that are used consistently.
My questions are these: (1) Other than making sure my revolving debt-to-credit limit is low (say 20-25% of available credit), what can I do to increase my scores? Anything negative (other than inquiries) is over 3 years old, and I have over 3 years of consistent, on time payments (although some with varying lengths due to when the account was opened.
(2) Some of my accounts (such as the Prosper installment loans) do not show up on my Equifax report. I am wondering if the lack of this positive credit is hurting that score. I emailed Prosper to inquire if they reported to all 3 bureaus or just Experian, and if they don't report to all three, why not?
I want to increase my credit scores to over 680 in six months, if possible. I am combing through my reports to see what incorrect information can be removed or corrected.
Does anyone have any information that could be helpful? Help! I am getting married (my fiancee has credit scores around 700) and we want to buy a house in about 6-8 months.
EXP: 3/08: 630
TRNS: 3/08 unknown - need to check, but waiting for credit union LOC to report
It sounds to me like you have done and are doing things correctly Lauren. I am now in my third year of a 13 and my scores are a bit higher than yours, but my history also might be a little longer. I have been able to open up 2 new CC's since I filed and one store card survived the BK. I almost always pif and always pay on time. I would just make sure that everything possible is reporting and reporting correctly. Maybe you should try to open up a new CC now? And remember to keep your utilizations low, preferably at 10% or lower. The process of recovering from BK takes a little time, but you should start seeing the results very soon.