Up 12 points!! And a question about a car Refi

[Anonymous]

This is my first time posting here but i've been following for the last few weeks trying to re-build after a BK that was just discharged last month.  

I ran my TU and EX scores and they came back at 619 and 599 last week, but then I finally realized the difference between FICO and FAKO, so I paid through myFico and got my FICO score and I was saddened to see that it was only a 568, I was not doing nearly as well as I thought I was after discharge.  

Well, I was able to get a Capital One Quicksilver and a Capital One Platinum both at $300 limits and through the shopping cart trick I was able to get VS and Express, both at $250.  Everything I have read from here said 3-4 good revolving lines of credit and that should seriously help me in my re-build, plus I have an auto loan that started in June and is perfect and will stay that way.  

Anyways....just now I got an alert from Score Alert saying there had been a change to my FICO score and I sign on and BAM! Up 12 points!  2 out of the 4 new accounts started reporting and I got an increase to 580 FICO!!!  I know I still have a long way to go but i'm excited anyways.  

So, now for the question.....I applied for and was approved for a savings account at NFCU this past week, I would love to refinance my truck soon to drop my payments, any suggestions on when?  What my scores should be like for them to approve it?  Right now my interest on the truck is 15.9% so my payment is $481.13, if I can get it down into the $300's i'd be thrilled.  

[0REDSOX7]

If I were you - I would wait until your scores hit 600 - so if that means gardening for a month or two and keeping your utilization down.

This way, you'd get the lowest possible rate based on your score.  I think you could get away with a re-fi now, but not enough in the difference of payments to make it worth while - but, that is just my opinion.

Are all of your credit reports updated properly?

Good job on the rebuild!

[Anonymous]

No sadly they are not, I am in process of updating them.  I realized that within the last week or so from here too, I thought that everything would just report correctly and from reading these forums I realized that is not the case.  

I have disputed a ton of things on TU and EX.  I had to update my address on EQ and when they did that 3 days ago they managed to change my DOB too and I caught that today.  So I spoke to a rep about an hour ago and they said 24 hours so that will be fixed tomorrow and then I can do all my disputes with them as well.  I am hoping for in increase in my score when those corrections happen. I still have 4 active's showing in Collections that were IIB and a lot of other things showing as Charge Off instead of IIB.  

[0REDSOX7]

If they were charged off before you filed, that will not update to a zero balance and IIB - as that is valid reporting.

I would bet your score goes up once your reports fully update.

[Anonymous]

Really?  My attroney told me that they would all be included in the BK, is that not true??

[0REDSOX7]

If they were charged off after you filed - then they will be updated to IIB and a zero balance.

If they were charged off before you filed, then the reporting is correct.  Are there any collections on your credit reports frm the charge offs?  If so, then the collection trade lines would be updated to show a zero balance and IIB.

[Anonymous]

No they are all before I filed, so I guess the Charge Offs stay but I will still look forward to getting the Collections off there.