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What to do next

Established Member

What to do next

My chapter 7 just discharged... I want to rebuild my credit but I know I shouldn't just apply for a bunch of credit. Please advise

Starting Score: 497
Current Score: 523
Goal Score: 650


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Message 1 of 17
16 REPLIES
Community Leader
Senior Contributor

Re: What to do next

http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

 

That should keep you busy. Congrats on the discharge

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 2 of 17
Highlighted
Established Member

Re: What to do next

Thank you so much. If I do not know anyone with the NFCU or USAA what other bank could I open up my loan with?

Starting Score: 497
Current Score: 523
Goal Score: 650


Take the myFICO Fitness Challenge

Message 3 of 17
Established Member

Re: What to do next

Thank you so much. You provided with this when I originally discharged and I have followed it to the T. My question is in reference to what do I do now that I have had slow payments on my credit since the time I started on the 700 credit score in 24 months. How can I bounce back?


Starting Score: 497
Current Score: 523
Goal Score: 650


Take the myFICO Fitness Challenge

Message 4 of 17
Valued Contributor

Re: What to do next


Startnover2 wrote:

Thank you so much. You provided with this when I originally discharged and I have followed it to the T. My question is in reference to what do I do now that I have had slow payments on my credit since the time I started on the 700 credit score in 24 months. How can I bounce back?


do you have any open loans from a bank/credit union, credit card, car loan, etc?

TU FICO: 672 EQ FICO: 660
NFCU LOC 15k NFCU CR Visa Sig 17.5k NFCU GR MC 17.5k Barclays RMC 10k Cap1 QS Visa 5k DFCU Visa Plat 4.6k R2G 3.7k RFCU Visa 3k Walmart 1k
Garden since: 1 Jan 2015
Message 5 of 17
Established Member

Re: What to do next

Yes I have 5 open credit cards along with my car loan


Starting Score: 497
Current Score: 523
Goal Score: 650


Take the myFICO Fitness Challenge

Message 6 of 17
Valued Contributor

Re: What to do next

What cards and what limits?

TU FICO: 672 EQ FICO: 660
NFCU LOC 15k NFCU CR Visa Sig 17.5k NFCU GR MC 17.5k Barclays RMC 10k Cap1 QS Visa 5k DFCU Visa Plat 4.6k R2G 3.7k RFCU Visa 3k Walmart 1k
Garden since: 1 Jan 2015
Message 7 of 17
Established Member

Re: What to do next

Cap 1 $500, Cap 1 $300, First Savings, $350 SECU $500 and First Premier $300


Starting Score: 497
Current Score: 523
Goal Score: 650


Take the myFICO Fitness Challenge

Message 8 of 17
Moderator

Re: What to do next


Startnover2 wrote:

Thank you so much. You provided with this when I originally discharged and I have followed it to the T. My question is in reference to what do I do now that I have had slow payments on my credit since the time I started on the 700 credit score in 24 months. How can I bounce back?


I don't quite understand your question. Do you mean the 'slow payments' have occurred after your Bk discharge? How slow have the payments been, 30 days? 60 days?

 

If so, then don't apply for any more credit at all. Take care of the credit you have already received and make sure the payments are made on time.

 

If they have been 30 days and you have since caught back up, then continue to make payments on time and eventually send in a Goodwill letter to have the late removed. Having derogatory pay history after a Bk is a credit killer. So you will need to prove first that you can make timely payments and then hopefully they will remove the lates when you send in the GW letter. GL

 

 

Message 9 of 17
Established Member

Re: What to do next

My slow payment occured with my car payment when I lost my job.  Yes it happend 1 year after my BK.  I have 1 year of great payment then lost my job.  60 days late on my car note.  It is caught up now


Starting Score: 497
Current Score: 523
Goal Score: 650


Take the myFICO Fitness Challenge

Message 10 of 17