What to do to increase scores

[Anonymous]

I am just looking for information on what to apply for at this point to get my score to increase.  I have a credit one card but nothing else.  I am scared of applying becuase I have 10 hard inquiries from trying to get a auto loan back in March.  Yes I did get approved but with a co-signer.  BK7 was discharged July 2013.    I'm not happy with all those hard inquires.  If I had known they did that I would have not done the auto loan.  So my question is get another credit card or try for a personal loan?  Any suggestions would be great. Thanks.  Glad I found this site, it seems very informative.

[StartingOver10]

Don't get another installment loans. You have one already and installment loans don't help your score much at all except when it comes to having a mix of credit.

Get another credit card - you need revolving accounts to get your score up. Take a look at this thread for help too:  http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

Key to getting your score up is to have 3 cc's where two are kept at a zero balance and the third reports a balance of less than 10% of its credit limit. 

[TRC_WA]

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@StartingOver10 wrote:

Don't get another installment loans. You have one already and installment loans don't help your score much at all except when it comes to having a mix of credit.

Get another credit card - you need revolving accounts to get your score up. Take a look at this thread for help too:  http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

Key to getting your score up is to have 3 cc's where two are kept at a zero balance and the third reports a balance of less than 10% of its credit limit. 

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That.  ^

Revolving accounts are key to score increases. 

[DaveInAZ]

You might try the Capital One pre-qualifier:

http://www.capitalone.com/credit-cards/

It does a "soft pull" to see if you qualify for any of their CCs. If it recommends one to you you'll have to apply with a full hard pull that will show up on you CR, but if Cap One recommends one their cards to you you can be pretty certain that your application will be successful.

On the other hand, never ever use Discover Card's "qualifier", you can put in your name as George Washington and your age as 260 and it will tell you the Discover It card is perfect for you, and then when you apply turn you down faster than if you asked a prom queen for a date..

[Anonymous]

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@DaveInAZ wrote:

You might try the Capital One pre-qualifier:

http://www.capitalone.com/credit-cards/

It does a "soft pull" to see if you qualify for any of their CCs. If it recommends one to you you'll have to apply with a full hard pull that will show up on you CR, but if Cap One recommends one their cards to you you can be pretty certain that your application will be successful.

On the other hand, never ever use Discover Card's "qualifier", you can put in your name as George Washington and your age as 260 and it will tell you the Discover It card is perfect for you, and then when you apply turn you down faster than if you asked a prom queen for a date..

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^ Tried it, and it said something like we find no matches for you but them listed the quicksilver and then three more cards, should I apply for the quicksilver?  It was confusing as to if I was prequalified because it said there were no matches.......

[DaveInAZ]

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@Anonymous wrote:

^ Tried it, and it said something like we find no matches for you but them listed the quicksilver and then three more cards, should I apply for the quicksilver?  It was confusing as to if I was prequalified because it said there were no matches.......

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No, don't apply - if it says they found no matches for you you will likely be declined, the pre-qualifier needs to recommend a specific card for you to be fairly certain you will be approved. Have you pulled your credit report? For almost a year & a half after discharge you shouldn't have so much trouble being approved for a CC from Cap One, which is very BK friendly. You need to make sure your credit report is accurate, like all the debts you included in your BK are listed as IIB (Included in BK) & show a $0 balance. If any of them show 30-60-90 days late or CO (Charge Off) or a balance due you can dispute those as once you filed BK they can't attempt to collect the debt. 

[Anonymous]

I would suggest joining your local CU if you have not already. Get a shared secured savings loan, no pulls on on this. You can then apply for a secured credit card with them as well. That, however would require a pull, but its a start. You'll develop a relationship with them and will come in handy when you need to get financing in the future. CU are more willing to help those who are rebuilding. 

[Anonymous]

Yes, I have gotten two of my CR but I am waiting on Equifax some reason there is an issue online won't let me get it so I am awaiting to get it in the mail.  I know that something is reporting late 60 days and I have nothing late 60 days so I know there is a problem somewhere.  I am anxious to get this going in the right direction, really would like to get a mortgage