help, 13 months after Dis 7. CreditBuild loan PIF..SCORE DROP

[Anonymous]

Hi all.... i have learned so much along the way and thank you all for everything on here, but im at my next crossroad and need advice.

here we go

discharge 7 was 14 months ago,..i have spent the last year getting old negative accounts, inquiries, and anything hurtful removed from my reports.

all 3 of my reports are very very close in scores and data (aside from inquiries)

i carried over not one account from BK with me, so it was a total start over. only thing that helped me was all of the positive accounts i had prior, so i assume it helped my AAOA

starting scores 580 ish for all

I opened a secured CC $200 first- Same month as discharge

2 months after, $1000 secured credit union CC and a secured Credit builder loan with same Credit union.

 2 moths after that, Barclays rewards approval $2000 (2 months later $5000 credit limit, heavy heavy usage)

so i had 3 CC and 1 installment loan active

i have sat still 5 months or so... playing with the scores, paying this and that on each card...balance on one, not another, blah blah..figuring out what works best for me.

i seen my first 700 score at 10 months post dis. have had all 3 over 720 at same time... 734 on one

NOW my installment loan was PIF and closed last month, so im left with the 3 CC only....

i paid all of them to my magic ratio...and the scores dropped 20/25 points on all 3.

Do i need another installment loan?  we r getting ready to buy wife a new car, i could just co sign if that would work, or just do a small loan myself

and is it time to dump that secured card and replace it with a REAL one?

(we r navy fed members, im sure they would give me a nice CC if i applied)

thank you all..

[CH-7-Mission-Accomplished]

I had the same thing happen to me.  I foolishly opened up a six month credit builder installment and then later a one year.  Each time they paid off I took a 25 point hit.  I got smart and opened an 84 month credit builder loan for $500 this time.  I have no other installment loans.

Your scores are amazingly high for a recent BK 7.  In fact the highest I have ever heard of.  Are those true FICO scores?

Can you please share what you did to remove all the bad accounts, inquiries, etc.?

You stated:

"i seen my first 700 score at 10 months post dis. have had all 3 over 720 at same time... 734 on one"

[Anonymous]

yes...they are directy from fico reports.

after reading what i read on here, i was amazed as well when the scores climed as high as they did.

But im guessing my bk was slightly different than the normal... all of my negatives accounts were from 6+ years ago....i lost a great job, and owned 3 houses..market crashed and i was in trouble..so i stayed off the new credit radar for a full five years, didnt open any new accounts and battled mortgage companies over having bad loans removed from my reports.

so in the end i had to file 7 on a second mortgage i couldnt shake, including a few old credit cards and medical judgements.

They were so old, that it was rather easy getting them removed. I started with just pulling reports directly from each agency..and using the dispute feature on ANYTHING negative, using various reasons each time.

Whatever didnt get removed, i contacted the creditor directly and asked for them to please remove it based on blah blah blah...and that cleaned up alot as well.

The things that didnt get removed started falling off during my rebuild, so that helped alot too...

And like i said before...i had a ton of positive accounts that were aged and still on my report, so it was a boost.

buuuuuuuuut, im assuming

MY PROBLEM will be during the next year or so when all of my old accounts start falling off, and my report will be bare except for all of the newer accounts 2-3 years old i have since established.

[Unfaithful]

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@CH-7-Mission-Accomplished wrote:

I had the same thing happen to me.  I foolishly opened up a six month credit builder installment and then later a one year.  Each time they paid off I took a 25 point hit.  I got smart and opened an 84 month credit builder loan for $500 this time.  I have no other installment loans.

Your scores are amazingly high for a recent BK 7.  In fact the highest I have ever heard of.  Are those true FICO scores?

Can you please share what you did to remove all the bad accounts, inquiries, etc.?

You stated:

"i seen my first 700 score at 10 months post dis. have had all 3 over 720 at same time... 734 on one"

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Hey CH-7-Rebuilding, I tried to open a credit builder loan with my credit union (AA credit union)
I tried using your same terms ($500 for about 5-7 years) It is currently under review. The loan officer stated that it might not be possible because my monthly payment would be too small. If you don't mind me asking what's your current monthly payment? I am looking forward to opening this type of loan to mix in with my rebuilding. Thanks.

[CH-7-Mission-Accomplished]

I was mistaken on the term.  It was 60 months for $600 and payments are just over $10/month with 3% interest rate.  Mine was with a small local CU. Check out Alliant FCU (open to anybody to join):

http://www.alliantcreditunion.org/loans/personal/savingssecured/