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helipilot87
Posts: 2
Registered: ‎05-07-2013
0

Fixing Credit, But when do i start to APPLY!??!?

Hello Everyone,

 

    This is my first time posting. I was involved in a bankruptcy a little over a year ago now. Since then I have been trying to increase my Credit. I have just recently (3 Months ago), applied and got approved for an auto loan on a used car at 16% and have made all my payments on time and my credit score is shooting up. 

 

This is what my current report looks like

 

TransUnion 644, (3) Hard Inquiries, 1 Negative item, 2 positive Items.

Equifax: 626, (6) Hard Inquireies..Stupid Bestbuy, 2 Positive Items, 1 Negative

Experian: 715, (4) Hard Inquireies, 2 Positive Items, 1 Negative.

 

 

All credit Bureaus have the CH 7 Bankruptcy on it.

 

I have only had credit for 3 months now, and it shows an autoloan that I had a few years ago that is closed but was paid in full (30k).

 

MY QUESTION IS: I want to continue to increase my credit score. but WHEN should I start to apply for new credit cards without getting denied and getting the Hard inquiry?? When creditors look at scores, do they also look at how long you've had credit and go deep into your report or do they just look at credit score numbers??? How much longer should I wait to apply and which cards should I apply for first? Department stores? Credit Cards?

Moderator
Revelate
Posts: 9,549
Registered: ‎12-30-2011
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Re: Fixing Credit, But when do i start to APPLY!??!?

Welcome to the forums!

 

Now. :smileyhappy:

 

Search for credit cards that are either BK friendly or don't pull credit (Opensky, SDFCU secured), and grab 2-3 revolving tradelines immediately.  You're right that a lot of places will straight deny you for a recent BK; however, you want to build positive history as soon as possible and there's products available that you can get which do report to the bureaus.  You're off to a good start getting the auto loan, now continue to build your file up.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008
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Re: Fixing Credit, But when do i start to APPLY!??!?

Seek a BOA Secured Card or CapOne Secured.  I'm still curious how someone like Donald Trump can file BK still have a credit line.  Must be nice to be pooping money.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
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Homeowner since 05/29/13
New Visitor
helipilot87
Posts: 2
Registered: ‎05-07-2013
0

Re: Fixing Credit, But when do i start to APPLY!??!?

What do you mean by revolvng Tradelines? LIke Secured credit cards?

Moderator
Revelate
Posts: 9,549
Registered: ‎12-30-2011
0

Re: Fixing Credit, But when do i start to APPLY!??!?


helipilot87 wrote:

What do you mean by revolvng Tradelines? LIke Secured credit cards?


Ah mea culpa!  For now, any credit cards that report to the bureaus, which includes many secured cards.  That's what you're looking for currently.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Senior Contributor
myjourney
Posts: 26,621
Registered: ‎02-07-2013
0

Re: Fixing Credit, But when do i start to APPLY!??!?


Revelate wrote:

Welcome to the forums!

 

Now. :smileyhappy:

 

Search for credit cards that are either BK friendly or don't pull credit (Opensky, SDFCU secured), and grab 2-3 revolving tradelines immediately.  You're right that a lot of places will straight deny you for a recent BK; however, you want to build positive history as soon as possible and there's products available that you can get which do report to the bureaus.  You're off to a good start getting the auto loan, now continue to build your file up.

 


Welcome to the forum

+1 agreed

Good luck 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


New Contributor
stormb28
Posts: 104
Registered: ‎12-12-2012
0

Re: Fixing Credit, But when do i start to APPLY!??!?

Try the CapOne secured card first, use that for six months then app for the green cash rewards card from CapOne. Then use that for about six months and app for a Barclays card.

Hop over to the Bankruptcy section of the site, youll get more help there.

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