Credit Cards

[sunnyday]

I'm in the rebuilding stage for my credit, due to a discharged bk that was filed Oct 2005.  Since then, I have 1 major credit card and 2 department store cards that I applied for this week.  I have my major credit card paid down to 3% utilization and no balances on the department store cards.  What would you recommend that my next step be as far as applying for credit?  My car is paid off and I am going to try and refinance a mortgage that is in my ex-husbands name only.  I received the home as part of the divorce settlement, but have to refi in my name.  What would you do next?

[haulingthescoreup]

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sunnyday wrote:

I'm in the rebuilding stage for my credit, due to a discharged bk that was filed Oct 2005. Since then, I have 1 major credit card and 2 department store cards that I applied for this week. I have my major credit card paid down to 3% utilization and no balances on the department store cards. What would you recommend that my next step be as far as applying for credit? My car is paid off and I am going to try and refinance a mortgage that is in my ex-husbands name only. I received the home as part of the divorce settlement, but have to refi in my name. What would you do next?

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Where are your FICO scores now, and what positives (on EQ and TU) and negatives (on all 3) do you get on screen 2 of your reports?

Play with the sims on EQ and TU, slide down lower on that screen, and see what happens if you click "apply for a mortgage" and some of the other options. Often for those with thin files (not many accounts), you'll find that it helps to add a mortgage and possibly a loan. But don't get a loan if you don't need one! It's just an interesting indication of what might help you out.

Is the BK your only baddie? What baddies are part of the BK? (lates, CO's, etc.)

[FretlessMayhem]

I agree with HTSU. How are your reports looking aside from the BK? How long do you have until you are planning on refinancing? How is your account history with your current cards? Did you keep any of them through your BK?

[sunnyday]

I have not gotten my scores in quite some time.  I have been trying to wait until HSBC reports.  I just paid my credit card down about 3 weeks ago.  I did not keep any credit cards from my BK.  I went through a divorce and got the house as a settlement but like I said, I have to refi as part of the package.  I have managed to get 3 credit cards since the BK, 1 major and 2 department stores. The mortgage has never been in my name, just the deed to the house and after the divorce, I have no option.  I must get the house refinanced in my name within 2 months.  This is why, I paid down my credit card that had a high balance.  It is now down to 3% utilization. There is no balance on the other 2 cards.  There are 2 student loans that I cosigned for that each have 60 day lates back in Sept of last year, but are current now.  I have 1 other collection for something that isn't mine and I disputed but Experian will not delete.  I was just wondering if there is anything else that I can do to bump up my scores.

[Nmbr1ballr]

Go subscribe to scorewatch. It will tell you your EQ score. That will give you an idea of where are currently are with your situation. Along with scorewatch comes the FICO Simulator. This will tell you what your score would change to within a range if you applied for x card or mortgage, or x credit card etc. That should be your first step. You also get 1 more free pull of your score later.