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General Credit Advice needed

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cabledude27
New Contributor

General Credit Advice needed

Hi all, Sorry for the length up front! Just lurking this forum and see some really good advice so I was wondering what you all would recommend in my situation. My scores are TU 662, EQ 643, and Experian 654. I was married for a while and at that time we filed bankruptcy, this was back in 1999. I've been divorced for about 3-4 years now and my ex got a house and new car etc, but it seems I am in a credit pit so I dont know how she managed to get these things whereas I am struggling. Since then I've worked to keep things in check and had a few slip ups (late payments getting too much credit), now I am in "fanatical" mode to get my debt paid and cleared which I am hoping will up my scores. I will be in need of a new car very soon but am trying to delay that til early 2008, but that'll be a stretch. I am just tired of debt and fed up. As well, I am seeing new notes on my reports from Myfico.com that I am not sure of and hope that someone can clarify. The bad.... -You have a public record and a serious delinquency on your credit report.-Bankruptcy I get that -You've made heavy use of your available revolving credit.-Too much use of credit I get this as well -You have a short credit history.--This is where I start to get confused as one of my "good points" on another report is "You have an established credit history." (13 years) -The remaining balance on your non-mortgage installment loans is too high.--Don't quite get this I have a Student Loan I have been paying the monthly payments on on time and per the requirement minimum payments (I did defer this a few times though) --You have multiple accounts showing missed payments or derogatory descriptions.--I don't get this one either it shows 3 accounts, but when I look at them they are showing 1 past due from 2002 or 2003. I have one account where I was at 30 day and 60 day recently (Dec 2005 and Jan 2006). I revolve about $7,347, have no mortgage (don't own a home never have yet) and have $5,467 in installment loans. I don't expect a "magic" pill but would love some guidance on the best way to tackle this. I am trying to throw as much money to my debt as possible and have one card I pay off each month. Thanks in advance!
Ch 13 Filed - Apr 02, 2018
Last Payment Made - March 10th, 2023
Discharge - 5/16/23
FICO 8 Scores as of 5/17/23 - EQ - 659, TU - 600, EX - 670
8/17/23 - FICO 8 Scores EQ - 716, TU - 725, EX - 721
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Boswd
Valued Contributor

Re: General Credit Advice needed

It sounds like you are on the right track.   Getting fanatical about getting your debts wiped away.   It's going to take time.   but as of right now I would still just remain focused on getting your debt down even more, in a year or two once the BK comes of the report, things will start to open up.  But your first concern right now should be your current debt,  I wouldn't incurr any new debt just for sole purpose of improving your score.    As of right now like I said don't worry about your FICO SCORE right now.   With your scores, they are too too bad and getting a car loan in 2008 shouldn't be a problem.   But dont' fall into the trap many do by thinking  " I have to take on more debt so I can improve my score"   You first priortiy should be to yourself and your current debt and getting that as low as possible.
 
Once that is done then I would go about repairing you score.   Like I said your score isn't too bad and your BK is dure to fall off in a couple of years.   Then maybe think about getting a secured credit card or a credit rebuilding card.
 
Also it sounds like you are falling in the whole keeping up with the Jones syndrome in worrying about what your ex is buying and such.    Well she is incurring debt on all that and there is more to the picture.   I wouldn't focus on what she is doing but focus on your current debt, getting that under control and your Score will take care of it'sellf due to your hard work.
 
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