Credit Cards Center Credit cards from our partners
New Contributor
Posts: 68
Registered: ‎12-08-2012

Re: A Question??

I hadn't had a credit card in 8 years, began paying cash for everything including cars, but I was renting. Unlike you, I needed a home of my own. Mostly a result of my delinquent credit falling off my reports, my scores were mid-high sixes (were in mid 5's). As soon as I opened 3 revolving tradelines, my scores increased to mid-upper 700's within 3 responsible months of usage. I only use them for credit optimization, nothing more. Now I'm waiting on a home to be built.
myFico TU-715 EQ-778 (01.14.2013) WalmartTU-664 (12.12.12))

LENDER PULL EQ-766 EX-779 TU-713 (12.20.2012)
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: A Question??

Your post couldn't be further from the truth. While you CAN get approved under those terms, most people do not attain it and the government is cracking down on banks that advertise mortgage loans to those 3 years from a foreclosure just because FHA rules state that they can obtain a new mortgage.

I filed BK twice and had a foreclosure and my life has been nothing but a nightmare for 10 years. I didn't hit 640 until late 2011. Finally closed on our home this month.

After bankruptcy, you need to be a model citizen. Any late payments or collections look very bad to lenders...worse than for someone without a BK.

You are right, how do you get to a 640 with all of that? Most people don't, plain and simple. It is a great example of a dangling carrot. Folks that filed BK or had a foreclosure have not been living the good life. They paid their dues. You can try BK if you like but you will regret it.

Late pays and collections can be a sign of trouble to lenders. They want to see the problem corrected before they lend you more money. It is as simple as that.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: A Question??

More thoughts:

You have to get credit to make credit. No credit equals low credit score. Something needs to be open and active at all times to rebuild and maintain a good credit score. Late pays are the worst thing you could do to your credit besides BK or foreclosure. Even if it is just the $25 min monthly payment, pay that rather than be late on a credit card. Many people do not realize this and assume it is no big deal. It is a big deal for the next 12-24 months at the least.

Post BK I have never been late on anything...100% on time payments. I even had a auto loan that had no grace period. You had 24 hours to pay it and if you were late by 1 HOUR, it went on your credit report. Did I chance sending my payment through regular mail? Hell no! That auto loan was put on autopay and always cleared on the 15th for 4 years until I traded it in. Even though I am in with Acura Financial now and they have a grace period, I have my car lease setup on autopay. All my credit cards are paid days before the due date...never on the due date unless it is setup on autopay days in advance.

After a BK or foreclosure, credit isn't just extended to you because you hit some sort of magical anniversary. This is a big misconception. You have to build your credit back up which takes years not months.

I started with a subprime auto loan and an unsecured Orchard Bank card with a $300 limit back in 2009. I wasn't approved for another card until 2012. I now have $7100 in credit limit but it didn't happen overnight. I waited 5 years and paid cash only during that time after getting denied so many times. I couldn't obtain the apartment I wanted because they had no BK policies so I ended up living under crummy private landlords and one of them assaulted me for failing to pick up a few weeds in the backyard. I barely got approved for a Chase Freedom last month with a score in the low 700's because of the 9.5 year old BK 7.

People who have never filed BK think it is easy...just wipe the debt away and start over. No way! That couldn't be further from the truth. I would take a few late pays any day and flip it to an 800!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Regular Contributor
Posts: 154
Registered: ‎08-02-2012

Re: A Question??


Starting Score: 553
Current Score: 710
Goal Score: 659

Take the FICO Fitness Challenge

8/18/2012 Lender Pull:
EQ: 553
TU: 520
Goal: 659

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.