Hello all,
I am here today to get some advice for my fiance. We want to buy a new house in 2 years and thought it would be wise to start repairing/building our credit scores now. I am currently in month 3 of soulmaster's "From BK7 discharge to 700 in 24 months or less" plan. Things are progressing very nicely. My score has risen from the low 500's to 625 already.
My finance's situation is a little different. She is not coming out of bankruptcy. She has a couple lines of credit already open. I will detail them below:
Current fico: low 600's
1. dsnb/macys credit card
opened in early 2014
has always been in good standing
$0 balance and unused since 2014
2. sleepy's store credit card
opened in late 2011
has always been in good standing
$0 balance and unused since 2012
3. 30k in student loans (all in good standing). Paying minimum monthly payments for each account.
Negative accounts:
4. CHASE/BANK ONE Credit CARD (She was screwed over by her ex-husband on this card)
Opened late in 2006
closed early2012
Charged off
credit limit of $4,900
currently reporting a 3,300 dollar balance but she has recently completed the repayment plan. The account should show a 0 dollar balance soon.
5. 1 recent 30 day late mortgage payment mistake that we are working to get romoved. The rest of her payments have been perfect for the past 7 years.
*QUESTION: Would it be wise to take a similar approach to the one I am taking post bankruptcy discharge with "soulmaster's" instructions? Or should she follow a different set of steps to build and maximze her score? I know that this will be a marathon so I am looking for a 2 year game plan to get her score back in good shape.
Thanks!
