A little history:
I filled a BK-Chp7 on 08/05 and got it discharged on 2/06. I re-affirmed a car loan with Honda for about $14K left (was never late). After BK, I only had one CC with Cap One with a 1000 CL. After reading here, I opened a few new CC accounts (listed bellow). I also had a collection removed via GWL and another one that fell off because it was very old.
This is how my credit stacks right now:
Cap1 card: 1500 CL - 0 BAL (I won't close it because it's my oldest card, but they are a pain to get an increase CL)
Juniper - 900 CL - 0 BAL
Bank of America MC - 10K CL - 800 BAL (Auth user)
HSBC Plat - 750 CL - 0 BAL
Hooters MC - 1500 CL - 0 BAL
Honda Loan - ~9K BAL (never late)
I have not been late ONCE on any payments since my BK was discharged 2 years ago. Also I brought down my UTIL to about 6% total by paying off balances and getting a few new CLs. My score went down when the new accounts were opened, but it recovered quickly in the next 2-3 months. As you can see, I registered here on September of last year. So I would say it has taken me about 10 months to bring the scores up.
My recommendations are:
- If there's stuff on your reports that is not yours, dispute the hell out of them and get them removed.
- Pay down the cards with higher UTIL. I know it's hard, but it will help your score jump quickly.
- Talk to your lenders and request CLI. Many of them will do it.
- If you have any TRUE baddies, try to get them removed with the OC via GW letters (never deal with CO companies).
- Open a few more accounts to also lower your UTIL and increase your total CL (don't go over 5 is my opinion)
I'm also closing on my home this August. Total loan amount is $150,851 with a fixed rate of 6.5% for 30 years.
Hope this can be of some help. -ohc
Message Edited by onehotcuban on 07-15-2008 01:51 PM
EQ 817, EX 815, TU 813 (Updated 1/5/18: TU 843