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How to rebuild and boost your credit score, even after Bankruptcy

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Mrob
New Visitor

Re: How to rebuild and boost your credit score, even after Bankruptcy

Hi,

I am not quite understanding this method.  When you pay the $100  on the secured credit card, turn around and pay for the phone bill on the same credit card and then pay the bill when it comes in for the 25 days later, how does that increase your credit limit?  and how does it work when you get a bill for the credit card of $100 that you just put money on to increase it.  Wouldn't you then just end up paying a total amount out of pocket of $200.??  Forgive me, I was reading your post and trying to understand it.  It's been a very long day and my brain is probably just a bit foggySmiley Happy  Help to understand this better is much appreaciated.

Thanks

Message 111 of 120
llecs
Moderator Emeritus

Re: How to rebuild and boost your credit score, even after Bankruptcy

It's an older post from 2009 I think, but from what I gather, OP is proposing that you add the $100 to an already-existing secured CC. So basically you'd shell out $200. One to advance the secured CC by another $100 and the other $100 to pay the bill back to $0 after charging a $100 hypothetical cell phone bill. So if you had a $100 bill every single month for 12 months, and started with a $300 secured CC, then by the end of one year you'd have a $1500 CL secured CC. IMO, you don't need a cell phone bill or any bill to do this. You can charge $0 on the secured CC and still add to it monthly. And you don't have to add to it monthly either. FICO ignores the CL and only cares about the balance and util of the card. So you can open a card at $300 and save to the side $1200 (or whatever) and add it to the secured CC then and still accomplish the same goal.

Message 112 of 120
teamgray
Contributor

Re: How to rebuild and boost your credit score, even after Bankruptcy

Will the same be said if you dont have a BK....NM bank, are they the only ones that have a card that reports as a unsecured card?

i need to look into that ASAP


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Message 113 of 120
anemo
Contributor

Re: How to rebuild and boost your credit score, even after Bankruptcy

Look into it, it will work.


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Current Score: 704 TU EX 700
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Message 114 of 120
Alekzander
New Visitor

Re: How to rebuild and boost your credit score, even after Bankruptcy

I just decided to file Bankruptcy its such a relief to know that I'm finally getting the fresh start I need. What ever happened with Beautiful I read all the posts and the ones from 5- seem to have been Deleted. Thanks for this post Anemo I hope to have an amazing success story like the ones you and beautiful had.
Message 115 of 120
Alekzander
New Visitor

Re: How to rebuild and boost your credit score, even after Bankruptcy

Also what is a realistic goal it maybe at least 3 months till I File what Goal Fico score should I try and reach?
Message 116 of 120
Alekzander
New Visitor

Re: How to rebuild and boost your credit score, even after Bankruptcy

By the end of the year*
Message 117 of 120
Anonymous
Not applicable

Re: How to rebuild and boost your credit score, even after Bankruptcy

I filed for BK in 2010. Final declaration was in January of 2012.  My FICO  is about 620 or so. I had opened a high interest rate with Capital One for a vacation in 2012. Charged about $900- 1100. Made regular payments and used very few times after and last 18 months have only made payments double the minimum.  I do have school loans and only use a debit card.  Make regular payments.  What do I need to raise my credit score?

 

Thankyou!

Message 118 of 120
Anonymous
Not applicable

Re: How to rebuild and boost your credit score, even after Bankruptcy

 
Message 119 of 120
Creditwiser
Valued Contributor

Re: How to rebuild and boost your credit score, even after Bankruptcy

The best thing you can do to rasie your score is to read these forums and learn what you can do to help yourself now an in the future.  Trust when I say reading the posts on this forum has changed my life post BK. I have made so much progress in 2 months and Ive just begun.  Read, read, read. You'll be glad you did.  Good Luck.

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Message 120 of 120
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