I am trying to start rebuilding by credit which is overwhelming me. Here are the facts:
History- Chapter 7 bankruptcy discharged in 2009, Foreclosure in 11/2014 (mortgage discharged in bankruptcy). Car repossession 7/2014, Going through a divorce.
Current Situation- my house will be going up for sheriff sale soon and I need to be looking to rent and have to improve my scores. Eventually need to qualify for new mortgage. Income is not an issue. I am employed., I have about 200k in student loans which I can only keep paying, 4 items in collections that amount to around 2k, the deficiency from my repossession, and no other accounts.
Plan of Action- I have applied for a secured card with Open Sky (no credit check and no one else approved me) and a Fingerhut Fresh Start account. I am going to settle the 4 collection items. Any other suggestions on what I can do to get my score going in the right direction?
Scores Eq538 TU537 Ex543 (so bad, I know
@Anonymous wrote:I am trying to start rebuilding by credit which is overwhelming me. Here are the facts:
History- Chapter 7 bankruptcy discharged in 2009, Foreclosure in 11/2014 (mortgage discharged in bankruptcy). Car repossession 7/2014, Going through a divorce.
Current Situation- my house will be going up for sheriff sale soon and I need to be looking to rent and have to improve my scores. Eventually need to qualify for new mortgage. Income is not an issue. I am employed., I have about 200k in student loans which I can only keep paying, 4 items in collections that amount to around 2k, the deficiency from my repossession, and no other accounts.
Plan of Action- I have applied for a secured card with Open Sky (no credit check and no one else approved me) and a Fingerhut Fresh Start account. I am going to settle the 4 collection items. Any other suggestions on what I can do to get my score going in the right direction?
Scores Eq538 TU537 Ex543 (so bad, I know
If your mortgage was discharged in BK you cannot have a FC on your report in 2014 no history at all can be reported past the month of BK. I would file CFPB complaint on that one. As stated the secured card from SDFCU would be good, forget the share secured or credit builder loans these are instalments and they have little effect on Fico unless you default on one. I would be putting your efforts into cleaning your report and getting at least 3 bankcards even if they all have to be secured, there are other banks that offer them, Cap-1 and even possibly by your local CUs. 30% of your Fico score is based on utilization of revolving credit alone.
