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Regular Contributor
Posts: 125
Registered: ‎10-13-2013
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Post Chapter 7 Discharge: What else should I be doing?

Not sure of my FICO score prior to my Chapter 7 discharge in August 2013. However, my current FICO EQ is 653. I was approved for a Cap One Platinum Mastercard ($1000 CL) approximately two weeks after discharge and added as an authorized user on a Barclaycard Platinum Mastercard ($24000 CL). The Cap One Platinum Mastercard is enrolled in the "Credit Steps" program. Two store charge cards remained open through the Chapter 7 and currently have $500 and $3370 credit limits. My total utilization rate (as calculated from my credit reports monthly) for these four credit cards is less than 12 percent with balances paid in full monthly. I have two installment loans ($146K) in the form of student loans from medical school. I'm aiming to regain a good credit profile (FICO >720), but realize it will take some time. I've already reviewed my credit reports for errors and made sure these errors have been resolved. All my open accounts current and in good standing. My AAoA is 6 years 8 months. The only credit inquiry listed on my credit report is from the Cap One card I was approved for post my Chapter 7 discharge. 

 

1.  Any advice on what else I could be doing to improve my credit profile/score?

 

2.  I would like to get more than the typical $500 CL increase associated with Cap One's Credit Steps program. I have been paying the balance in full with payments ranging from $200-$670 monthly. My annual income has increased to greater than $75K. Will the frequent usage and large payments relative to the credit limit/minimum due increase my chances of a larger credit limit increase?

 

 

Cap One $1K; Barclaycard (AU) $24K; Maytag $3370; Aber&Fitch $500

 

Chapter 7 Discharge Aug 2013 Starting Score: Oct. 2013 EQ FICO 651
February 2016 EQ FICO 699 Mortgage 716
February 2016 TU FICO 688 Mortgage 738
February 2016 EX FICO 693 Mortgage 742
Cap One QS World MC $11k; Cap One Venture Sign VS $15k; NFCU VS Sign Cash Rwds $16.1k; NFCU Plat VS $11k; Barclay Rwds MC $2000; Lowes $12k; Neiman Marcus $2k; Barclaycard (AU) $24K; Discover (AU) $15.5k New Mortgage January 2016
GOAL 715 FICOs on ALL 3 CRs by OCTOBER 2016
Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
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Re: Post Chapter 7 Discharge: What else should I be doing?

For optimal FICO scoring, let all but one card report 0 balances and the other at 9% or below.  Then pay it off before the due date so as not to incur interest charges.  FICO does not like seeing all cards report a 0 balance or all cards with a balance.

 

And yes, frequent large purchases and paying it off on time lets lenders see you are capable of handling larger CLs.

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Regular Contributor
Posts: 125
Registered: ‎10-13-2013
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Re: Post Chapter 7 Discharge: What else should I be doing?

Thanks. The balance on the Barclaycard (AU $24K CL) is approximately $2900 with 0 percent interest; Cap One $200; $0 balance on the two store cards.

FICO EQ: 653; FAKO EX: 686; FAKO TU: 686
Cap One $1K; Barclaycard (AU) $24K; Maytag $3370; Aber&Fitch $500 
Chapter 7 Discharge Aug 2013 Starting Score: Oct. 2013 EQ FICO 651
February 2016 EQ FICO 699 Mortgage 716
February 2016 TU FICO 688 Mortgage 738
February 2016 EX FICO 693 Mortgage 742
Cap One QS World MC $11k; Cap One Venture Sign VS $15k; NFCU VS Sign Cash Rwds $16.1k; NFCU Plat VS $11k; Barclay Rwds MC $2000; Lowes $12k; Neiman Marcus $2k; Barclaycard (AU) $24K; Discover (AU) $15.5k New Mortgage January 2016
GOAL 715 FICOs on ALL 3 CRs by OCTOBER 2016

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