Rebuilding credit after a Bankruptcy

[Anonymous]

My bankruptcy was discharged at the end of Feb. My credit score jumped up from Mid 400's to 637. I have zero credit cards, and my only debt is my monthly mortgage payment. Should I apply for 1 secured credit card? Or, how do I start rebuilding my credit again. I want to get my credit back up to the high 700's, where it was 5 years ago. Losing a job was a killer for me financially. But, have been working again now for 2 years. Also, does money in a savings account do anything for credit score?

[llecs]

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@Anonymous wrote:

My bankruptcy was discharged at the end of Feb. My credit score jumped up from Mid 400's to 637. I have zero credit cards, and my only debt is my monthly mortgage payment. Should I apply for 1 secured credit card? Or, how do I start rebuilding my credit again. I want to get my credit back up to the high 700's, where it was 5 years ago. Losing a job was a killer for me financially. But, have been working again now for 2 years. Also, does money in a savings account do anything for credit score?

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Welcome!

I bet you'd see some benefit if you added a CC or two. I'd maintain that for a year or more and then maybe consider a third.

Assets, like deposit accounts, don't do anything for your FICO. It doesn't matter if you have a net worth of $1 or $1billion, everyone has an equal shot at a high FICO.

[RobertEG]

+1

There is no question that, for the long-term, having revolving credit is a major part of building a solid credit score.

The dilemma is when to seek that credit.  Inquiries that dont result in approval will affect scoring for a year, and remain in your file for two years.

The sooner you get them, the less their impact on your AAoA.

I would do some shopping, and find secured cards that traditionally have a good shot at approval at your current score level before applying.  The Credit Card section of this forum is a good place to ask for recommendations.